Mercantilist tariffs (as opposed to tariffs as foreign policy tools) are purely protectionist, designed to punish competitors for competing. They’re not only aimed at foreign competition, either, as Europe’s auto industry is demonstrating [emphasis added].
Auto makers in Europe eager to boost sales of their electric vehicles have a new strategy: demanding higher taxes on conventional vehicles that burn gas and diesel fuel.
The top executives at several car and truck makers are calling on European governments to introduce the new taxes on carbon-dioxide emissions from gasoline- and diesel-powered cars and trucks as a way to help their EVs better compete.
Recall that the Progressive-Democrat-controlled Congress and President Joe Biden (D) enacted a $1.9 trillion Wuhan Virus Relief bill that contained a sliver of money for actual virus-related relief. The bill also included $12 billion in transfer payments for New York to “assist” that State with its budget.
The Democrat-controlled New York legislature has passed a budget deal that includes a $2.1 billion fund for illegal immigrants—including a one-time, $15,600 payment for those who lost their job during the pandemic.
Treasury Secretary and ex-Federal Reserve Chairman Janet Yellen opened her Wednesday Wall Street Journalop-ed with this:
When Congress enacted the Tax Cut and Jobs Act of 2017, the result was a dramatic reduction in corporate tax revenue. Over the past three years, corporate tax collections have fallen to their lowest level since World War II: 1% of gross domestic product.
Amazingly—shockingly—Yellen wrote that as if it were a Bad Thing.
Then she partially rationalized her disparagement with this:
New York Governor Andrew Cuomo and state legislators are close to reaching a budget agreement that would raise taxes on residents earning over $1 million.
If approved by the Democratic governor and Democrat-controlled legislature, New York would become the state with the highest personal income tax rate in the country.
The budget measure also includes increasing the state’s corporate tax rates….
That’s what his latest tax-and-spend multi-trillion dollar bill that he’s masquerading as an infrastructure bill is—a misleading mess of profligacy. Here’s some of what’s in it besides actual infrastructure monies.
$174 billion for electric vehicles
$400 billion on home-based care for the elderly and disabled
$25 billion on child care facilities
$50 billion on “research infrastructure” at the National Science Foundation
$213 billion for home sustainability and public housing
$35 billion+ for climate change R&D
$50 billion to create a new office at the Department of Commerce to “dedicated to monitoring domestic industrial capacity and funding investments to support production of critical goods”
And a key distinction between what the Left and their Progressive-Democratic Party want and what Conservatives and, to an extent, the Republican Party want. President Joe Biden (D) fronts for this…position…and his Treasury Secretary Janet Yellen made it explicit last Tuesday in front of the House Financial Services Committee:
We’ve had a global race to the bottom in corporate taxation and we hope to put an end to that.
More in a long list of Leftist and Progressive-Democrat misapprehensions. Recall that President Joe Biden has abandoned the Trump administration’s Public Charge Rule. That rule required immigrants be financially stable to become US citizens or obtain permanent residency.
Naturally, the Leftist critics are coming out of the woodwork with their objections.
…the policy hurts those trying to obtain citizenship or [permanent] residency. The Legal Aide society [sic] called the policy a “wealth tax” that discriminated against people on the basis of race and immigration status.
It turns out their Wuhan Virus “relief” bill, of which 9% actually contains money for dealing with the virus, has a blatant, deliberate attack on the federal structure of our nation. It’s an attempt to dictate to the States, individually and severally, that they’re not allowed to reduce their taxes [emphasis in the original].
The bill explicitly bars states from cutting taxes. States “shall not use the funds,” the bill says, “to either directly or indirectly offset a reduction in the net tax revenue” that results “from a change in law, regulation, or administrative interpretation during the covered period that reduces any tax (by providing for a reduction in a rate, a rebate, a deduction, a credit, or otherwise) or delays the imposition of any tax or tax increase.”
Candidates to replace term-limited Bill de Blasio (D) as mayor of New York City are coming out of the woodwork like the city’s rats. The opening sentence of a Wall Street Journal article covering their plans to “job recovery” is riddled with irony.
More than three dozen New York City mayoral candidates are vying for one of the toughest jobs in the country: leading the nation’s largest city back to pre-pandemic employment levels while trying to find the funding to do so.
Progressive-Democrats are shocked—shocked—that folks want to hang onto their money rather than send in to Government. Thus, when State profligate spending and confiscatory tax rates were exposed by the Federal income tax reform that capped SALT deductions at $10,000, and folks on whom the cap had material effect decided to relocate their incomes, their money, and their lives to other States, Progressive-Democrats squalled most loudly.
The lawmakers say the cap, created in the 2017 tax law, punishes their constituents unfairly and pushes residents to move to low-tax states such as Florida. They are pitching the break as crucial to their states’ economic recovery.