03/13/2018

Democrat Tax Hike Plan Hits Blue States Hardest

Ryan Ellis, Forbes.com

Last week, Congressional Democrats released a detailed tax hike plan they will be running on this fall in the midterms.

What's most striking about the plan, besides the specificity not usually seen in such agendas, is that if the plan became law it would hit blue states and cities much harder than red/Trump states and areas. This is true for several reasons:

The Democratic tax hike plan restores the AMT yet leaves the SALT cap in place. The Tax Cuts and Jobs Act law all but eliminated the alternative minimum tax (AMT) for 4.4 million families. These tax households--mostly six figure mass affluent types living in expensive blue cities and suburbs--used to have to calculate their taxes two ways, and pay the higher (that is, AMT) figure. One of the things they had to do in that calculation was disallow their state and local tax (SALT) deduction. So by being in the AMT, they got no SALT deduction at all.

The new tax law restores the SALT deduction for these families, but caps it at $10,000.

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4,000 Years Of Price Control

Tablets, said to be 200 years older than the Babylonian Code of Hammurabi ... show that the ancient kingdom of Eshnunna had wage control and price control. The news ought not to have come as a surprise. For the code of Hammurabi itself (unearthed in 1902), which was promulgated earlier than 2000 B.C., fixed prices, wages, interest rates, and fees. This makes price control at least about 4,000 years old. ...

 

Ironically, it is those who now wish to return to this ancient totalitarian device who are fondest of calling themselves “progressives.” They are also fond of saying that those who believe in economic liberty “are living in the nineteenth century.” These controlists have yet to learn that they themselves are still living, as the discoveries in Babylonia attest, in the nineteenth century—B.C.!

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