Merry Christmas

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First posted in 2011, I repeat it here.

Christmas renews our youth by stirring our wonder. The capacity for wonder has been called our most pregnant human faculty, for in it are born our art, our science, our religion.
-Ralph W. Sockman

A good conscience is a continual Christmas.
-Benjamin Franklin

Blessed is the season which engages the whole world in a conspiracy of love.
-Hamilton Wright Mabie

Christmas is not a time or a season but a state of mind. To cherish peace and good will, to be plenteous in mercy, is to have the real spirit of Christmas.  If we think on these things, there will be born in us a Savior and over us will shine a star sending its gleam of hope to the world.
-Calvin Coolidge

Some celebrate Christmas as the birthday of a great and good philosopher and teacher.  Others of us believe in the divinity of the child born in Bethlehem, that he was and is the promised Prince of Peace.
-Ronald Reagan

 

Update:
A couple is walking in St. Petersburg Square on Christmas Eve.
They feel a slight precipitation.
“I think it’s raining.” says the man.
“No, it’s snowing.” replies the woman.
“How about we ask this communist officer of here? He is always right!” exclaims the man.
“Officer Rudolph, is it raining or snowing?”
“Definitely raining,” Officer Rudolph replies before walking off.
The man turns to his wife with a smile. “See? Rudolph the Red knows rain, dear.”

If It’s a Good Idea….

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One sub-bill in the Progressive-Democrats’ reconciliation bill would have removed a loophole that lets foreign purchasers of US real estate dodge a tax that could reach 30% on the profits generated by those holdings.

The loophole works like this:

Instead of buying a building directly, a foreign investor creates a shell company in an offshore location like the Cayman Islands.
That shell company then lends money to a US entity called a blocker corporation, which in turn buys the building. Instead of paying any profits from the building directly to the foreign investor, the blocker corporation sends interest on its loan to the offshore shell company, which then passes it on to the foreign investor. By taking this detour, the foreign investor avoids the tax on foreign real-estate owners.

It works because the blocker is a corporation domiciled in a territory that’s a US tax haven, and so those corporations avoid the tax.

There are a couple of implications from closing this loophole.

[P]roponents say it could raise billions in tax revenue.

That works for me. On the other hand,

Property owners worry it could also lead to fewer foreign purchases of US commercial real estate.

I’m having a hard time seeing any serious downside to that beyond a temporary (I say) downward pressure on real estate prices, or more likely, a slowing of increases in real estate prices, in the initial period following the closure of the loophole. After that initial period, though, the real estate market would adjust to the new regime, and real estate prices would resume their normal behavior.

If this sub-bill is a good idea—and I think it is, at least in principle—than it should be excised from that reconciliation foolishness and presented by itself in a clean, stand-alone bill. In January.

Contempt

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A Wall Street Journal piece centered on Senate Majority Leader Chuck Schumer’s (D, NY) supposed plan to bring President Joe Biden’s (D) and his Progressive-Democratic Party’s “Build Back Better Act” to a Senate floor vote in January, and therewith dare Senator Joe Manchin (D, VA) to vote against it, had the following highly instructive bit buried toward the end.

Congresswoman Pramila Jayapal (D, WA), Chairwoman of the Congressional Progressive Caucus, castigated Manchin over his decision regarding the Progressive-Democrats’ reconciliation bill:

We cannot hang the futures of millions of Americans on the words of one man who represents a state that has a tiny percentage of the country’s entire population.

Never mind that Senators and Representatives, at least nominally, work for their constituents and not for Party or the nation at large. Never mind, either, that pesky 10th Amendment, much less the 9th Amendment.

This is the utter contempt that Progressive-Democrats have for our Constitution and for the federal republican structure of our government that our Constitution creates.

This is the utter contempt that Progressive-Democrats have for us average Americans.

Everything from the center, and the center over everyone.

Taxes and “Give Backs”

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There is a surprisingly broad misunderstanding regarding taxes and to whom those taxed funds belong, even among those who should know better. One example is The Wall Street Journal editors’ mischaracterization of Arkansas’ tax reductions in an editorial, which they subheadlined

Little Rock returns some of its booming revenue to taxpayers.

The “return of revenue” was this:

Governor Asa Hutchinson recently signed legislation that reduces the top state income-tax rate to 5.5% from 5.9%, effective New Year’s Day. The rate will continue to drop in stages to 4.9% by 2025.

Along with this:

The state Department of Finance and Administration anticipates that some 105,000 residents will soon pay no income tax as a result.

And this “sweetener:”

The legislation includes the sweetener of a $60 tax credit for some 535,000 Arkansans who make less than $23,600.

None of this is giving money back to Arkansan citizens; all of it is letting them keep more of their money in the first place.

Even the tax credit is less a giveback than it is a let ’em keep it, albeit after the friction of a tax man middleman has taken its toll.

Seth Moulton’s Symbolism

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Congressman Seth Moulton (D, MA) had some thoughts on “saving Ukraine” in his Sunday WSJ op-ed. He began by announcing that our options are limited.

At this point, US options are limited. President Biden has already said he won’t send more troops.

Then he listed some things we could do, anyway, to show our support for Ukraine.

  • First, dramatically increase the speed of weapons procurement for Ukraine, and do so publicly. Washington must clearly articulate to the world how the weapons we provide will force Mr. Putin to incur substantial losses of Russian troops right away, not merely over time.
  • Second, organize effective sanctions. They must be targeted, powerful and widely agreed on in advance by NATO. … Mr Putin needs to know that he’ll have trouble buying a soda five minutes after he invades….
  • Third, clearly communicate the grave consequences of invading—not only to Mr. Putin, but to the Russian people.

All of those steps are necessary, but even in their aggregate, they’re insufficient. They’re especially so individually. We could—if the Progressive-Democratic Party, in control of Congress and the State and Defense Departments, were willing to stop slow-walking the supplies. But even if they were, it still would take weeks, at best, to get the weapons delivered in sufficient quantities, deployed, and the soldiers trained on them. Putin is ready to jump in days.

Effective sanctions? Certainly there is plenty of room to toughen them up, but consider: even if Putin were finding it hard to by a soda five minutes after invading—he’d still have Ukraine. There’s a real big so what factor in play here.

Clearly communicate the costs of invading…. On what basis does Moulton think either Putin or the Russian people would take anything Biden-Harris, or Blinken, or Austin—or Milley—have to say seriously? They’ve been weak and their words less than weak tea for the last eleven months.

No.

Also necessary is making concrete those suggestions. Biden-Harris must correct his assurance to Putin that he won’t resist Putin’s coming invasion of Ukraine (or of the Baltics, if Putin’s moves opposite Ukraine prove to be misdirection).

Biden-Harris must redeploy American troops (beginning from out of Germany, which disdains NATO, anyway, and so won’t miss them beyond the GIs’ spending on the German economy) into southern and northern Poland—opposite Ukraine and Kaliningrad—and into Lithuania.

Biden-Harris must move naval forces into US air strike range of Kaliningrad.

Biden-Harris must begin joint air training and CAP exercises with Ukrainian and Lithuanian air forces in those nations’ airspaces.

Absent these, the Progressive-Democrat’s suggestions are nothing but symbolism.