Biden’s Regulatory Administration

A motto for this strain:

A friend and I had a quick soiree that was based off of my OP (original post) that read thus:

BIG TECH PURGE: Facebook permanently bans Conservative #WalkAway group because it supported Trump

Just as we said they would, Facebook is using the Capitol riot as an excuse to begin purging conservatives from their platform, especially the ones who supported President Trump:

(MORE AT RIGHT SCOOP)

All conservatives are being treated as pariah… this is only the beginning. Already a majority of Democrats believe Trump and Republicans are “racist/bigoted/sexist,” which is why social platforms feel like they can shut down businesses and ban conservative ideas from their platforms. While this maligning is historical:

  • From Ronald Reagan to George H.W. Bush, Newt Gingrich, George W. Bush, John McCain, Mitt Romney, Donald Trump, the Tea Party, the NRA and Republicans everywhere, Democrats have played the race card to tattered, unrecognizable bits. They have all but destroyed the ability to even have a constructive conversation about race. (REVOLUTIONARY ACT)

The difference is you have an entire generation raised on the government tit being taught “critical race theory” in some way that truly believe we are Hitlerian in some way. Thus, “deplatforming” conservatives is thought of as being on the side of angels. Even banks have “redlined” conservatives (WALL STREET JOURNAL). (See also my post where I note the tribalism is being created by deplatforming.)

Like telling Jews they cannot do business in society. The storefront is literal as well as digital in today’s world. Conservatives are the current bogeyman:

  • 49% of Democrats think Trump voters are racist — July 2019
  • 83% of Democrats think Trump is racist — June 2020

Here is the conversation with some visual editing for increased access. I post a Rick Wilson Tweet to remind Jim of the people he admires and how far from being a “Reaganite” [whom Jim invoked] he and his peeps are, as, he is a fan of the Lincoln Project. So, this is where we left off, and really the response after it is for everyone to get a feel for what is coming.

So, my response is simple, Biden and Harris (Harris is the MOST LEFTIST senator available — showing Joe Biden is not moderate. See below as well). And Trump lies, but crowd size and ego building lies is a sign of a politician… and? But Trump’s lies are not equal to the administration Biden was in previously:


LIES


IRAN DEAL & Ben Rhodes:

Remember that time the White House deceived those gullible Americans about the Iran deal? Haha, good times!

That was the undeniable tone of a recent New York Times profile of President Barack Obama‘s national security advisor Ben Rhodes. In the profile, Rhodes goes on at length about his failed attempt to become a novelist, and how he sees his work at the White House as essentially the same kind of storytelling and narrative-weaving. And when crafting his non-fictional storylines involved selling the American people fiction, well, Rhodes was more than up to the task.

Apologies for the long block quote, but it really does need to be read to be believed:

Rhodes’s innovative campaign to sell the Iran deal is likely to be a model for how future administrations explain foreign policy to Congress and the public. The way in which most Americans have heard the story of the Iran deal presented — that the Obama administration began seriously engaging with Iranian officials in 2013 in order to take advantage of a new political reality in Iran, which came about because of elections that brought moderates to power in that country — was largely manufactured for the purpose for selling the deal. Even where the particulars of that story are true, the implications that readers and viewers are encouraged to take away from those particulars are often misleading or false. Obama’s closest advisers always understood him to be eager to do a deal with Iran as far back as 2012, and even since the beginning of his presidency…

In the narrative that Rhodes shaped, the “story” of the Iran deal began in 2013, when a “moderate” faction inside the Iranian regime led by Hassan Rouhani beat regime “hard-liners” in an election and then began to pursue a policy of “openness,” which included a newfound willingness to negotiate the dismantling of its illicit nuclear-weapons program. The president set out the timeline himself in his speech announcing the nuclear deal on July 14, 2015: “Today, after two years of negotiations, the United States, together with our international partners, has achieved something that decades of animosity has not.” While the president’s statement was technically accurate — there had in fact been two years of formal negotiations leading up to the signing of the J.C.P.O.A. — it was also actively misleading, because the most meaningful part of the negotiations with Iran had begun in mid-2012, many months before Rouhani and the “moderate” camp were chosen in an election among candidates handpicked by Iran’s supreme leader, the Ayatollah Ali Khamenei. The idea that there was a new reality in Iran was politically useful to the Obama administration.

By obtaining broad public currency for the thought that there was a significant split in the regime, and that the administration was reaching out to moderate-minded Iranians who wanted peaceful relations with their neighbors and with America, Obama was able to evade what might have otherwise been a divisive but clarifying debate over the actual policy choices that his administration was making. By eliminating the fuss about Iran’s nuclear program, the administration hoped to eliminate a source of structural tension between the two countries, which would create the space for America to disentangle itself from its established system of alliances with countries like Saudi Arabia, Egypt, Israel and Turkey. With one bold move, the administration would effectively begin the process of a large-scale disengagement from the Middle East.

It’d be one thing if the New York Times dug through archives, spoke with anonymous government officials in hushed tones, and independently came to the conclusion that the White House was lying to Americans about the purpose and history behind the Iran deal. That factoid alone ought to be the front page headline in papers across the country rather than consigned to page 44 of the Sunday magazine.

To say nothing of that last paragraph, where we learn that the long-term policy goal of the administration is to “disengage” from Israel and our Arab allies and wash our hands of the Middle East. In line with that policy, the purpose of the Iran deal is not to protect our allies, but to abandon them…..

(MEDIA’ITE | and see TWITCHY)

This old story reminds me of talking to millennial’s who listed to comedy shows as their source of political moral guidance on what is the case in our body politic. Here is the WASHINGTON TIMES noting the gullibility of these younger persons who really haven’t read much or watched much outside of what they had to for their bachelors in literature of psychology or business administration:

Ben Rhodes, the man who majored in creative writing and then ended up the Deputy National Security Adviser for President Obama, told The New York Times about the “echo chamber” he was able to create and feed:

In the spring of last year, legions of arms-control experts began popping up at think tanks and on social media, and then became key sources for hundreds of often-clueless reporters. ‘We created an echo chamber,’ [Rhodes] admitted, when I asked him to explain the onslaught of freshly minted experts cheerleading for the deal. ‘They were saying things that validated what we had given them to say.’

“The average reporter we talk to is 27 years old, and their only reporting experience consists of being around political campaigns. … They literally know nothing,” Rhodes bragged.

And the know-nothing millennials loved him for it. And, apparently, they still do….

KEEP YOUR DR. & HEALTH CARE PLAN

I don’t know how crowd size compares to that, but let’s continue. Can you name a lie that Trump made that is as big as a lie made to take over a large portion of the economy (one-sixth, some say one-fifth) comparable to Obama/Biden? “If you like your health plan, you can keep it.” “If you like your doctor, you can keep him/her.” That was a lie that captured MORE government control of the economy.

POWERLINE has a good link fest to various “Obamacare Lies.”

Calling Trump & Republican’s Hitler

RUSSIA & UKRAINE

MOVIE: The Plot Against the President

For the past two and a half years this nation has been roiled by the incessant drumbeat of accusations that its newly elected President, Donald Trump, was a clandestine agent of Russia and colluded with them to alter the outcome of the 2016 election.  On their face, these accusations were so preposterous that anyone with a modicum of common sense would have thought them totally unbelievable.  

Nonetheless, within 7 months after Trump’s inauguration 54% of all Americans believed he had acted illegally or unethically in his dealings with Russia (80% of Democrats).  Within 14 months after the inauguration 66% of Democrats believed Russia tampered with vote tallies in order to get Trump elected and 59% accepted the premise that there were improper relations between the Trump campaign and Russia before the 2016 election. 

In what was a staged and unnecessary inquiry, and despite turning over every marginally relevant leaf and conducting a dogged 22-month investigation using partisan prosecutors, Robert Mueller was unable to link Donald Trump or his campaign to even the minutest degree of collusion with the Russian Government.  Nonetheless the drumbeat of lies and insinuations was a major factor in the Democrats taking control of the House of Representatives in 2018.

The American citizenry now definitively knows that there was no collusion between the Trump campaign and the Russians during the presidential campaign of 2016.  Further, based on the testimony of Rod Rosenstein and others involved in the Special Counsel probe, the Russians did not tamper with any vote tallies

How were the Democrats, and their allies in the mainstream media able to suspend rationality and manipulate the emotions of so many Americans for so long?  

[….]

From January 20, 2017 (Inauguration Day) through March 21, 2019 (791 days), the major networks, ABC, CBS, and NBC evening newscasts produced a combined 2,284 minutes of “collusion” coverage.  During this period no other issue received more than 10% of this level of attention.  Further, the spin of the overall network coverage of Donald Trump was 92% negative. 

Two cable networks, CNN and MSNBC, each devoted, on the average, nearly 2 to 3 hours per day on Trump and Russia collusion, or an estimated 1,978 hours (118,700 minutes) since the inauguration.  Virtually all the coverage was negative with innumerable false and misleading reports, accusations of treason, supposed imminent arrests and the unabashed reporting of any salacious or unproven rumor or allegation. 

The print media went down the same path as their counterparts in the electronic media.  The New York Times and The Washington Post between them published nearly 1,000 front page articles on the subject and had to issue numerous retractions days later after the damage was done.  That process was repeated by news services such as the Associated Press and Reuters, pumping out to its newspaper, radio and television station subscribers throughout the United States daily stories negative to Trump regarding collusion.

On a near daily basis, so-called celebrities in Hollywood and the entertainment establishment unabashedly regurgitated to their untold millions of followers on social media virtually all the false stories and innuendos promulgated by the media and the Democratic Party.

The illegal and unethical maneuvering of the upper echelon of the FBI and Department of Justice immediately after the inauguration to appoint a special counsel added gravitas to the accusations regarding Trump and the Russians, as well as a means of finding anything that would either implicate Donald Trump in any potential criminality, or misbehavior outside of the Russian matter that could lead to impeachment.  Further, their willing accomplices in the media breathlessly reported, without hesitation or confirmation, any leak or innuendo from these same denizens of the deep state.

The Democrats in Congress, undeterred by ethics or the laws of slander and defamation, were free to fabricate or leak stories regarding Russian collusion that were accepted at face value by their allies in the media….

(AMERICAN THINKER)

Hugh Hewitt and Generalissimo Duane read the phone call Trump had with the Ukrainian President. One debunked position people attribute to the call was that President Trump used military aid as a bargaining chip to get what he wanted from Ukraine. However, the far Left magazine, The Nation, notes this about the issue:

  • Democratic leaders and media pundits are convinced that Trump extorted Ukraine by delaying military aid to compel an investigation into Biden. Their theory may prove correct, but the available evidence does not, as of now, make for a strong case. Trump had held up military aid to Ukraine by the time of his call with Zelensky, but if the public transcript is accurate, it did not come up during their conversation. According to The New York Times, Zelensky’s government did not learn that the military aid was frozen until more than one month later. Democratic Senator Chris Murphy, who met with Zelensky in early September, said that the Ukrainian president “did not make any connection between the aid that had been cut off and the requests that he was getting from [Trump attorney Rudy] Giuliani.” It will be difficult to prove extortion if Trump’s purported target was unaware. (THE NATION)

GLENN BECK has a good reading too:

Another big lie from the Left/Democrats is that Gender is assigned, and not inherent to our nature.

Another charge made over and over by the left — the mainstream media, academia and the Democratic Party — that the Trump election had unleashed an unprecedented amount of anti-Semitism was proved to be yet another left-wing hysteria based on a left-wing lie.

NEWSBUSTERS Notes CNN’s Fareed Zakaria admitting to what I have argued for a long time, that is — if Trump were in cahoots with Putin, whay was he tougher on him than Obama?

“I think in general, there isn’t going to be as much difference as people imagine. The Biden folks are pretty tough on Russia, Iran, North Korea. You know, the dirty little secret about the Trump administration was that while Donald Trump had clearly had a kind of soft spot for Putin, the Trump Administration was pretty tough on the Russians. They armed Ukraine, they armed the Poles. They extended NATO operations and exercises in ways that even the Obama Administration had not done. They maintained the sanctions. So I don’t think it will be that different.”  

Wait a second! It was a “dirty little secret” that Trump was tough on Russia? WHY?? Who kept it a secret and for what purpose?? 

And the obvious answer is that the liberal media/Democrats were intent on pushing Russia Russia Russia. Admitting that President Trump was in fact tough on Russia would undermine that line of attack. And so they buried it: kept it a “dirty little secret.”

See my post: Trump, Tougher On Putin Than Obama


REGULATION


Besides Trump cutting Federal programs, getting rid of regulations that held back small business, factories, and agriculture — he also added t he fewest laws to the Federal Registry:

The Trump administration issued the fewest new regulations during 2019 than in any year since the government began keeping track more than four decades ago, as President Trump cuts away at Obama-era red tape.

The Federal Register for Dec. 31 has published 2,964 final rules in its pages, the lowest number since records began in 1975, said Clyde Wayne Crews, policy vice president of the free-market Competitive Enterprise Institute think tank.

Mr. Trump’s previous low for new rule-making was 3,281 in 2017.

“It is a notable achievement that all three of the lowest-ever annual rule counts belong to Trump,” Mr. Crews wrote in his blog on Forbes’ website. “This an even more significant development given that some of Trump’s ‘rules’ are rules written to get rid of or replace other rules.”

(WASHINGTON TIMES)

Biden and Harris will outdo themselves to break spending and regulatory records.

FARMERS (WOTUS):

Biden will reimplement regulation that will retake (under fiat) 247 Million Acres of Farmland. Among other regulatory increases. What it is….

WOTUS gave the federal government effective authority over water use on 247 million acres of American farmland.

EPA Administrator Scott Pruitt, together with Secretary of the Army for Civil Works Douglas Lamont, signed a proposed regulatory rescission of WOTUS. As soon as the proposed rule change can be published in the Federal Register, under Docket ID No. EPA-HQ-OW-2017-0203, the public will have a 30-day comment period to “review and revise” the definition of “waters of the United States.”

The EPA took to Twitter at #WOTUS to call its action a significant step to return power to states and provide regulatory certainty to the nation’s farmers and businesses. The EPA added that its decision is consistent with the Executive Order signed by President Trump on February 28, aimed at “Restoring the Rule of Law, Federalism, and Economic Growth by Reviewing the ‘Waters of the United States’ Rule.”

The Obama administration’s WOTUS regulatory expansion cleverly redefined the term “navigable waters” to include “intermittent streams.” Environmental activists hailed the WOTUS’s expansion of federal jurisdiction over land and water use as an essential common-sense-rule to protect water for wildlife and drinking water supplies for 117 million Americans….

(BREITBART)

The Biden Administration has all but promised a rescinding of this huge shrinking of government intrusion into the lives of the individual. Here is a small excerpt of a wonderful resource via RED STATE:

….Who is looming EPA Chief Michael Regan?  All you have to know is – Leftists LOVE him:

“Several environmental advocacy groups lauded the selection….Reganis known for prioritizing environmental justice, which’helped win him the post.’”

Here’s Regan Tweeting:

“Climate change is the most significant challenge humanity faces. We’ll make meaningful progress together by listening to every voice—from our youth & frontline communities to scientists & our workforce. I will be honored to be part of that work as EPA Administrator.”

I’m quite sure Regan won’t actually be listening to any farmers’ voices at all.

Can you feel the EPA mojo coming back?  Farmers certainly can – and they’ll hate it.

Who is looming Interior Chief Deb Haaland?  All you have to know is – Leftists LOVE her:

“Even before her selection, Haaland was drawing broad support from environmental groups, indigenous peoples’ advocates and members of Congress, including Speaker Nancy Pelosi, who released a statement on Wednesday saying ‘Haaland knows the territory, and if she is the President-elect’s choice for Interior Secretary, then he will have made an excellent choice.’”

It looks like Interior too will get back its exceedingly awful mojo:

“Haaland’s selection positions Biden’s Interior Department to build on the budding alliances between tribes and environmental groups that have been formed in recent years to battle fossil fuel projects like the Dakota Access pipeline, expand land conservation and keep water in overdrawn rivers.”

Water, you say?  More mojo a-coming:

“(T)he Waters of the U.S., or WOTUS, rule…could be a top priority should the former vice president win the White House in November — right after reinstating President Obama’s Clean Power Plan and reining in President Trump’s revisions to a rule for National Environmental Policy Act compliance.

“‘I think there’s going to be considerable pressure to deal with the Waters of the U.S. mess,’ said Vermont Law School professor Pat Parenteau, referring to the regulation that defines the scope of the Clean Water Act. ‘I think what he really has to do is what Trump did, in reverse, and flip the script.’”

Farmers yet again hardest hit…..

PARIS CLIMATE ACCORD

  • If power corrupts, as it is said, Americans are going to feel a jolt of degeneration when Joe Biden plugs back into the climate-change network. Rather than save the world from global warming, a President Biden would force Americans to spend more of their hard-earned dollars just to keep the wheels turning and the lights burning. One pledge the presumptive Democratic president-elect has chiseled in stone is that when he first sets foot in the Oval Office, he would rejoin the Paris Climate Agreement, from which President Trump’s 2019 withdrawal became final on Election Day 2020: “Today, the Trump Administration officially left the Paris Climate Agreement,” Mr. Biden tweeted. “And in exactly 77 days, a Biden Administration will rejoin it.” (WASHINGTON TIMES)

Executive Orders

On January 20, 2021, Biden will be sworn in as the 46th President of the United States. As soon as his first day in office, Biden plans to sign at least five executive orders that could reverse several of President Donald Trump’s policies. He’ll also focus on addressing the Covid-19 pandemic, improving the economy and providing financial stimulus. These executive orders may include:

1. Paris Climate Accord

  • Biden wants the U.S. to rejoin the Paris climate accord.
  • Biden said he would build upon President Barack Obama’s efforts to fight climate change.
  • As part of his plan, Biden proposed $2 trillion in clean energy and infrastructure spending. Biden also wants net zero emissions by 2050.

(FORBES)

FLASHBACK: The Paris climate agreement was a terrible deal for the US

Pulling us out of this bad deal is good news. As it was negotiated under the prior administration, this agreement imposed a goal of reducing U.S. carbon emissions by nearly 30 percent over a decade. The so-called “Obama pledge” accompanied a host of related federal regulations that would have damaged the economy, killed jobs, and driven up energy prices for families across the country.

Sticking with the deal could have cost 2.7 million lost jobs by 2025, according to a National Economic Research Associates study. And the effects would be widespread, including a loss of 440,000 manufacturing jobs, according to NERA’s numbers. Meanwhile, according to proponents’ own data, the agreement would have no discernible effect on global temperatures.

And the longer the agreement ran, the worse it would get, according to NERA’s data. By 2040, production (and thus employment) would be decimated in a host of industries, including a 38 percent cut in iron and steel, 31 percent in natural gas, and 86 percent for coal. At that point, the total economic cost to the U.S. would approach $3 trillion in lost gross domestic product and 6.5 million industrial jobs.

Speaking last week, Trump correctly noted that the damage is not spread evenly across the globe, noting that China and India can proceed with adding coal-fired capacity well into the future. “The agreement doesn’t eliminate coal jobs, it just transfers those jobs out of America and the United States and ships them to foreign countries,” he noted.

Other good news from last week is stopping future U.S. payments to the Green Climate Fund, part of what Trump rightly described as “a massive redistribution of United States wealth to other countries.” The federal government has already sent $1 billion of U.S. taxes to prop up energy projects in foreign countries.

Taxpayers and ratepayers have seen firsthand how green energy subsidies fail to deliver on promises of long-term job creation and energy affordability — it makes little sense to repeat these mistakes abroad. The Green Climate Fund is essentially an international version of Solyndra, the solar panel manufacturer that took $535 million in taxpayer money before going belly-up.

Exiting the agreement means the U.S. can lead with strength in promoting energy and environmental policies, protecting U.S. jobs and easing the costly regulatory burden across the country. Now the Trump administration can push ahead with a plan that conserves the environment while protecting economic competitiveness and promoting affordability and reliability. He should keep these priorities in mind as he engages in future negotiations with international stakeholders on energy and environment policies.

What is on the horizon for more tax-payer expenses

….It was the heavy burden on the American economy compared to the easy terms given to industrial powerhouses like China and India that convinced Mr. Trump to bail. U.S. participation in the pact would cost the average family of four $20,000 and the national GDP $2.5 trillion by 2035, according to The Heritage Foundation. The resulting reduction in global temperatures: a nearly unmeasurable 0.015 degrees Celsius in 2100.

It’s unsurprising, then, that environmental extremists argue a Biden return to Paris won’t cut it. “Paris is a good starting point, but we need to go well beyond Paris now to achieve the reductions that are necessary,” climate activist and climatologist Michael Mann tells NBC News. That means reaching even deeper into American pockets.

A Biden administration would queue up a modified version of the $93 trillion Green New Deal that environmental firebrands like Democratic Rep. Alexandria Ocasio-Cortez favor. The Biden plan would build the nationwide infrastructure for “clean, American-made electricity to achieve a carbon pollution-free power sector by 2035.” With it would come a transition to electric vehicles….


TAXES


Trump’s Taxes Were Legal!

After the news came out about Trump paying very low taxes in recent years, Larry Elder was left wondering: Where are all the people who are paying more in taxes than they’re legally required to? How would this possibly make sense to a businessman? Meanwhile, experts say there is nothing wrong with arranging your financial affairs to pay the lowest amount of taxes possible. Everyone does it, rich or poor. (See also: “NYTs Buries What Trump Paid in Taxes“)

Who Are The 1% | How Much Do The 1% Earn? (OWS Response 2011)

(Originally posted October 26, 2011 — edited slightly)

NEWSBUSTERS Comments on the above video:

According to our friends at Celebrity Net Worth, Moore’s fortune currently totals $50 million:

Fahrenheit 911 raked in $230 million in theaters and another $3 million in DVD sales. After the theaters take their traditional 50% cut, that leaves roughly $130 million. Take away marketing, production and distribution expenses and Moore is conservatively left with $80 million. Moore was able to secure a deal from Miramax which guaranteed him 27% of his film’s net revenues, or roughly $21.6 million. Michael also was entitled to 50% of the profits of Sicko which are estimated to be $17 million.

Moore wants to dress and act as if he’s just a regular guy part of the 99 percenters, but he is every bit a multimillionaire doing everything in his power to make more money for himself. He invests his fortune in stocks – including the Left’s most-hated company Halliburton! – and isn’t pro-union when it comes to managing his own business.

(read more)


The TEA Party embodies the order of a republic, | The O.W.S. embodies the chaos of a “democracy”

This causes a question, the question is, “how much does the 1% earn…. and who are the 1%” Thanks to the Financial Samurai

WHAT THE TOP 1%, 5%, 10%, 25% and 50% MAKE IN AMERICA

Based on the Internal Revenue Service’s 2010 database below, here’s how much the top Americans make:

  • Top 1%: $380,354
  • Top 5%: $159,619
  • Top 10%: $113,799
  • Top 25%: $67,280
  • Top 50%: >$33,048

— SUMMARY OF FEDERAL INDIVIDUAL INCOME TAX DATA, 2010 

Based on a previous 500+ survey study on Financial Samurai in 2009, about 80% of readers are in the Top 25%.  Good to know that many of you are doing well.  The table also tells us a number of things about equality or inequality, namely that the Top 1% of tax payers pay 38% of all income taxes.  You can also see that the Top 50% of tax payers pay practically all of the nation’s taxes (97.30%), which once again shows that 40-45% of American income earners pay zero taxes.

If you do another little exercise and compare your Top 25% of American income to the Top 10 per capita income countries in the world, you can once again see further how lucky most of us are. If only we can get all American wage earns to pay some taxes, it would go a long way to help shoring up our budget.  Congress is bickering over cutting $40 billion to $60 billion a year.  All we have to do is make the bottom 50% who pay no taxes pay just $43 a month in taxes and we’d raise $60 billion a year right there.

[….]

THE RICH WILL ALWAYS PAY MORE THAN THEIR FAIR SHARE

As the economy continues to recover, it’s likely that the top 1% of income earners will likely pay an even higher percentage share of overall income taxes than 38%.  If things were fair, they would only have to pay 20% of total income taxes since 20% is their share of total income.  Alas, the rich pay almost double what they owe.

On the flip side, the bottom 50% who earn 12.75% of total earnings only pays a paltry 2.7% in total taxes.  Inequality is wrong and we should treat everybody equally.  The government should try to fix the imbalance by increasing the breadth of working Americans who pay taxes to 100% so that everybody pitches in.  If all working Americans in the bottom 50% paid taxes, the 10% gap in what they should be paying should narrow.

With the economy suffering, It doesn’t makes sense if you are in the bottom 50% who isn’t paying their fair share of taxes to go after the top 50%, let alone the top 1% who are paying way more than their share of income.  Trying to squeeze people even more when you’re not paying any taxes, or paying very little is a throwback to tyranny.

(read more)

Financial Samuri has two follow up stories that are really good:

  1. When It Comes To Money, Shouldn’t We Trust Rich People Who’ve Been Poor?
  2. Who Are The Top 1% Income Earners?

Both are good articles that are poignant. But here is a portion from that first one that many do not ask:

It’s trendy to rage against the top 1% nowadays.  We’ve discussed how the world will go through further employment pain thanks to the decline in the stock markets, EuroZone debt crisis, US state-level budget problems, and political impotence.  Things are not pretty to say the least.

From my rental property article, you discover that the top 1% are a couple who met in law school at 25 and are now 28 year old 2nd year associates making $380,000 combined.  The top 1% is also the 28 year old Google software engineer from Caltech who brings in $450,000 a year and has $400,000 in savings.  The top 1% is the 35 year old cardiologist who is finally making over $300,000 a year after 11 years of post high school education and 3 years of residency work at $60,000 a year.  By the time he’s 45, he will probably make over $1 million dollars.

Where else can we find the top 1%?  Oh yeah, MBA grads who join Wall Street firms such as JP Morgan and Goldman Sachs at the standard $150,000 base salary and $30,000 sign-on bonus at age 29-30.  But, you knew this already since that’s who so many people are demonstrating against.  If they can last through the treacherous ups and downs of the markets, the multiple rounds of layoffs every year, the intense pressure of 60-80 hour work weeks, not to mention all the internal political landmines, they too will make over $380,000 a year by the time they are 35 year old second year Vice Presidents.

THE TOP 1%: COME OUT, COME OUT, WHEREVER YOU ARE

Public Schools: Public colleges regularly pay their employees hundreds of thousands of dollars a year.  The best paid University of California employee is Jeff Tedford, with a salary of $3 million a year coaching football.  Not bad for a job many would say they’d love to do for much less.  Practically every single Top 25 head coach in football and basketball makes multiple-six figures.  The UC’s last President earned $900,000 and UCSF’s Chancellor, Susan Desmond-Hellman made $450,000.

Politicians: In September 1999, President Clinton signed legislation that increased the presidential salary to $400,000, effective January 2001.  This presidential pay raise was the first since 1969, when the president’s salary was raised from $100,000 to $200,000. Adjusted for inflation, $200,000 in 1969 would be worth $930,232 today. On top of the salary and expense accounts, both the U.S. president and vice president are given free housing with plenty of amenities. The White House has 132 rooms, 32 bathrooms, a movie theater, bowling alley, billiards room, tennis court, jogging track and putting greens.  Pretty good perks!

Online Infopreneurs:  Bloggers making over $380,000 a year are a dime a dozen.  Here are some that make the list: Heather Armstrong (Dooce), Darren Rowe (Pro Blogger), Michael Arrington (Tech Crunch), Pete Cashmore (Mashable), John Chow (John Chow), J. Shoemoney (Shoemoney), Perez Hilton (Perez Hilton), Ben Huh (Cheezeburger Network), Peter Rojas (Gizmodo), Leo Babauta (Zen Habits), and many top personal finance bloggers.  There are hundreds more that we’ve never heard of.

TV Journalism: Anchorwomen and men make well over $380,000 at all the major stations in all the major cities.  Katie Couric sealed an eye-popping $75 million, 5 year contract for CBS.  Political comedian, Jon Stewart from the Daily Show makes around $15 million a year and has a net worth north of US$50 million.  Jon makes his money making fun of politicians and rich people. Documentary-maker, Michael Moore, has made millions from railing against the car, food, and finance industries.  Oprah is the queen of them all with mega-billions.

Executives: We then come to all the CEOs of the Fortune 500 companies who on average make a somewhat outrageous $10 million a year.  If you include the CFOs, COOs, and all other C-level execs, we’re talking about thousands who make in the multi-millions.  These aren’t the top 1%.  These are the top 0.1%!  Many Directors and VP of Fortune 500 companies all make well over $380,000.  You don’t have to be a C-level executive to get there.

Internet Start-Ups: And then there are the founders of all the great internet/tech companies you see today: Apple, Zynga, Twitter, Google, Youtube, eBay and so forth.  They are the creators of the tools you use everyday to communicate and entertain yourself with.  There are thousands more you’ve never heard of, who get acquired by the gorillas and make millions too.

Professional Sports: Every starting NFL player makes well over $380,000.  So do all the members of every NBA team and European soccer league.  Men and women who hit fuzzy green balls and whack dimply white balls earn over $380,000.  It’s hard for a Nascar and Indy driver not to make over $380,000.  Finally, baseball players have incredible multi-year guaranteed contracts that make all other sports envious!  They are in the top 1%.

Entertainment Media: When you come home from a long days work and switch on the tube, the stars of your favorite TV sitcoms are well into the top 1%.  When you take your significant other to the movies on a Saturday night to watch the highly anticipated Big Momma’s House III, the actors are all in the top 1%.  They entertain you and make you laugh, and you go out and support them as a result.

THE TOP 1% ARE EVERYWHERE

The top 1% of income earners are everywhere.  They walk among us peacefully, and often times invisible to you and me.  Why are we trying to hunt them down?  They have worked hard to get to where they are and many of them employ thousands of the rest of us 99%.  Many of them entertain us with their movies, or their witty morning banter.  Some of us even fix our broken bones.  Even more donate a significant amount to charity.  Shouldn’t we say “thank you” to the top 1% instead of eviscerating them?

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NEWER VIDEOS


 

Corporations Pay ZERO% In Taxes

I feel like I shouldn’t have to upload this ECON 101 type stuff, however, many may not realize this fact… ESPECIALLY if they went to college. I clip Dennis Prager noting this truth and then add a classic from Milton Friedman (longer video is HERE). See as well Congressman Bill Posey make the same point on the House floor.

Rush Limbaugh Interviews Paul Ryan About The Tax Law

This interview took place minutes after the House passed the tax bill. There were things in this bill I had no idea were in there. Here is what I posted on my Facebook:

  • I finally know why the Dems are Soo bent out of shape over the tax bill. I was listening to Rush Limbaugh interview Paul Ryan. Wow! Talk about a YUGE conservative win on many fronts. F-O-R INSTANCE – ANWR is opened up for energy resources! WOW! You know how many years Repubs and conservatives wanted this! Awesome.

Awesome Indeed.

The Left Implodes Over A Weak Tax Plan (UPDATED)

GAY PATRIOT comments on the main idea that the Left are a bunch of babies with almost zero understanding of anything economic:

The tax “reform” bill the US Senate passed last night is pretty lame, actually. It keeps the current ridiculous progressive structure of seven separate tax rates. (The House reduced it to four, and the correct number ought to be one.) Susan Collins was bought off by retaining the mortgage interest deduction on vacation homes for millionaires. Freeloaders at the lower income brackets still pay nada. Some high income progressives from blue states are whining because some of their state and local taxes are no longer deductible. Sucks that you progressives in high tax blue states forgot to elect any Republican senators. 

There has also been a lot of howling from the “suddenly we’re concerned about the debt” progressive left that the bill will add $1.5 Trillion to the National Debt over ten years. That figure represents less than 3% of Government expenditures in that time period. Cut Government spending 3% (I’m sure we can get by on 97% of the Government). Problem solved.

It’s a lame bill. Really, the best part of the Senate Bill passing has been watching the histrionic meltdown on the Progressive Left. (But even that gets a little boring considering the progressive left has a histrionic meltdown at literally everything Donald Trump does.)

America died tonight. Economic suicide adopted to feed the insatiable greed of donors, who have been refusing to dole out $ to GOP until they got their tax cuts. Voters fooled by propaganda and tribal hatred. Millenials: move away if you can. USA is over. We killed it. – Kurt “Tentacle Pron” Eichenwald

The Republican Party is the enemy of the American people. The Senate just passed the Trump Tax Increase, 1:50am, enriching the 1% & concentrating wealth in the hands of the few. Capitalism & Fascism. The coup is underway. Make no mistake about it. EVERYONE OFF THE BENCH! 11/6/18! – Michael “I was relevant for a while in 2003” Moore

“While you slept last night Trump’s pedophile-coding GOP broke into your house and raped your children and their future in favor of the Republican’s biggest donors. They groped you too taking your Medicare, social security and Medicaid with them.” – Frank “No I’m Not a Drama Queen at All” Schaeffer

Is there any going back after this #TaxBillScam? To America? Does it matter now if Trump is impeached? There’s no America now. Not the one we knew. Sorry, feeling real despair this morning. – Patton “Who?” Oswalt

Oh, Patti, don’t feel so bad. There are lots of other countries you can move to. Have you considered Mexico? No Republicans there. Strict gun control, too. The Government is very progressive, taxes are very progressive, and economic activated is highly regulated. It’s a lot like California, come to think of it. But with fewer Mexicans……..

POWERLINE opines well with two RAMIREZ TOONS:

  • It is comical to see Democrats feigning outrage over the claim (likely false) that the GOP tax reform plan will add to the national debt. Talk about a head-snapping about face! Where was the Dems’ concern about debt when the Obama administration ran up $10 trillion of it?

UPDATE FROM GAYPATRIOT

….A remarkable thing happened over the weekend; Democrats rediscovered their concern about the national debt, state’s rights, and voter fraud.

The same Democrats who had no problem helping Barack Obama double the national debt to a mind-blowing $20 Trillion have attacked the Republican Senate’s limpwrist “tax reform” bill claiming it will add $1.5 Trillion to the national debt over ten years.

$1.5 Trillion represents less than 3% of Government spending over the next ten years. If that’s a problem, then, by all means, cut spending by 3%.

Democrats are also  suddenly hollering about “state’s rights” because Congress is looking to make concealed carry licenses valid across state lines; like driver’s licenses. (And, yes, most states require training and a background check before a concealed carry license is issued.) The Democrats have suddenly taken a position analogous to claiming Rosa Parks only had the right to sit in the front of the bus while she was in Alabama…..

 

Taxes Are Killing Small Businesses

Did you know that U.S. businesses are taxed at one of the highest rates in the developed world? How bad is it? And why should you care? Watch this short video to find out.

This video is part of a collaborative business and economics project with Job Creators Network. To learn more visit about JCN.

YUGE Tax Cuts (Dennis Prager)

Dennis Prager reads from an IBD ARTICLE about the benefits from Trump’s tax plan… AS WELL AS starting out the show by showing the ludicrous nature of the envious Left. I include a dissenting call to end the upload.

GAY PATRIOT has some key bullet points:

  • Slightly lower personal income tax rates. (Top rate from near-40% to 35%.)
  • Eliminating almost all income tax deductions, except mortgage interest and charitable contributions.
  • Much lower corporate income tax rates. (Top rate from 35%, one of the world’s highest, to 15%.)
  • A one-time tax on overseas business profits. (That haven’t been repatriated to the U.S. Apple has a lot.)
  • A “territorial system” where future profits that corporations earn abroad, are not taxed.
  • Repealing a bunch of taxes and complications, most notably the Alternative Minimum Tax (AMT) and the estate tax.

Here is an excerpt from the article mentioned:

President Trump’s tax plan, unveiled on Thursday, slashes the corporate tax rate from a top rate of nearly 50% to 15%. It’s a smart move. Not only will it kick start the economy and job growth, but it’s likely he’ll be able to get bipartisan support.

Right now, there is no consensus on broad-based tax reform. So, at least for now, a broad tax reform package including tax cuts, fewer deductions and a flattening of tax rates may be tough to achieve. Even Republicans, who are eager for some kind reform, remain split on how it should be done.

But nearly everyone agrees that the current U.S. corporate tax rate is outrageous.

Sadly, average Americans often don’t agree. They believe that corporations pay no taxes. But that’s not true. U.S. corporations pay a top marginal rate of close to 40%, compared to an average of about 24% for all the OECD nations.

That puts U.S. companies at a tremendous disadvantage to other nations’ companies and reduces the money they have available for investing and hiring new workers.

We don’t know what else Trump’s tax reform will contain, but just cutting corporate taxes would be a big winner. Even President Obama supported the idea in 2015, when he and congressional Democrats were considering a deal that would cut corporate tax rates in exchange for spending more on infrastructure.

But apart from Washington political wrangling, the economic reasons for a corporate tax cut are even more compelling.

Back in 2015, the nonpartisan Tax Foundation ran the numbers and concluded that cutting the corporate rate to 15% would boost GDP by 3.7% and actually increase federal revenues by 0.3%.

More importantly, it would be a huge boon to working Americans: “Depending on the size of the corporate rate reduction, we would expect to see an additional 425,000 to 613,000 new jobs, and wages would increase between 1.9% and 3.6% over the long-term.”

That means higher after-tax incomes for all. Talk about a stagnation-buster. That’s a recipe for 3% plus annual GDP growth, something that never happened during the Obama years. The plan that was Trump unveiled Thursday said that one of the goals of tax reform was to “grow the economy and create millions of jobs.”

[….]

Nor is this a “tax cut for the rich,” as some have claimed.

As IBD noted last September, the “dirty little secret” of corporate taxes is that corporations don’t actually even pay them. Average Americans — that’s you — do. You pay it through lower wages, lower returns on investments and retirement accounts, and higher prices for the things you buy.

A study last year by The R Street Institute noted that “some studies suggest that as much as three-fourths of direct corporate income-tax costs are borne by a firm’s workers.”

High corporate tax rates are also why many big American companies are undergoing “inversions” — merging into a foreign company, then relocating their headquarters to the foreign country to avoid super-high U.S. taxes.

In short, our excessively high corporate tax rate does nothing good for the economy, for investors or for workers. While 15% is a very good rate, it would be better to get rid of it entirely….

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The New York Times Dodges Paying Taxes

The NYT’s was against paying taxes before they were for it. This isn’t an argument against Trump (or the New York Times) as much as is is against the progressive tax code.

To set this story up, we will travel to THE YOUNG CONSERVATIVES regarding the New York Times and Trump’s taxes:

The New York Times ‘illegally obtained’ a copy of Donald Trump’s 1995 tax returns the other day.

The billionaire businessman has said he’d release everything once a routine audit was complete, or he’d do so during the audit against his lawyers wishes if Hillary Clinton released her 30,000 deleted emails.

The ’95 returns show Trump took a $916 million hit that year. Meaning, that loss alone could be why Trump didn’t pay federal income taxes for a number of years.

From New York Times:

Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.

The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan.

Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said that tax rules especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period….

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The only problem is, that, the New York Times didn’t pay any taxes as well. Why? Becuase when you are a business/business owner and you have loses… then you can claim those loses. L-E-G-A-L-L-Y! Here is the story from BREITBART:

The New York Times has excited the Clinton campaign and the rest of the media with a revelation that Republican nominee Donald Trump declared a $916 million loss in 1995 that might have resulted in him not paying taxes in some subsequent years.

The implication, reinforced by CNN’s Jake Tapper on State of the Union on Sunday morning, is that Trump “avoided” paying taxes, when in fact his tax liability was zero.

But the Times itself has “avoided” paying taxes — in 2014, for example.

As Forbes noted at the time:

… for tax year 2014, The New York Times paid no taxes and got an income tax refund of $3.5 million even though they had a pre-tax profit of $29.9 million in 2014. In other words, their post-tax profit was higher than their pre-tax profit. The explanation in their 2014 annual report is, “The effective tax rate for 2014 was favorably affected by approximately $21.1 million for the reversal of reserves for uncertain tax positions due to the lapse of applicable statutes of limitations.” If you don’t think it took fancy accountants and tax lawyers to make that happen, read the statement again.

Upstate New York Is Becoming Detroit With Grass

How high taxes and regulation are killing one of the most prosperous states in the nation

Upstate New York is becoming Detroit with grass.

Binghamton, New York — once a powerhouse of industry — is now approaching Detroit in many economic measures, according to the U.S. Census. In Binghamton, more than 31 percent of city residents are at or below the federal poverty level compared to 38 percent in Detroit. Average household income in Binghamton at $30,179 in 2012 barely outpaces Detroit’s $26,955. By some metrics, Binghamton is behind Detroit. Some 45 percent of Binghamton residents own their dwellings while more than 52 percent of Detroit residents are homeowners. Both “Rust Belt” cities have lost more than 2 percent of their populations.

Binghamton is not alone. Upstate New York — that vast 50,000-square mile region north of New York City — seems to be in an economic death spiral.

The fate of the area is a small scene in a larger story playing out across rural America. As the balance of population shifts from farms to cities, urban elites are increasingly favoring laws and regulations that benefit urban voters over those who live in small towns or out in the country. The implications are more than just economic: it’s a trend that fuels the intense populism and angry politics that has shattered the post-World War II consensus and divided the nation.

[….]

“Basically what you’ve got in New York is a state tax code and regulatory regimen written for New York City,” says Joseph Henchman, vice president for state projects at the Tax Foundation in Washington. “Legislators say, `Look, New York is a center of world commerce. Businesses have to be here. It doesn’t matter how high we tax them.’ I hear that a lot. But when you apply that same logic to upstate, the impact is devastating.”

The exodus

The lives of Bill and Janet Sauter, brother and sister, sum up the sad story of upstate New York. They grew up in the Long Island suburbs. He went to Clarkson College in Potsdam, N.Y., near the Canadian border, studied software and enjoyed a highly successful career in Texas’ oil industry.

Janet went upstate too, marrying a minister and settling in rural East Chatham, 30 miles south of Albany. In 1999, she and her husband wanted to move to Texas to be closer to their daughter. But they couldn’t sell their home. Months passed without a single inquiry. For Janet, there was no escape from New York. Her neighbors had similar experiences, she said.

Bill is now retired and living in Steamboat Springs, Colo., where he skis at every opportunity — while Janet and her husband Bob are trying to eke out a living in what has become one of the poorest regions in the country. “There just isn’t much work around here,” says Janet, who supplements her husband’s income by working all night in a home for the elderly. “I’m lucky to have this job.”

Industry has fled upstate New York. “In 1988, Kodak employed 62,000 people in Rochester,” says Sandra Parker, president of the Rochester Business Alliance. “Today it employs 4,000. Xerox has moved most of its people out while Bausch & Lomb, which was founded in Rochester in 1858, has left entirely.”

As a result, Rochester is now the fifth poorest city in the country, with 31 percent of the population living in poverty. Buffalo is right behind at No. 6 (30 percent).

Syracuse was devastated when Carrier, the nation’s largest manufacturer of air conditioners, General Electric and auto-parts manufacturer Magna International shuttered their last manufacturing plants in Onondaga County. A Wall Street Journal survey of the nation’s 2,737 counties, shows that only nine other counties have suffered greater job losses per capita than Onondaga County since 2009.

Bob and Janet Sauter were not alone in their desire to leave New York for more prosperous parts of the country. New York state has lost 350,000 people in the past three years, according to the Empire Center for New York State Policy, an Albany-based research group. This is the largest out-migration of any state.

New York was the most populous state in the union in 1960, with 45 representatives in Congress. By 2012, New York fell to third place and its congressional delegation plummeted to 28. The 2020 Census will likely cost New York even more congressional seats. Without the hundreds of thousands of immigrants moving into New York City, the state’s depopulation would be even greater. A remarkable 36 percent of New York City is foreign born — twice the percentage in 1970….

[….]

The city of Buffalo tried to disincorporate itself in 2004, so it could shift its Medicaid burden onto surrounding Erie County. The state wouldn’t allow it. It’s probably just as well, say county officials. “Our entire property tax goes to supporting Medicaid,” says Erie County executive Mark Poloncarz.

States generally have three potential sources of revenue: the income tax, the sales tax and the property tax. “Usually a state will concentrate on one and go low on the other two,” says Joseph Henchman of the Tax Foundation. “New York is in the top six states for all three.”

The Tax Foundation rated New York dead last among the 50 states for business climate in 2013.

Some 2012 Election Narratives About Romney Dismantled

Generosity = True Character!

BIDEN (Politico):

When the Obama campaign released past tax returns for Biden in 2008, it was revealed that the Bidens donated just $3,690 to charity over 10 years — an average of $369 a year.

OBAMA (WaPo):

♦ 2005: $77,315 to charity out of income of $1.66 million (4.6 percent)

♦ 2004: $2,500 out of $207,647 (1.2 percent)

♦ 2003: $3,400 out of $238,327 (1.4 percent)

♦ 2002: $1,050 out of $259,394 (0.4 percent)

The slightly longer video/audio of the below can be found here… I cut out the Benghazi commentary for this posting. This was originally uploaded to my MRCTV account in September 26, 2012:

From Video Description:

Larry Elder leads off with small talk about Hollywood’s silence on censorship, he plays SNL’s skit about undecided voters (video included)…. Then “The Sage” settles into his forte… stats. Quoting liberal sources he dissects Jonathan Karl’s ABC report (video included) and the general lunacy of the legacy media in stacking the deck against Romney. Long, but worth listening to.

For stories related to this report from Jonathan, see NewsBusters:

  1. ABC’s Karl Dissembles on Romney’s Tax Rate, But NBC Points Out He Pays Higher Percent Than Middle Class
  2. Nets Use Romney’s Taxes to Advance Obama’s False ‘Fairness’ Narrative

For more clear thinking like this from Larry Elder… I invite you to visit: http://www.larryelder.com/