Democrats fumed when, in the 2017 tax reform package signed by the Trump administration, many taxpayers in blue states were denied the deductions they had become accustomed to for their high state and local taxes. New Senate Majority Leader, Chuck Schumer, is from New York, one of the hardest-hit states. Wealthy homeowners in New York and other high tax states will benefit most when Schumer and the Biden administration reverse the reform. Bloomberg reports: Democrats have been trying to restore unlimited SALT deductions since the 2017 tax law capped the benefit at $10,000. Lawmakers from … [Read more...]
Stimulus Rewards States That Have Abused Their Businesses the Most
States that have abused their businesses with the harshest COVID-19 lockdown rules are going to reap the most from the COVID-19 stimulus package. The Wall Street Journal editorial board writes: States will also benefit from the federal enhanced $300 weekly unemployment benefits, which are taxable income in most states. The jobless benefit sweetener will especially help states with higher unemployment such as New Jersey (10.2%), Hawaii (10.1%), New York (8.4%), Connecticut (8.2%) and California (8.2%). New Bureau of Economic Analysis data show how blue states that shut down more businesses … [Read more...]
How Can You Succeed When Politicians Treat Your Business Like Their Piggy Bank?
New York City Mayor Bill De Blasio made official what most business owners in the city have known for a long time, his mission is to redistribute their wealth. Mayor Bill de Blasio: "Our mission is to redistribute wealth." pic.twitter.com/42Dv9tsRK0 — The Hill (@thehill) December 18, 2020 At The Blaze, Breck Dumas reports on what De Blasio told viewers of a press conference: The COVID era has taught us that so clearly, and we need to do better and we will," de Blasio said. "And that means a commitment to fighting disparities and inequality in every part of the life of New York City … [Read more...]
Why Silicon Valley is Moving to Texas
You read here yesterday that tech billionaire Elon Musk has moved to Texas, but he's not the only one making the break from California for the Lone Star State. Nearly 700,000 Californians have moved to Texas over the last ten years. Now, the company that laid the cornerstones of Silicon Valley's tech dominance, Hewlett Packard, is moving there too. Fox News reports: The San Jose, California-based tech company disclosed the move in an SEC filing. “HPE has made the decision to relocate its headquarters from San Jose, California, to Houston, Texas. HPE’s largest U.S. employment hub, Houston … [Read more...]
Even Elon Musk, Tech Billionaire, is Looking for a Better America
You're not the only one thinking about packing up your business and heading for a low-tax state where politicians treat you like their employer rather than their piggy bank. The billionaire CEO of Tesla and SpaceX, Elon Musk has moved to Texas. Heather Somerville reports for The Wall Street Journal: Tesla Inc. Chief Executive Elon Musk said he has moved to Texas, taking aim at Silicon Valley and becoming one of the highest-profile executives yet to leave California during the coronavirus pandemic. He said relocating made sense with Tesla’s new factory being built in Texas. He lamented that … [Read more...]
Biden Seeking to Turn 401(k)s Into a Wealth Redistribution Scheme
Joe Biden wants to use the 401(k) system to redistribute wealth from wealthy taxpayers to lower-income savers. Daisy Maxey reports for Barron's: President-elect Joe Biden hopes to encourage lower- and middle-income workers to save more by changing the existing tax preferences for savings in retirement accounts. A divided Congress is likely to hinder his plans. Currently, workers contribute pretax dollars to 401(k) or 403(b) retirement savings plans, then pay taxes when they withdraw money in retirement. This upfront tax break is more valuable for richer households because they fall into … [Read more...]
Biden’s Plan to Take More of Your Money
If Mr. Biden takes office with a Republican-controlled Senate, the most damage he can do will come via the regulatory channel. Regulatory overreach has a big impact on economic growth. Obama proved that. But the biggest threat to your personal wealth is from the legislative side. A Democrat-controlled house, Senate, and White House would give Biden a much better chance of passing his growth-smothering tax program plan. The Democrats will control both the House and White House (assuming Biden wins). The Senate is still undecided pending two runoffs in Georgia that take place early next year. If … [Read more...]
New Jersey Chases Away Business with Biden-Like Policies
In the past, former Vice President Joe Biden has expressed his support for a financial transactions tax. Now, New Jersey is trying to implement one of its own to bolster its broken budget. The move's effect could be the opposite of that intended. The NYSE, the world's largest stock exchange by market capitalization, said it plans to leave New Jersey if the state implements the tax. Bloomberg's Elize Young reports: The New York Stock Exchange told New Jersey lawmakers that it’s prepared to move operations out of state should they impose a new tax on electronic trades via data servers. In … [Read more...]
Biden’s Triple Threat to American Wealth and Prosperity
You might think that after a massive regulatory rollback and tax reform drove unemployment to the lowest level in a generation and helped low and moderate-income Americans most, it would sink in on the left that incentives really do matter for economic prosperity. Well, you probably didn’t think that, but you might have hoped common sense would prevail. It hasn’t. Biden’s economic plan looks like a disaster for America’s economy. Biden wants to hike, corporate, personal, and investment taxes. A President Biden would hike the corporate tax rate to 28% from today’s 21%. He would … [Read more...]
Kudlow: This is No Time for Joe Biden’s $4 Trillion Tax Hike
I always love Larry Kudlow’s enthusiasm and can-do attitude. It’s the spirit for what our economy is built upon. Kudlow knows there's a fine line between success and failure, and that it's freedom that makes the difference. Before the unpredictable China virus hit American shores, Larry Kudlow had helped Donald Trump craft an economic policy that had driven unemployment levels to near record lows (see my chart below). In a speech to the Republican National Convention last night, Kudlow promised more tax cuts and regulatory rollback in Trump's second term. He specified: Payroll … [Read more...]
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