An Empirical Test?

Ex-Progressive-Democratic Party Presidential candidate and ex-entrepreneur Andrew Yang now is running for mayor of New York City, and he wants to implement there his Universal Basic Income scheme.

We can eradicate extreme poverty in New York City. If you put just a little money in their hands it can actually be what keeps them in their home and, again, avoids them hitting city services that are incredibly expensive.

Or not.

Keep in mind that demand is not the number of people who want a product, it’s the amount of money being spent for the product.

Whose Money is it, Again?

Xavier Becerra (D), Joe Biden’s nominee for Health and Human Services, has long had a firm dislike for charitable organizations that don’t spend according to his requirements.

Case in point from then-Congressman from California Becerra on charitable foundations:

…someone needs to do something, especially when you’re using the taxpayers of America’s money to do your philanthropic work[.]

Notice that. Taxpayers’ money. Not working stiffs’ money. Not citizens’ money. Government’s money.

“We Cannot Erase the Last Four Years”

That’s Majority Leader Steny Hoyer’s (D, MD) lament as he closed the Progressive-Democrats’ case on the floor of the House during Wednesday’s impeachment “debate.”

We cannot erase the last four years.

Though the Progressive-Democrats tried every day of those four years. They and their Obama Executive Branch bureaucrats spied on the Trump campaign and trumped up charges against General Michael Flynn, false charges it took all this time to clear.

They and their Democratic National Committee commissioned a salacious and false dossier in an effort to besmirch a President and to serve as the foundation of an investigation that culminated in finding that President Donald Trump had done nothing wrong.

It’s Not Our Money

That’s the position of New York Governor Andrew Cuomo (D). On the heels of the Progressive-Democrats winning both of Georgia’s Senate seats, giving control of the Senate to the Progressive-Democratic Party, he had this to say:

Washington has…literally have taken billions of dollars from us, and that was a function of the Senate and the president, and they are both gone. And today, Washington theft ends and compensation for the victims of the crimes of the past four years begins. New Yorkers have been crime victims by the theft of the federal government.
We want a return of the state’s property that was stolen by Washington over the past four years. They wouldn’t pay us state and local funding, even though this state has a $15 billion deficit….

It Only Took 50 Years

Maybe. While it took us ignorant colonials only a decade, or so, to figure it out.

The eurozone has always had a fundamental weakness compared with the US when dealing with financial and economic crises: while its 19 countries share a currency and interest-rate policy, they have no common tax-raising or spending power.
In 2020, the European Union took a big step toward correcting that deficiency by starting to issue bonds on behalf of all member countries, known as common bonds. Beginning in 2021, some common bonds will be repaid through taxes raised by the EU itself.

Foreign Taxation

Various nations insist on taxing corporations that provide digital services—imposing a “digital services tax”—to ensure, those nations are pleased to claim and as most clearly articulated by Canada’s Finance Minister Chrystia Freeland, that

everyone pays their fair share

The Canadian government has been explicit in another direction, also: Canada will act unilaterally if an international taxing regime isn’t worked out by the OECD quickly enough to suit them.

French Finance Minister Bruno Le Maire has said he’ll demand a European Union response if the US goes ahead with our impertinent objection to the French government’s decision to tax those same digital service-providing corporations.

Tax Breaks

In particular, child tax credits and their proposed expansion, but the principle below applies across the board.

…pair the expansion of the child tax credit with extensions of expiring business-tax provisions, some of which have Democratic support.

Pairing in order to get the credit passed, one being a bell for the other’s whistle.  Refundable credits, too, so those who don’t pay much, if any, income tax can get their own taste. Here’s Progressive-Democratic Party Presidential candidate Joe Biden’s offer on the credit:

City Pensions

They’re in trouble. You knew that, though, as city budgets have long favored spending more than revenue, especially spending on public union pensions and other retirement benefits, and so debts piled up—and continue to amass.

One particular arena where that’s having potentially deleterious effect is in pensions with benefits like paid (or mostly paid) health plans.

Cities and states can’t afford to keep the same medical benefits they promised government retirees.
For all 50 states combined, revenue declines for 2020 and 2021 could reach 13% cumulatively, according to Moody’s Analytics projections, while the average cost of an employer health-care plan for an individual increased 4% in 2020 to $7,470, according to the Kaiser Family Foundation nonprofit.

The Biden Tax Plan

…will be a disaster for our economy.  Here are some examples of the damage Progressive-Democratic Party Presidential candidate Joe Biden’s tax plan will inflict.

Earnings reductions are directly translatable into jobs reductions—higher unemployment.

And this bit of cynicism from “a campaign employee” that’s all too typical of Biden himself:

There is no reason that an economic plan that asks everyone to pay their fair share while doing more to reach full-employment quicker with more jobs and stronger growth should not help everyone from essential workers to investors.

Raising Taxes on Day One

That’s what Progressive-Democratic Party Presidential candidate Joe Biden has said he intends to do; his latest iteration of that intent was last Thursday in a CNN interview.

I’d make the changes on the corporate taxes on day one[.]

Leaving aside the…foolishness…of implementing such an attack on our economy’s health, there has been pushback on the Day One timing—no President, not even a Progressive-Democratic one, can raise taxes by fiat; such a move can only come from the Congress (and subsequently signed by a President or his veto overridden).