Tag: Trump economy

Leftists admit Socialism is unaffordable

“The democratic socialists may do well in November.  Yet upon arriving in Washington, they will discover that even their revolution cannot repeal the laws of math.”  That is how an article with Vox by Brian Riedl ends.  Riedl uses leftist and Democrat sources to compile the costs of the Democratic Socialist agenda and finds that even the most generous sources leave them with $3.4 trillion per year to make up in tax revenues.

Democrats have gained traction in the coming election by claiming that deficits are bad and we need to tax the rich to fix it.  But don’t mistake their feigned concern for actual fiscal sanity.  Even the extensive list of new taxes laid out by Alexandria Ocasio-Cortez wouldn’t cover 10% of the cost of their agenda.

According to Reidl, Democratic Socialists could pay for all the free stuff they are promising with a 100% tax on all corporations and 100% tax on all family income over $150,000 for married taxpayers and $90,000 for singles.  This would be on top of the current tax structure and assumes the willingness of business owners and capital providers to devote their hard work to charity rather than profit.  Another idea to add on to our current taxes would an 87% value added tax.  Basically, in every step of the manufacturing process, the government gets 87 cents of every dollar made.  The inflation would kill the middle class.  Lastly, we could do it if we added a 37% flat payroll tax on top of the current tax structure.  For the middle class this would mean an all in tax rate of 77%.

So let’s talk about this blue wave?  Are voters really ready to kill the economic growth by ending the Trump tax cuts?  Are they really ready to hand over their healthcare decisions in exchange for giving 77 cents of every dollar they make to the government?  Is this what people really want?  It’s not like the Left is running on anything else, except for extreme Trump hate.  Well, now you have an idea of how much that hatred will cost you just in taxes.

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Need to Know 8/2/18

More winning for the Trump economy.  Incomes rose at the highest rate in over a decade this past year.  Generally in an economic recovery wages lag behind.  But with the fast drop in unemployment, it’s become harder to find good workers without paying a premium.  The free market is once again showing that minimum wages don’t need the strong arm of government to go up.

Trump economy gives workers a raise

The Paul Manafort trial is off to a rough start as the judge found himself chastising the prosecution on several occasions.  In one case, they continued to go on about Manafort’s lavish lifestyle before Judge Ellis reminded them that being wealthy isn’t a crime.  At another point, the prosecution teased that their star witness Rick Gates might not testify, eliciting another eruption from the judge.  Gates is thought to be a keystone witness for the case against Manafort.

Prosecution earns judge’s ire hours into Manafort case

Ocasio-Cortez just got snubbed by former President Barack Obama.  Obama released a list of endorsements for the 2018 midterm.  She’s not on the list.  The former President and political godfather may include her in future endorsements, but it’s pretty telling that he wouldn’t include her in the first round.  As Ocasio-Cortez continues to produce more gaffs than Joe Biden, more and more moderate Democrats have let go of her coattails and even openly criticized her.  Personally, I’m rooting for her.  It’s not often you see a Democrat candidate just come out and admit that they want to double taxes in America.

Obama releases list of endorsements, Ocasio-Cortez isn’t on it