Chicago Picking Winners & Losers

from IBD:

Uber And Lyft Are Hurting Mass Transit? There’s Nothing Wrong With That

Chicago recently started taxing users of increasingly popular ride-sharing services so it could spend more on its increasingly unpopular mass transit rail service. This sort of thinking only makes sense to government officials.

When app-based ride sharing services Uber and Lyft started to catch on, cities thought they posed a dire threat to their local monopoly taxi services and tried to thwart them. But while ride sharing did cut into taxi ridership, it is also having a big impact on mass transit. read more

Dems May Regret not Voting for Tax Cuts

from IBD:

GOP Tax Cuts Are Turning Out To Be A Disaster … For Democrats

Not long ago, Democrats expected that the GOP tax cuts would be a political disaster for Republicans, just like ObamaCare was for Democrats in 2010. How’s that prediction working out?

Writing in the Atlantic in December, longtime political reporter Ron Brownstein argued that “President Trump and congressional Republicans have just taken the same leap of faith that Democrats did when they passed the Affordable Care Act.”

He went on to note that after Democrats passed ObamaCare in early 2010 — despite strong public opposition — the backlash from voters “helped propel Republicans to the biggest midterm gain in the House for either party since 1938 and gave them a majority in the chamber they still haven’t relinquished.” read more

Foxconn’s Olympic Venue

by: Brent Smith at the Common Constitutionalist

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On the surface, it’s great to hear that companies are repatriating themselves. Not just money coming back in, but companies either moving back or expanding facilities in the United States rather than over seas.

The problem is that many States are so desperate for the potential of an additional tax base that state governments tend to offer extraordinary perks and tax breaks to entice the multi-national corporations to set up shop in their State. So much so that the companies end up receiving ridiculous amounts of relief and “incentives” from the State for the privilege of effectively underwriting the new facility.

Exhibit A: In July, 2017, Foxconn, the Taiwanese manufacturer that makes electronics for Apple and other tech companies, announced that it will build a manufacturing facility in Wisconsin. Governor Scott Walker eagerly proclaimed that, “The project will create 13,000 new jobs and should be completed by 2020.”

Foxconn’s projections were a tad more subdued. “In a statement, the company said the project will create 3,000 jobs with the ‘potential’ to generate up to 13,000 new jobs.” read more

Social Democracy Won’t Work in America

from the Washington Examiner:

What liberals and progressives get so horribly wrong about taxes

It’s a consistent complaint that those wondrous social democracies over in Europe get so much more from government, so why can’t we here in the U.S.? Some advocating this are even willing to make the (true) point that to get so much more from government, we’ll all have to pay so much more, as they do, in taxes.

Well, as long as people are willing to point out both sides of this, that we can only get “free” healthcare and college if we pay for it, then that’s fine. It becomes an argument over what is either efficient or fair as a method of delivering those things which we know we’re going to have, healthcare and college. read more

WND Exclusive – ALL INCOME IS 1ST THE GOVERNMENT’S

The Republican tax plan has finally made its debut. At first blush it appears pretty good. At its heart the plan is populist, but what can we expect in these times?

As one might expect of populists, it is geared toward the lower income scale, but does have a few cut-outs for the wealthier among us – and is certainly more business-friendly than the status quo.

However, we must remember that all tax legislation begins in the House, so this is just a starting point, and what we see is as good as it will be.

The bill isn’t going to improve from here out. It will only get worse – more watered down, as the Democrats’ long-knives predictably start tearing into it. read more

Tax Cuts and Discounts are Really the Same Thing

by: Brent Smith at the Common Constitutionalist

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As the tax debate in Washington heats up, we’re hearing the same tired old refrain of, “The rich don’t deserve nor do they need a tax cut.” It’s an absurdly populist statement. However, this time it’s coming from both the dems and republicans.

In defense of tax cuts for all, the rich included, let me first quote some boring facts and figures. Then I will attempt to inject some business sense into an otherwise senseless argument.

Tax cuts will in fact grow the economy, yet I heard the leftist billionaire Tom Steyer say that since the 1980’s, the top tax rate has been cut from 70% to under 40%. He adds that during that time wages for workers have stagnated. I won’t argue that point here.

I heard him say he got rich on Wall Street, so he knows all about the economy. If this is so, and we’ll assume it is – it would mean he’s lying by omission and knows he is. But he knows most aren’t schooled enough to catch him in the lie.

In fact the economy did grow massively after Reagan’s huge tax cuts. But wages are just a portion of economic growth. And wages, like almost everything else, do not occur in a bubble. Other things affect wages – not just growth, or lack of it.

First, would you rather have a job at slightly lower wages, or no job at all, which occurred during the Carter years? And of course wages often don’t tell the whole story. read more

EU Targets Another American Company – Because They Are American

from IBD:

The European Union has once again kicked a giant U.S. tech firm in the shins in yet another pathetic fit of jealous pique. Last time, it was Apple (AAPL), supposedly because it didn’t pay enough taxes. This time, it’s Google, largely because, well, European companies just can’t compete.

The EU’s so-called Competition Commission — whose name suggests the same level of irony as the Ministry of Truth did in George Orwell’s “1984” — says that Alphabet(GOOGL) subsidiary Google must cough up a record fine of $2.7 billion because Europe’s homegrown firms can’t compete.

“Google abused its market dominance as a search engine by promoting its own comparison shopping service in its search results, and demoting those of competitors,” said the EU’s top antitrust bureaucrat, Margrethe Vestager. “What Google has done is illegal under EU rules.” read more

Dick Durbin Bullies Walgreen

from IBD:

Well, the thugs and bullies in the White House and on Capitol Hill have scored another victory — if you can call it that — over a major American company.

After a month of assaults and threats from the D.C. political class, venerable drug retailer Walgreen Co. announced it will remain headquartered in Illinois for the time being instead of entering a tax-inversion merger with Europe’s Alliance Boots that would move it abroad to lower its tax bill.

Good news for Washington, but the millions of Walgreen shareholders aren’t partying it up. read more

Land of the Free?

from The American Thinker:

John M. Horne was born in 1813 in the Land of the Free, an inheritance from several distant uncles who fought against Cornwallis The home of the brave came before the land of the free. 

Shortly after John and Clarissa Warren married in 1843, they made the long journey from North Carolina to western Kentucky. Their simple farm life was free from any king or tyrant in a distant capital. In the land of the free, no one could tell them what to do with their property or how much of their money they could keep.

John died sometime between 1860 and 1870, perhaps in the Civil War. His teenage son, John C., took the responsibility of caring for Clarissa and his sister, and later had his own family and care for two orphaned grandchildren. Courage to take personal responsibility is required to live in the land of the free. 

An older John C. witnessed the “soak the rich” campaign resulting in the 16th Amendment, the income tax. For the first time in the nation’s history, government was positioned against the individual citizen. How much of that citizen’s property could be confiscated and for what purpose was limited only by the “wisdom” of Congress. Taxpayers later found their funds going to subsidize indolence, to groups with political connections, and for other uses outside the limits on the federal government the Founders clearly wrote into the Constitution. read more

The Liberal “States of the World”

by: the Common Constitutionalist

Recently Mark Levin suggested, as has Glenn Beck, Rush Limbaugh and even little old me, to allow the liberals of this country to pick the states of their choosing and form their own leftist nation – The Liberal States of the World”.

Mark suggested that they pick 10 states, all move there, and have a ball. They can even pick the nicest states – the coastal ones, although with the sure onset of global warming, maybe not. We wouldn’t want all those lefties to be washed out to sea.

So let’s just say they will occupy both coasts and we conservatives will move into the crappy flyover states. We’ll even throw in Washington DC as a bonus.

They would now be free to do anything they want – enact any legislation – raise any tax – mandate any regulation and pack any court, with no unreasonable conservatives to stop them with their religious dogma.

They may rewrite the Constitution, or better yet, scrap the whole thing and replace it with FDR’s Second Bill of Rights.

If you’re unfamiliar with them or need a review, here are a few of the real standouts:

The right to earn enough to provide adequate food and clothing and recreation.

The right of every family to a decent home.

The right to adequate medical care and the opportunity to achieve and enjoy good health.

The right to adequate protection from economic fears of old age, sickness, accident, and unemployment.

The right to a good education.

Wow – where do I sign? That sounds great and completely reasonable and workable. It sounds like manna from heaven, except there is no heaven – so manna from Mother Earth. read more