The Democrat
Party is now the GLOBALIST LA RAZA SUPREMACY DEMOCRAT PARTY for banksters,
bailouts, and open borders for more “cheap” labor.
ALL BILLIONAIRES are Globalist Democrats. ALL BILLIONAIRES are for amnesty, continued non-enforcement an open-borders to keep wages depressed.
Amazon
Books:
·
Paperback : 464 pages
·
ISBN-10 : 1560257156
·
ISBN-13 : 978-1560257158
·
Product Dimensions : 6 x 1.16 x 9 inches
·
Publisher : Basic Books; Illustrated Edition (June 30, 2005)
·
Language: : English
The Blood
Bankers: Tales from the Global Underground Economy
Like
tentacles on a vast octopus, the firsthand investigations in The Blood Bankers
all lead to one core. A financial detective of sorts, investigative journalist
Jim Henry analyzes a range of scandals, including the looting of the
Philippines by the Marcos family and the financial collapse of nations
throughout the developing world. A rogues' gallery of international criminals
owes its existence to the dramatic growth of the underground global economy
over the last two decades. Our world is being reshaped, often in sinister
fashion, by wide open capital markets and an international banking network
that exists to launder hundreds of billions of dollars in ill-gotten gains.
Here is an inside look at globalization's dark side—the new high growth global
markets for influence-peddling, capital flight, money laundering, weapons,
drugs, tax evasion, child labor, illegal immigration, and other forms of
transnational crime.
About the Author
An attorney, former chief economist for McKinsey & Co., and
vice president for strategy for IBM/Lotus, James S. Henry is
also an investigative journalist who has written for many publications,
including the New Republic, New York Times, Washington Post, U.S. News
& World Report, and many other magazines and newspapers. One of the
original "Nader Raiders," he is founder and managing director of the
Sag Harbor Group (www.sagharbor.com), a strategy consulting firm with a special
focus on technology strategy and business development.
He has managed projects on a wide variety of competitive strategy issues for
many global companies, including AT&T, GE, GM, IBM/ Lotus, Merrill Lynch,
and the Samsung Group. He also serves as an advisor and board member of
Peoplink.org, a nonprofit that focuses on bringing the benefits of e-commerce
to developing countries, and an advisor to Ashoka, a "reverse Peace
Corps" that sponsors more than 1500 fellows working on social and
environmental issues in 30 developing countries.
He is a graduate of Harvard College and Harvard Law School, a member of the New
York Bar, and received a master's degree in economics from the Harvard Graduate
School of Arts and Sciences.
Billion
Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World
Editorial Reviews
Review
A Financial Times Best Book of 2018
A Fortune magazine Best Book of 2018
"As Bad Blood is to biotech, Billion Dollar Whale is
to international finance... a wonderful read... Thrilling."―Bill Gates
"What a blast to read! A true life thriller that reads like a Hollywood
movie, Billion Dollar Whale traces the exploits of the most
mercurial, mysterious big player in history. Jho Low is Gatsby with twice the
bank account and ten times the ambition, and the stories surrounding his
exploits leap right off the page!"―Ben Mezrich, New York
Times bestselling author of The Accidental
Billionaires and Bringing Down The House
"If you like global intrigue, financial crime, wealth porn, and
absurdity, Billion Dollar Whale, by Tom Wright and Bradley Hope, is
for you.... It almost seems made up. Still, anyone who has followed the news
out of Malaysia will know that the story is all too real."―The New
Yorker
"Wright and Hope deliver a scintillating and prodigiously reported tale of
a globe-spanning modern Gatsby and his audacious fraud."―Jesse
Eisinger, Pulitzer Prize-winning reporter for ProPublica and author of The
Chickenshit Club
"This story of a Wharton graduate who carried out the $5 billion swindle
known as 1MDB offers a textbook case of financial fraud in the modern
age."―New York Times
"An incredible story.... If you need some billionaires to despise--look no
further than these charlatans."―Alexis Ohanian, co-founder of Reddit
"Just finished reading Billion Dollar Whale and was blown
away. I thought I had seen it all with Russian kleptocracy, but the story of
the money stolen in Malaysia in 1MDB and all the enthusiastic Western enablers
was unbelievable."
―Bill Browder, #1 New York Times bestselling author
of Red Notice
"Even the most skilled fiction writer would have trouble conjuring the
corrupt and colorful protagonist of Billion Dollar Whale. Bradley
Hope and Tom Wright's gripping portrait of Jho Low and his enablers throughout
the global financial system will both fascinate and enrage you."―Sheelah
Kolhatkar, staff writer at The New Yorker and New York
Times bestselling author of Black Edge
About the Author
Tom Wright was one of the first
journalists to arrive at the scene of the raid in which Navy SEALs killed Osama
bin Laden. In 2013, he spearheaded coverage of the collapse of the Rana Plaza
factory in Bangladesh, which killed over 1,000 people, earning the Wall
Street Journal a Sigma Delta Chi award from The Society of
Professional Journalists. He is a Pulitzer finalist, a Loeb winner, and has
garnered numerous awards from the Society of Publishers in Asia, which in 2016
named him "Journalist of the Year." He speaks English, Malay, French
and Italian.
Bradley Hope has worked for the Wall Street Journal for
the last four years, covering finance and malfeasance from New York City and
London. Before that, he spent six years as a correspondent in the Middle East,
where he covered the Arab Spring uprisings from Cairo, Tripoli, Tunis, and
Beirut. He was detained by authorities in Bahrain, reported from the front
lines of the Libyan civil war, and has been teargassed in raucous Egyptian
protests. Bradley is a Pulitzer finalist and a Loeb winner, and also author
of Last Days of the Pharaoh, a chronicle of the final days and
hours of the presidency of Hosni Mubarak.
Product details
·
Item Weight : 12.8 ounces
·
ISBN-10 : 031643647X
·
Paperback : 416 pages
·
ISBN-13 : 978-0316436472
·
Publisher : Hachette Books; Ill
Obama’s State
of Delusion ... OR JUST ANOTHER "Hope & Change" HOAX?
”The
delusional character of Obama’s State of the Union
address on
Tuesday—presenting an America of rising living
standards and
a booming economy, capped by his declaration
that the
“shadow of crisis has passed”—is perhaps matched
only in its
presentation by the media and supporters of the
Democratic
Party.”
http://mexicanoccupation.blogspot.com/2015/01/oxfam-richest-one-percent-set-to.html
“The general
tone was set by the New York Times in its lead editorial on Wednesday, which
described the speech as a “simple, dramatic message about economic fairness,
about the fact that the well-off—the top earners, the big banks, Silicon
Valley—have done just great, while middle and working classes remain dead in
the water.”
OBAMANOMICS:
The report
observes that while the wealth of the world’s 80 richest people doubled between
2009 and 2014, the wealth of the poorest half of the world’s population (3.5
billion people) was lower in 2014 than it was in 2009.
http://mexicanoccupation.blogspot.com/2015/01/oxfam-richest-one-percent-set-to.html
In 2010, it
took 388 billionaires to match the wealth of the bottom half of the earth’s
population; by 2013, the figure had fallen to just 92 billionaires. It fell to
80 in 2014.
THE OBAMA
ASSAULT ON THE AMERICAN MIDDLE-CLASS
“The goal of
the Obama administration, working with the Republicans and local governments,
is to roll back the living conditions of the vast majority of the population to
levels not seen since the 19th century, prior to the advent of the eight-hour
day, child labor laws, comprehensive public education, pensions, health
benefits, workplace health and safety regulations, etc.”
http://mexicanoccupation.blogspot.com/2015/01/oxfam-richest-one-percent-set-to.html
“In response
to the ruthless assault of the financial oligarchy, spearheaded by Obama, the
working class must advance, no less ruthlessly, its own policy.”
New Federal Reserve report
US
median income has plunged, inequality has grown in Obama “recovery”
The yearly income of a typical US household dropped by a
massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is
just one of the findings of the 2013 Federal Reserve Survey of Consumer
Finances released Thursday, which documents a sharp decline in working class
living standards and a further concentration of wealth in the hands of the rich
and the super-rich.
THE DEMOCRAT PARTY’S BILLIONAIRES’
GLOBALIST EMPIRE requires someone as ruthlessly dishonest as Hillary Clinton or
Barack Obama to be puppet dictators.
http://hillaryclinton-whitecollarcriminal.blogspot.com/2018/09/google-rigged-it-so-illegals-would-vote.html
1. Globalism: Google
VP Kent Walker insists that despite its repeated rejection by electorates
around the world, “globalization” is an “incredible force for good.”
2. Hillary Clinton’s Democratic
party: An executive nearly broke down crying because of the candidate’s loss. Not
a single executive expressed anything but dismay at her defeat.
3.
Immigration: Maintaining
liberal immigration in the U.S is the policy that Google’s executives discussed the
most.
Why the rich favor the Democrats
There's little doubt that today's Democrat Party
is the party of the rich. Actually, that's an
understatement. Far more than billionaires are involved. A better
expression of reality would be to say a fundamental core of Democrat coalition
is the managerial class, also known as the elite. These are the
people who run the media, Hollywood and the entertainment industry, the big
corporations, the universities and schools, the investment banks, and Wall
Street. They populate the upper levels of government
bureaucracies. These are the East and West Coasters.
The alliance of the affluent with the Democrat
Party can be seen in the widely disproportionate share of hefty political
donations from the well-to-do going to Democrats and a bevy of left-wing
causes. It's also why forty-one out of the fifty wealthiest
congressional districts are represented by Democrats.
BLOG: DEMS LOVE SOCIALISM FOR ILLEGALS TO KEEP
THEM COMING AND BREEDING ANCHOR BABIES FOR WELFARE AND SOCIALISM FOR BANKS.
TRILLIONS OF DOLLARS OF IT!
Bernie Sanders is an
exception. But he's an anomaly viewed as dangerous to the party,
which is why he's being crushed by the Democrat establishment.
Why do the wealthy align with the
Democrats? The answer may seem counter-intuitive, but it is really
quite simple. It's surely not ideals or high-minded
principles. Nor is it ignorance. Rather, it boils down to
raw self-interest.
In his book, The Age of
Entitlement: America Since the Sixties, Christopher Caldwell notes
that rich Americans think themselves to be as vulnerable as
blacks. They are a relatively small minority of the
population. They fear being resented for their wealth and power and
of having much of that taken from them. Accordingly, the wealthy
seek to protect what is theirs by preventing strong majorities from forming by
using the divide and conquer principle.
As R.R. Reno writes when reviewing
Caldwell's book: "Therefore, the richest and most
powerful people in America have strong incentives
to support an anti-majoritarian political system." He goes
on: "Wealthy individuals shovel donations into elite institutions that
incubate identity politics, which further fragments the nation and prevents the
formation of majorities."
Some of the rotten fruit of the wealthy taking
this approach include multiculturalism, massive immigration of diverse
people, resistance to encouraging assimilation, racial strife, trying
to turn white males into pariahs, and the promotion of gender
confusion. Through it all, society is bombarded with
the Orwellian mantra that "diversity is strength," as if
repeating it often enough can make it so. It is also why patriotism
and a common American culture are so disparaged today. Those from
the upper strata of society project the idea that if you're a flag-waving
American, you must be some kind of retrograde mouth-breathing
yokel.
The wealthy as a groups are content to dissolve
the glue that holds the U.S. together. And it is all done to enhance
and preserve their power, wealth, and influence. This is why they so
hate Donald Trump. He strives to unite people and the country,
although you'd never know that that is what the president is
doing if you live in the media
bubble. Trump's MAGA agenda is an anathema to the
managerial class.
To quote Reno one final time:
The next decade will not
be easy. But it will not be about what preoccupied us in the
sixties, and which Caldwell describes so well. Rather than the
perils of discrimination we are increasingly concerned with the problem of
disintegration — or in Charles Murray's terms, the problem of "coming
apart."
Trump and the GOP he is molding are the vehicles
to restore and strengthen national solidarity. Trump said at the Daytona 500,
"No matter who wins, what matters most is God, family, and
country." That is not the Democrat agenda. As
seen in Democrat politicians, their policies, and the behavior of their major
contributors, the aim is to further weaken the social and national bonds in America. There is
a lot at stake here. If solidarity wins, the Republic can survive
and prosper. If the Democrats and their wealthy cohorts do,
then the middle class withers, the Republic dies, and the rich and their
managerial class get to rule the roost. That is what it comes down
to.
ALL BILLIONAIRES ARE DEMOCRATS. ALL
BILLIONAIRES WANT WIDER OPEN BORDERS, AMNESTY AND HELL NO TO E-VERIFY!
In addition, establishment Republicans are no
better than Democrats at stemming the flow of illegal immigration because big
businesses reap the benefits of this cheap labor
without incurring any of the social costs.
This is why
the SEIU supports blanket amnesty for illegal aliens.
Democrats:
The Party of Big Labor, Big Government...and Big Business
There
is a widespread perception that the Democrat Party is the party the working
class and the Republican Party is the party of big business. Even
though Republicans on average received slightly more from corporate employees
prior to 2002, the overall difference between both parties from 1990 to 2020 is
statistically insignificant (Table 1). In fact, Democrat
reliance on big labor gradually shifted toward big business following the
involvement of solidly Democrat corporate giants in 2002, and from 2014 to
2020, Democrats consistently surpassed Republicans in corporate donations
(Tables 1 & 2).
Based
on data compiled by Open Secrets, Soros Fund Management, Fahr LLC (Tom Steyer),
and Bloomberg LP ranked among the top ten for political contributions that gave
over 90% to Democrats. In sharp contrast, the right-leaning Koch
Industries made the top ten only in 2014. In nearly all other years,
Koch ranked well below the top twenty.
Whether
or not this trend is long-term, there is no denying that large corporations on
average no longer lean right. But what does it mean to be "the
party of big business"? Donations are not definitive
evidence. What ultimately matters is what politicians do once they
get elected.
Many
liberals believe that big government is needed to "rein in" big
business and that in the absence of federal intervention, corporations will
"run roughshod" over the average American. Many liberals
also believe that corporations are the main beneficiaries of laissez-faire
economics and that free-market conservatives who want to scale back regulations
are somehow "in the pocket" of big business.
In
reality, the opposite is true: big business and big government
go
hand in hand because government meddling in the economy
encourages rent-seeking by businesses that
can afford to pay
for
the lobbyists. This crony capitalism grew exponentially as
a result
of New Deal regulations that squeezed out competitors
during
the 1930s. Establishment politicians and well
connected corporations
are beneficiaries of the myth that big
government
and big business are adversaries because it hides
their
unholy alliance.
In
all fairness, neither party has had a monopoly on the dispensation of corporate
welfare: the TARP funds that propped up financial institutions deemed "too
big to fail" during the Great Recession were released by the Bush
administration. In addition, establishment Republicans are no better than
Democrats at stemming the flow of illegal immigration because big
businesses reap the benefits of this cheap labor
without incurring any of the social costs.
If
both parties are playing this game, what is the basis for labeling the Democrat
party "the party of big business"? What policies from
Republicans support small business?
Free-market
conservatism benefits small businesses because the government does not pick the
winners and losers by means of subsidies, tax breaks, and cumbersome
regulations. You will not see policies like these coming from
Washington in a major way because proposals for shrinking the federal
government rarely see the light of day in Congress.
Based
on data collected by Gallup and Thumbtack, red states far outscore blue states
in small business friendliness (Table 3). This may be why less
affluent Americans are fleeing states that score abysmally like California, Illinois, New York, and Hawaii. This might
also be why small business–owners are more likely to vote Republican.
The
Trump administration has been good for businesses of all sizes mainly due to
the unprecedented rate at which it scaled back stifling regulations. This may be
why some of the president's highest approval ratings now come from
small businesses.
Donald
Trump set himself apart from the ruling class when he latched onto the
third-rail issue of illegal immigration and called out the corporate darling Jeb Bush (AKA
"Low Energy Jeb") for his lack of grassroots support. This
may explain in part why Bain Capital, the firm co-founded by Mitt Romney,
switched teams and contributed solidly Democrat in 2018. In 2012,
Democrats accused Bain Capital of destroying jobs by systematically dismantling
the companies it bought off. Times have changed...
Small
businesses generate well over half of all new jobs. Most
importantly, many are family-owned, have strong ties to their communities, and
provide upward mobility for millions of Americans who never attended
college. The Democrats' undermining of this quintessentially
American institution is shameful and disqualifies it as the "party of the
working class." Contributions from big labor do not count
toward "labor-friendliness" because mega-unions care more about
recruitment than about the welfare of working Americans. This is why the SEIU
supports blanket amnesty for illegal aliens.
Democrats
fed up with the corporate status quo are now choosing their own
anti-establishment candidate, not realizing that socialism is just a more
impoverished version of the crony capitalism they are
rejecting. Many Sanders-supporters are also morally shallow because
they want to harness the power of the state to muscle in on the wealth of
Americans who borrowed responsibly and worked hard to pay their bills.
After
the Constitutional Convention, Benjamin Franklin said, "This Constitution ... is
likely to be well administered for a course of years, and can only end in
despotism ... when the people shall become so corrupted as to need despotic
government." If Democrats implement the dystopian policies of California
on a national level, their corporate allies will do fine. It is
small business–owners and working-class Americans with nowhere to flee who have
the most to lose. Be careful what you wish for.
To view the tables below, click the links.
Table 1: Top contributors to Democrats and Republicans as compiled
by Open Secrets.
*The red lettering highlights a funding
advantage for Republicans. The blue lettering highlights a funding
disadvantage for Republicans.
**Based on a T-test, the difference is
insignificant at P = 0.46
Table 2: Top ten contributors to Democrats and Republicans by category
(union, corporate, and ideological) as compiled by Open Secrets:
*In 2008 Goldman Sachs donated 74% to
Democrats. All other groups in this column donated between 40 and
69% to both parties. This column does not differentiate between
giving equally to both parties and giving 70–79% to Democrats or Republicans.
**This number includes the "City of
New York." Although it is officially listed as
"other" by Open Secrets (not corporate, union, or ideological), I was
personally informed by someone from the organization that Michael Bloomberg was
the main source of this funding.
Table 3: Small business scores states scored by Thumbtack ranked
according to their Democratic advantage by Gallup:
*GPA scores are based on the following
numerical equivalents: A = 4, B = 3, C = 2, D = 1, F = 0, A+ = 4.3, A- = 3.7,
etc.
** Not scored.
***Mean GPA ± standard error. Based on a
T-test, the difference is significant at P = 0.00001.
Grim Reaper Mitch to Pelosi: I'm
Going to Kill Your Stimulus Plan
House
Speaker Nancy Pelosi just got some bad news from Mitch McConnell. Any talk
about another stimulus isn’t going to happen. She may draft a bill, but it’ll
meet a swift death in the Republican-controlled Senate. Mitch is the legislative
grim reaper for most of what the Democratic House sends his way (via The Hill):
Senate Majority
Leader Mitch McConnell (R-Ky.) hit the brakes Tuesday on Speaker Nancy Pelosi’s
(D-Calif.) plan to move ahead with a fourth stimulus package that would include
major infrastructure spending and other Democratic priorities.
“I think we need
to wait a few days here, a few weeks, and see how things are working out,”
McConnell said on “The Hugh Hewitt Show.”
“Let’s see how
things are going and respond accordingly,” he added. “I’m not going to allow
this to be an opportunity for the Democrats to achieve unrelated policy items
that they would not otherwise be able to pass.”
McConnell's remarks came the same day that President Trump
encouraged Congress to pass a $2 trillion infrastructure bill as the next piece
of coronavirus legislation.
Pelosi
is also mulling a rollback of the SALT taxes, which would be nothing short of a giveaway to
millionaires. And by the
giveaway, it would be something of a $620 billion tax cut for them. Remember,
this is the party of the working people, or so they say, and a part of me hopes
she goes aggressive on this, so we can see Bernie Sanders gum up the Democratic
works for a bit. There is no way a
hardcore lefty would back this nonsense. Yet, there’s another reason why Mitch
isn’t rushing on the House Democrats’ stimulus reloaded plans. They’re off.
They won’t be back to work until April 20. And The Hill added that Mitch hasn’t
forgotten about judges, adding that the Kentucky Republican’s motto is “leave
no vacancy behind.”
THE OBAMA –
BIDEN BANKSTERS CON JOB STARTED BEFORE HIS FIRST DAY IN OFFICE!
GET THIS
BOOK!
Obamanomics:
How Barack Obama Is Bankrupting You and Enriching His Wall Street Friends, Corporate
Lobbyists, and Union Bosses
BY TIMOTHY P
CARNEY
Editorial
Reviews
Obama Is
Making You Poorer—But Who’s Getting Rich?
Goldman Sachs, GE, Pfizer, the United Auto Workers—the same
“special interests” Barack Obama was supposed to chase from the temple—are
profiting handsomely from Obama’s Big Government policies that crush taxpayers,
small businesses, and consumers. In Obamanomics, investigative reporter Timothy
P. Carney digs up the dirt the mainstream media ignores and the White House
wishes you wouldn’t see. Rather than Hope and Change, Obama is delivering
corporate socialism to America, all while claiming he’s battling corporate
America. It’s corporate welfare and regulatory robbery—it’s Obamanomics.
Congressman Ron Paul says, “Every libertarian and free-market
conservative needs to read Obamanomics.” And Johan Goldberg, columnist and
bestselling author says, “Obamanomics is conservative muckraking at its best
and an indispensable field guide to the Obama years.”
If you’ve wondered what’s happening to America, as the
federal government swallows up the financial sector, the auto industry, and
healthcare, and enacts deficit exploding “stimulus packages,” this book makes
it all clear—it’s a big scam. Ultimately, Obamanomics boils down to this: every
time government gets bigger, somebody’s getting rich, and those somebodies are
friends of Barack. This book names the names—and it will make your blood boil.
Investigative reporter Timothy P. Carney digs up the dirt the
mainstream media ignores and the White House wishes you wouldn’t see. Rather
than Hope and Change, Obama is delivering corporate socialism to America, all
while claiming he’s battling corporate America. It’s corporate welfare and
regulatory robbery—it’s Obamanomics. In this explosive book, Carney reveals:
* The Great
Health Care Scam—Obama’s backroom deals with drug companies spell corporate
profits and more government control
* The Global
Warming Hoax—Obama has bought off industries with a pork-filled bill that will
drain your wallet for Al Gore’s agenda
* Obama and
Wall Street—“Change” means more bailouts and a heavy Goldman Sachs presence in
the West Wing (including Rahm Emanuel)
*
Stimulating K Street—The largest spending bill in history gave pork to the
well-connected and created a feeding frenzy for lobbyists
* How the
GOP needs to change its tune—drastically—to battle Obamanomics
Praise
for Obamanomics
“The notion that ‘big business’ is on the side of the free
market is one of progressivism’s most valuable myths. It allows them to
demonize corporations by day and get in bed with them by night. Obamanomics is
conservative muckraking at its best. It reveals how President Obama is
exploiting the big business mythology to undermine the free market and stick it
to entrepreneurs, taxpayers, and consumers. It’s an indispensable field guide
to the Obama years.”
—Jonha Goldberg, LA Times columnist and best-selling author
“‘Every time government gets bigger, somebody’s getting
rich.’ With this astute observation, Tim Carney begins his task of laying bare
the Obama administration’s corporatist governing strategy, hidden behind the
president’s populist veneer. This meticulously researched book is a must-read
for anyone who wants to understand how Washington really works.”
—David Freddoso, best-selling author of The Case Against
Barack Obama
“Every libertarian and free-market conservative who still
believes that large corporations are trusted allies in the battle for economic
liberty needs to read this book, as does every well-meaning liberal who
believes that expansions of the welfare-regulatory state are done to benefit
the common people.”
—Congressman Ron Paul
“It’s understandable for critics to condemn President Obama
for his ‘socialism.’ But as Tim Carney shows, the real situation is at once
more subtle and more sinister. Obamanomics favors big business while
disproportionately punishing everyone else. So-called progressives are too
clueless to notice, as usual, which is why we have Tim Carney and this book.”
—Thomas E. Woods, Jr., best-selling author of Meltdown and
The Politically Incorrect Guide™ to American History
*
• Hardcover: 256 pages
• Publisher: Regnery Press (November 30,
2009)
• Language: English
• ISBN-10: 1596986123
• ISBN-13: 978-1596986121
Chuck Schumer Pushes
Tax Cut for Richest 1% in Coronavirus Relief Bill
16 Jul 202034
4:32
Senate Minority Leader Chuck Schumer (D-NY) is pushing for a
repeal of the state and local tax (SALT) deduction cap in the next round of
coronavirus relief — giving a tax cut to the wealthiest 1% of taxpayers,
especially in “blue” states.
In his landmark tax reform law, the Tax Cuts and Jobs Act of
2017, President Donald Trump and the Republicans offset some of the revenue
losses from low tax rates by restricting deductions. The law capped the SALT
deduction at $10,000.
Previously, those taxpayers wealthy enough to file a list of
itemized deductions could count all of
the taxes they paid to state and local governments toward a deduction in their
federal tax liability. That meant wealthy taxpayers in the most heavily taxed
states — primarily run by Democrats — benefited most. The SALT deduction also
gave Democrats political room to raise taxes higher, because it made rich
taxpayers less likely to resist: they could claim some of the money back.
Trump ended the deduction — at some political cost to himself.
Republicans went on to lose congressional seats in wealthy suburbs in high-tax
Democrat-run states. Orange County, California, for example, flipped entirely
to Democrats.
But Democrats still want to repeal the SALT cap, regardless,
because they want their state and local governments to avoid tax cut — and
because their wealthy campaign contributors want to be subsidized, once again,
by the rest of the country.
Even Seth Hanlon, a former Obama administration official who is now
a senior fellow at the left-wing Center for American Progress, has protested
against Schumer’s idea, noting that repealing the SALT cap would help “the top
1%.”
Come on, not this again.
Repealing the SALT cap for 2020-21 would be a $137 billion tax
cut, with about 63% going to the top 1%.
It does nothing for states and localities except potentially
crowd out the actual fiscal relief they urgently need. https://t.co/jlSjIhnzpq
— Seth Hanlon (@SethHanlon) July 15, 2020
Here is the national distribution of the
tax cut from repealing the SALT cap, via @iteptweets.
A tiny percentage of middle-income people get any benefit.
The top 1% gets 63%: an avg. $35k tax cut for them.
The top 5% gets 87%.
The bottom 80% get literally 1% of the benefit. pic.twitter.com/8EIav7wgcJ
— Seth Hanlon (@SethHanlon) July 15, 2020
Here is the distribution just for New York.
Largely the same story. A few more middle-income people benefit a little
compared to nationwide, but still, the tax cut goes overwhelmingly to top
one-percenters. Not the people most affected by COVID!!! pic.twitter.com/Dp0evxq3P7
— Seth Hanlon (@SethHanlon) July 15, 2020
The basic story is the same in every state.
State by state estimates are here. https://t.co/1KREhnb6et
— Seth Hanlon (@SethHanlon) July 15, 2020
The Democrat-run House of Representatives has already passed a
repeal on the SALT cap that would be effective for two years.
According to The Hill, “Schumer urged Senate
Majority Leader Mitch McConnell (R-Ky.) [on Tuesday] to ‘join the House, and
join the Democrats in the Senate, and get rid of that cap.'”
Schumer also vowed to make the SALT deduction — the effective
tax cut for the 1% — permanent: “If I become majority leader, one of the first
things I will do is we will eliminate it forever,” he added, according to The Hill. “It will be dead,
gone and buried.”
Joel B. Pollak is Senior Editor-at-Large at Breitbart News and
the host of Breitbart News Sunday on Sirius XM Patriot on Sunday
evenings from 7 p.m. to 10 p.m. ET (4 p.m. to 7 p.m. PT). His new book, RED NOVEMBER, tells the story of the 2020 Democratic presidential primary
from a conservative perspective. He is a winner of the 2018 Robert Novak
Journalism Alumni Fellowship. Follow him on Twitter at @joelpollak.
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