Tag Archives: taxes

Yes and No

Posted on by
Reply

The Wall Street Journal‘s editors opened one of their Friday editorials with this:

On taxes and spending, he [Minnesota Progressive-Democrat Governor and Progressive-Democratic Party Vice President nominee-in-waiting Tim Walz] has sought to outdo California progressives and is making Illinois look like a model of fiscal discipline.
Ms Harris is slipstreaming behind the Biden Administration policies and refusing to lay out her own policy agenda. This makes Mr Walz’s record as Governor over the last six years all the more revealing as a window on the duo’s plans for the country.

It’s certainly true that Walz’s behavior as governor is demonstrative. It is, though, not entirely “all the more revealing” of a Harris-Walz profligate tax and more profligate spend policy, should they get elected. The editors make that clear in their own words, for all that they seem not to recognize that: Ms Harris is slipstreaming behind the Biden Administration policies.

Harris is not at all “refusing to lay out her own policy agenda.” The Biden-Harris policies are precisely the policies she’s intent on continuing, and that extends far beyond economics. Harris, and Walz beside her, are intent on continuing the Biden-Harris open borders policy, and they’re intent on continuing the Biden-Harris policy of speaking loudly while carrying no stick at all regarding our nation’s most dangerous enemies, Russia, the People’s Republic of China, and Iran.

Harris’ slipstreaming is her statement, if not in so many words, of the policies she intends to pursue in a Harris-Walz administration.

Kamala Harris and a Smattering of History

Posted on by
Reply

Progressive-Democrat Vice President and Progressive-Democratic Party Presidential candidate Kamala Harris is proud of her record as California’s Attorney General. Here’s an example from that proud record of hers, against the backdrop of the Progressive-Democrat Biden-Harris administration’s lawfare campaign against their political opponent, former President and Republican Party Presidential candidate Donald Trump.

As AG, Harris demanded nonprofits in her jurisdiction hand over their federal IRS Forms 990 Schedule B so she could pretend to be investigating self-dealing and improper loans involving those organizations and their donors. Her office then promptly “leaked” 2,000 Conservative cause-supporting organizations’ Schedules B to the public via Harris’ Attorney General Web site. Those organizations and their donors then began receiving threats of retaliation and death threats.

It won’t matter that the Supreme Court blew up her California AG case in Americans for Prosperity Foundation v Bonta. She’s already shown her disdain of the Court and complete disregard for its rulings; her demand for those Schedules B (much less her release of so many submittals) was in complete disregard of a much earlier, already long-standing Supreme Court NAACP v Alabama ruling which had held that similar demands violated the 1st Amendment’s right freely to associate as a critical aspect of the Amendment’s explicit Free Speech Clause.

Harris will continue Party’s lawfare campaigns against those of whom Party elite personally disapprove. This is the empirical practice and view of “law” that the highly experienced, and proud of that experience, Harris will bring to her administration, including the Department of Justice that she will build during her term.

That’s if we average Americans are foolish enough to elect her.

Tax Cuts are Costly

Posted on by
Reply

Arkansas’ Republican Governor Sarah Huckabee Sanders has signed into law the State’s latest round of individual and corporate tax cuts. “Finance officials” say that

the cuts will cost about $483 million the first year and $322 million a year after that.

Sanders also has signed into law a different tax cut, this one in the form of a tax credit increase. This one

increases the homestead tax credit from $425 to $500, retroactive to January 1.

“Finance officials” piped up again:

That cut will cost $46 million.

Cost whom, exactly? The money isn’t the State government’s after all. The money belongs to the citizens of Arkansas, they just remit it in the form of tax levies. It doesn’t cost the government a single copper penny to not get what doesn’t belong to it.

Beyond those “financial officials'” distortion, there’s another item missing from their pseudo-analysis.

Those officials are ignoring the impacts of the increased economic activity in the State’s private economy from all that money now being left in the private hands of the State’s citizens and private businesses. There are two primary impacts. One is the increased prosperity of those citizens both from their being able to hold onto more of their money and from that increased economic activity. The other is the increased tax receipts the government will receive, on net despite the reduced tax rates, from the increased aggregated revenues flowing from all that increased economic activity.

Spending vs Revenue

Posted on by
Reply

…in the Progressive-Democratic Party’s world.

The Wall Street Journal‘s editors have this one right.

CBO projects that this year’s budget deficit will clock in at roughly $2 trillion, some $400 billion more than it forecast in February and $300 billion larger than last year’s deficit.
…
Notably, CBO’s revenue projections are little changed. Revenue is expected to total 17.2% of GDP this year—roughly the 50-year average before the pandemic….

So, whence the deficit explosion? Plainly, it’s in all that spending that the Progressive-Democrat President Joe Biden and his Party syndicate in the House and Senate insist on doing.

CBO significantly revised up projections for federal spending. Outlays are now expected to hit 24.2% of GDP this year and average 24% over the next decade. Wow.

Mind you, that’s against a steadily, if slowly, growing GDP. That projection means that Party spending will be growing, too. All while revenue remains steady—which is to say, flat/not growing.

This is the politicians of the Progressive-Democratic Party’s utter inability to say “cut spending,” which plays into their inability actually to cut spending. After all, the money, in their minds, isn’t real; it’s only monopoly money, and if they need want more dollars, they have only to go to their Modern Monetary Policy money tree and pick more dollar bills from the branches.

The reality, though, is that the money Progressive-Democrats demand to spend is our money. Those politicians have no skin in the game beyond their political power. The skin us average Americans have in this game is real: our ability to get along in the real (and real economic) world in which we live, having as we do, only those real dollars that Party policies steadily devalue.

We need to remember that this November.

A Progressive-Democrat Governor and a Surtax

Posted on by
Reply

New Jersey’s Progressive-Democrat Governor Phil Murphy once promised to let the State’s 2.5% surtax on businesses with incomes greater than $1 million expire and then, by implication, to leave it alone. He did the first part, and it did expire. But it turns out he dissembled on the second part.

Mr Murphy and his [Progressive-]Democratic Legislature are scrambling for money even though tax revenue has increased 35% over the past five years—faster than inflation.
…
Mr Murphy now wants to re-impose it on income above $10 million, retroactively to the start of this year.

Progressive-Democrats are so addicted to taxing Americans and our businesses that their promises to lower taxes or to leave alone existing taxes are worthless. Which calls into question the value of any other of their promises. Indeed, their addiction is so powerful that they’re not capable even of saying the words “cut spending,” much less actually doing so.

Maybe Murphy’s renewed surtax will hit only the wealthiest businesses, many based in other states, hard enough to persuade those in New Jersey to relocate to more business—and average American—friendly locations and persuade those based in other States to reduce or forgo doing business in New Jersey.