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Category: Taxes

Aug 14 2021

Open Thread

The reason families need two incomes today is not to support themselves but to support the government. - Dick Armey
Aug 04 2021

Gargantuan “Infrastructure” Bill Includes Mileage Tax

There are so many nasty surprises in the colossal spending bills Democrats plan to ram through, it would be hard to shake your fist at them all. First comes the so-called “infrastructure” bill that some RINOs are colluding on.

A draft of the $1 trillion bill is 2,702 pages long. It mandates that vast amounts of money we do not have will be spent on removing invasive plant species, studying the phenomenon of deer getting hit by cars, Transportation Resilience and Adaptation Centers of Excellence, upgrades for Amtrak in Canada, combatting human trafficking even while leaving the border wide open, ensuring equity of outcome in the trucking industry, studying the safety of the limousines our rulers ride around in, imposing “driving prevention technology” (i.e., equipping our cars with breathalyzers), studies on driving while high on the marijuana Democrats have been legalizing throughout the country in violation of federal law, ensuring recreational boating safety, green energy handouts, imposing “digital equity,” massive subsidies for inefficient electric cars and even electric ferries, $billions to the National Oceanic and Atmospheric Administration (presumably to generate global warming propaganda), green energy boondoggles for laundering payoffs to campaign donors à la Obama, $billions to the Department of Energy for more posturing intended to convince us that the government controls the weather, $21.5 billion for clean energy demonstrations, a $1 billion payoff to the Appalachian Regional Commission to bribe Joe Manchin into going along, a $75 million payoff to the Denali Commission to bribe RINO Lisa Murkowski, $250 million to reduce truck emissions at ports, $500 million for the Healthy Streets Program that deploys “cool and porous pavements” to mitigate urban heat islands among other dubious activities, and $350 million for the Wildlife Crossings Pilot Program (i.e., bridges for wild animals).

In addition, mountains of money will be “invested” to grow the federal bureaucracy in general, including $14.2 billion for the FCC; $3.4 billion for the Federal Buildings Fund; $330 million for the DHS, which is no longer serious about defending the homeland, as the situation at the border makes obvious; $455 million for the Fish and Wildlife Service; $510 million for the US Geological Survey; $2 billion for the pernicious and tyrannical EPA; $3.5 billion for the Indian Health Service; et cetera, ad nauseam.

Not all of this looting spree will be paid for through inflation. There is also a revenue-raising aspect. The bill imposes a national mileage fee.

The Washington Examiner reports:

The $1.2 trillion bipartisan infrastructure accord would institute a multiyear “national motor vehicle per-mile user fee pilot” program that, without future intervention from the White House, could potentially violate one of President Joe Biden’s previously stated red lines.

Biden has emphatically promised that he would not raise taxes on people earning less than $400,000 per year. This was a brazen lie, if only because most of the ongoing Democrat looting spree will be financed by inflating the currency. Inflation is a tax on everyone who holds so much as a penny of American money.

The program itself directs [Transportation Secretary Pete] Buttigieg and [Treasury Secretary Janet] Yellen to “establish, on an annual basis, per-mile user fees for passenger motor vehicles, light trucks, and medium- and heavy-duty trucks, which amount may vary between vehicle types and weight classes to reflect estimated impacts on infrastructure, safety, congestion, the environment, or other related social impacts.”

This offers the advantage that it can be used to punish those of us who drive efficient vehicles powered by gasoline rather than inefficient but politically preferred electric moonbatmobiles.

The bill being “bipartisan” means a handful of left-leaning “Republicans” like Murkowski and Mitt Romney will support it, thereby enabling Democrats to use reconciliation to ram through another bill several times the size, which will inflict many aspects of the Green New Deal and establish new entitlements to speed us along on the road to national bankruptcy. The inevitable hyperinflation and economic collapse will be followed by the straightforward Soviet-style communism that is the increasingly obvious ultimate objective of all Democrat policy.

On tips from Dragon’s Lair and R F.

Jul 29 2021

Ted Cruz Tax Plan

Typical commie Elizabeth Warren was enraged that Jeff Bezos spent some of the money that he earned reaching for the stars. She reacted by promising to crank the Democrat looting spree even further into overdrive. Esteemed countermoonbat Ted Cruz reacted to her reaction with the best tax plan yet:

Lighting the money on fire is not far from the plans Democrats have for the $trillions upon $trillions they plan to confiscate. By the time they are through inflating the currency by spending even faster than they can tax, American money won’t be good for much other than burning for fuel anyway.

Hat tip: Not the Bee.

Jul 02 2021

Open Thread

Treat each federal dollar as if it was hard earned; it was - by a taxpayer. - Donald Rumsfeld
Jun 07 2021

Democrat Bill Would Impose 95% Tax on Common Medicines

When it comes to looting the American population, Democrats have no more mercy than a Black Lives Matter mob inflicting racial justice at the local Target. Not even the most vulnerable are safe. Pelosi et al. hope to impose a 95% tax on the most common prescription medicines.

Insatiably greedy Democrats have been in a tax-raising frenzy:

The top personal income tax rate, which is also the tax rate paid by successful small businesses such as LLCs, sole proprietors, partnerships, and S corporations, would rise from 37% to 43.4%. The corporate tax rate would go up from 21% to 28%, close to the highest rate in the developed world. The capital gains tax rate would rise from 23.8% today all the way to 43.4% for higher earners. A second, “double death tax” would be created by taxing people on their unsold investments at death, assets that would then still be subject to the 40% death tax.

But until we reach 100% taxation on everything, it will never be enough. Presenting HR3:

The bill imposes government price controls on 250 of the most common prescription medicines, including insulin. In order to make sure that the price control is adopted, the government gives an “option” for the drug to be subject instead to a brand new 95% drug tax. Since people ultimately pay taxes, the 95% Pelosi Drug Tax will fall directly on consumers of prescription medicines, notably seniors.

Drugmakers can avoid the tax by submitting to Venezuela-style price controls. The problem is that, as Venezuela demonstrates, price controls produce scarcity. They also make it less feasible for the pharmaceutical industry to come up with new drugs to extend and improve our lives, which they cannot do if Big Government won’t let them make a profit.

Yet again we see that having Democrats in power means a lower standard of living for the average American. If they didn’t control the media, only lunatics would vote for them.

On a tip from Dragon’s Lair.

May 13 2021

Biden Finds a “Trillion 300 Million Billion Dollars”

Great news. Hyperinflation only seems to be getting underway. Biden has the money to pay for his arrogantly wasteful spending spree after all. Rather than inflate the currency, he is going to hire an army of IRS agents to confiscate up to “a trillion 300 million billion dollars” from underneath our sofa cushions. The Man in Charge demonstrates his mastery of figures:

The cabal of radical leftists who have taken over the federal government picked the right guy to serve as figurehead as they spend us into oblivion Cloward-Piven style.

On a tip from Varla.

May 11 2021

United Nations Likes Global Minimum Tax

Biden’s people advocate for a global tax, so that victims of their confiscatory taxation policies cannot escape the country, the way people have been escaping hypertaxed Democrat-ruled states like California and New York. Unsurprisingly, our embryonic world government loves the idea. A high-level UN panel issued recommendations in February:

The High-Level Panel for International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI) said a 20% to 30% global corporate tax on profits would “help limit incentives against profit shifting, tax competition and a race to the bottom.”

If countries are not allowed to compete with each other on tax rates, these rates will only go higher and higher. When they reach 100%, utopia will have been achieved.

Globalism offers plenty of pain, and spreads it widely. Even globalist Big Tech companies may get their share:

One of the panel’s other recommendations includes a tax on digital services. France has already moved forward with such a tax, which would hit tech giants like Facebook and Google.

The concept of taxation imposed globally could put a crimp on techie plans to build their own city on a Mediterranean island so that they don’t have to deal with greedy and oppressive Big Government. Ironically, Big Tech plutocrats have been eager to impose excessive government on the rest of us through their aggressive support for the Democratic Party.

On tips from ABC of the ANC and Steve T.

Apr 27 2021

Open Thread

The Democrats have so corrupted our understanding of economics and productivity that lowering tax rates is now considered to be some kind of sop to the rich. I mean, it's just profound to me, the damage inflicted on this country by the Democrats in their pursuit of perpetual power. - Rush Limbaugh
Apr 06 2021

Janet Yellen Pushes Global Minimum Corporate Tax Rate

California and New York have effectively succumbed to single party Democrat rule. This has predictably resulted in stratospheric taxation and smothering regulation, which in turn have predictably resulted in productive people leaving for freer states. Now that Democrats are only one bill (i.e., HR1) away from imposing single party rule nationwide, what is to stop wealth producers from leaving for freer countries? Treasury Secretary Janet Yellen has the answer: a global minimum corporate tax rate.

Trump got the economy roaring by lowering the corporate tax rate to 21%. We had the healthiest economy in history. Then came the double whammy of Covid followed by Biden, who wants to raise the rate to 28% to defray the cost of his ongoing looting spree. The average corporate rate in the G7 is 24%, so this will make the USA uncompetitive. No worries; Democrats have a single solution to every problem: more government.

Why should the Biden’s Handlers Administration be content to lower the standard of living on behalf of Big Government only in the USA, when with a little arm-twisting it can accomplish this worldwide?

Yellen wants to shower the extra wealth expropriated upon the corrupt dictators running Third World countries and waste it on green posturing in the name of the global warming hoax.

Quacks Yellen:

“Over the last four years, we have seen first-hand what happens when America steps back from the global stage,” Yellen said. “‘America first’ must never mean ‘America alone.’”

America First is behind us for now. Until we get out from under Democrat rule, the USA is just another country, on its way down. Rather than competing to stay ahead of other nations, we will try to hobble them so they can’t race ahead of us.

Germany supports the plan and believes that more than 140 countries will agree to it. You might call it price fixing for greedy governments.

Good thing we have SpaceX. To escape excessive taxation, businesses may have to relocate to outer space.

On a tip from ABC of the ANC.

Feb 23 2021

Open Thread

All the forms of double taxation in the current system are punitive and self-destructive because they are literally destroying people's incentive to provide that seed corn for future economic growth. - Daniel J. Mitchell
Feb 04 2021

Open Thread

Politicians are addicted to spending and revenue extraction. As with an addict, there's little pause for moral or legal contemplation. - David Malpass
Jan 31 2021

Global Tax to Hit Big Tech

Looks like Silicon Valley is about to get what it has coming for its major role in installing America Last in the White House:

Silicon Valley tech firms look increasingly likely to face new global tax laws this year, as the change in the White House fuels optimism among European officials that an agreement will soon be reached. …

“I’m really confident that we’ll get an agreement,” [German Finance Minister Olaf Scholz] said, just one day after speaking to new U.S. Treasury Secretary Janet Yellen via telephone.

Yellen may not defend the interests of American companies, but she is female, and that’s the important thing, as the Regime reminds us.

Pulling this with Trump in charge would have resulted in retaliatory taxes on European imports. However, defending American interests has been rejected in favor of globalism.

French Finance Minister Bruno Le Maire has also welcomed the support of President Joe Biden’s administration over the proposed global tax. Speaking at a Davos Agenda panel on Monday he said he believed a multilateral agreement could come into force as soon as this spring.

The globalist elite of Davos must love Biden and his handlers. But then, maybe they are his handlers.

It is delightful to watch Big Tech moonbats get whacked in the face by the handle of the rake they stepped on. These fools secured Biden’s election by ham-fistedly suppressing information regarding his corrupt ties to communist China that likely would have caused his defeat. Unfortunately, once global taxes get going, they won’t stop until equity has been achieved between the USA and the poorest hellhole on the planet.

On a tip from Steve T.

Jan 06 2021

Moonbattery Metastasizes: Exodus From Democrat-Run States

The cancer is metastasizing. How else to explain people voting for the identical twins of Jeremiah Wright and the Pajama Boy in formerly sane Georgia?

The disease spreads by a simple process. Any jurisdiction run by liberals soon becomes unlivable. So the people who elected them leave for a place not run by liberals. There they elect more liberals, turning their new home into another hellhole. Then it’s time for them to move on.

The authoritarian excesses that characterize the Democrat response to the ChiCom virus have accelerated the trend, as liberals escape the nests they have soiled for places where leftist tyrants don’t prevent schools and businesses from opening with senseless lockdowns. United Van Lines lists their top inbound states for 2020:

1. Idaho

2. South Carolina

3. Oregon

4. South Dakota

5. Arizona

6. North Carolina

7. Tennessee

8. Alabama

9. Florida

10. Arkansas

Somehow, Oregon managed to slip in among all those red states. That won’t last long, considering what moonbattery has already done to Portland.

Their top outbound states are mainly blue:

1. New Jersey

2. New York

3. Illinois

4. Connecticut

5. California

6. Kansas

7. North Dakota

8. Massachusetts

9. Ohio

10. Maryland

Once greedy Democrats have driven away their tax base, their states will collapse into the tailspin cycle of high taxes leading to crushed businesses leading to high unemployment leading to government dependence leading to more Democrats getting elected leading to even higher taxes.

It’s not like New York will recover its economic vitality after the tax base has fled. It will follow the pattern of 74% Democrat Detroit, which was once the wealthiest city in the country.

Now that radicalized Democrats are securing control of the federal government, wealth creators will have to move overseas.

On a tip from Mr. Freemarket.

Nov 21 2020

Arizona Under Attack: Prop 208 Explained

What happened to Arizona? Until recently, this was the quintessential red state. Then Trump and Biden finished in a virtual draw, moonbat gun-grabber Mark Kelly was elected to the Senate, and possibly worst of all, Proposition 208 passed, comprising the largest tax increase in state history and demonstrating how the Land of Barry Goldwater is under attack from both within and without:

The proponents of Proposition 208 relied heavily on the class-warfare argument, framing it as a “millionaire’s tax” designed to give more money to the state’s K–12 education system. The reality is that the measure nearly doubles the income taxes imposed on small-business owners and individuals making over $250,000 a year, and it is devoid of accountability measures that would ensure the dollars end up in classrooms. An in-depth study we published at the Goldwater Institute found that the initiative would result in the loss of over 100,000 jobs as well as a significant loss of revenue to local and state coffers.

Prop 208 is a Marxist looting spree. It passed due to a massive advertising blitz and a still more massive displacement of the native population by refugees from California, where people cannot afford to live or to run businesses due to high taxes and other liberal policies.

The result of this population boom is that there are 51,000 more registered Democrats than Republicans since 2016, and 49,000 more independents — most of whom say they lean toward the left. Considering the last permanent tax increase to come before Arizona voters was in 2012 (which failed by a two-thirds margin), it’s not hard to decipher the significance of these shifting population trends. Unfortunately, most people moving to Arizona are not doing so to escape the politics of their home state, but rather the housing costs therein. Most of these transplants simply don’t see the intrinsic connection between the two — and so their liberal proclivities accompany them when they move.

The cancer that is making the erstwhile Golden State unlivable metastasized to give us Seattle and Portland. It continues to metastasize, sickening formerly healthy Arizona.

An immense amount of money was spent to push through Prop 208.

The final tally appears to be upwards of $25 million — the most money ever spent in support of an Arizona initiative, by a wide margin.

The money came from outside Arizona.

In a classic example of “good for thee but not for me,” almost none of the funding in support of the tax increase came from people who will have to live with its consequences. In fact, less than one percent of all contributions in support of Prop 208 came from individual Arizona donors.

Who paid to jack up our taxes and poison the business climate?

$17 million came from two out-of-state sources: the Washington, D.C.-based National Education Association (which also happens to be the largest union in the country) and the Portland, Oregon–based Stand For Children — neither entities known for their advocacy of fiscal restraint. Combined with other union donations and those of a couple of obligatory non-Arizona billionaires, the Prop 208 campaign was able to raise and spend a tremendous amount of money despite having virtually no financial support from actual Arizonans.

For pernicious and insatiably greedy teachers’ unions, the investment was sound, so long as it provides a lucrative ROI, complements of Arizona taxpayers.

Fortunately, it may not. Thanks to the Laffer curve, this confiscatory tax hike may reduce government revenue by enough to force reduction in the size of state government, which in turn could reduce union dues. That would give the looting spree a silver lining.

On a tip from Varla.

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