You may never see another migration like you saw in 2020. The number of people leaving New York City in 2020 was breathtaking. Between January 1, and December 17, 2020, about 3.57 million mostly wealthy people left New York City. The lost income caused by all those wealthy New Yorkers escaping the city was about $34 billion. That's like New York losing an economy the size of the entire country of Latvia in a single year. People were fleeing New York last year because of the pandemic, and the BLM/Antifa riots that plagued the city and others across the country. But the flow of wealthy … [Read more...]
Bernie Sanders’ New Corporate Pay Gap Tax
Sen. Bernie Sanders has a plan to narrow the pay gap, tax corporations that pay their CEOs over 50 times what their typical workers make. Elisabeth Buchwald reports in MarketWatch: Sen. Bernie Sanders is taking aim at the Americans who have made the most money during the economic downturn caused by the pandemic. On Wednesday, Sanders, an independent from Vermont, unveiled legislation called the Tax Excessive CEO Pay Act, which would levy higher taxes on corporations “that pay their top executives at least 50 times more than the pay of a median worker.” For companies that pay their top … [Read more...]
Democrats Have a Plan: Don’t Get Too Attached to Your Capital Gains
Democrats have found a way to put the Federal Reserve's reckless stimulus posture to use for them. They want to increase capital gains taxes to pay for their spending. Joseph C. Sternberg writes in The Wall Street Journal: A central Republican criticism of the $1.9 trillion Covid “stimulus” Democrats plan to ram through Capitol Hill is that taxes will have to rise eventually to pay back all the debt funding this spree. That’s more controversial than it ought to be—Democrats and their intellectual enablers seem certain money grows on trees—but it also elides an interesting question: Which … [Read more...]
The Great Reset: Crush the General Population’s Resistance
You recently learned that lawmakers, mostly Democrats, in Rhode Island are furious about the lies they've been told by the bureaucrats serving under Gov. Gina Raimondo (soon to be America's Commerce Secretary, more about that later). As Raimondo was packing her bags to leave for Washington, lawmakers in Rhode Island (as blue as the deep blue sea) were getting angry. Democrat elected representatives are upset at state agency bureaucrats because as these agency reps testify before legislative committees, the elected officials receive text messages from constituents reading: “Everything they … [Read more...]
Democrats Eager to Get Back to Protecting the Rich by Ending SALT Deduction Cap
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...]
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