The government has several ways to pay for its obligations, one of which is to seize private property in the form of taxes. Taxes are private property plundered. A tax cut for those who pay taxes is tantamount to a return of stolen goods.
With a tax cut, the plundering class simply agrees to pilfer less. The notion that you must “pay for tax cuts” is like a burglar promising to return the television he stole as soon as he is in a better financial position.
I get a headache from just reading Donald Trump’s plunder plan. Rand Paul’s taxation policy is the best in a bad bunch. Rand “has proposed a 14.5 percent flat-tax rate for all types of income.” Equality under the law? What a concept? A flat tax limits state theft. The idea would send the socialist pope in search of sackcloth and ashes.
Trump, on the other hand, has let the low-income cohort off the hook. “Individuals that make less than $25,000 (and $50,000 for married couples) would pay no income taxes under Trump’s plan.”(CNN)
BAD. All citizens should have a dog in this fight. Better to let the so-called poor set the flat-tax rate for all of us. It would be lower than Paul’s 14.5 percent.
Trump’s plan is progressive: the more private property you accrue, the greater the percentage of which you forfeit.
Unspecified, too, at least in this WSJ article, is the burden Trump plans to place on those earning between $100,000 and $300,000.
“Donald Trump Speaks Our Language” is the current column, now on The Unz Review, America’s smartest webzine. An excerpt:
WHEN IN THE US, SPEAK ENGLISH. Donald Trump’s retort to Jeb Bush’s rattling off in Spanish on the campaign trail conjures an old joke told in Israel of my youth. It was aimed at the ultra-orthodox Jew who dresses weirdly and won’t speak Hebrew. Here goes:
Walking down the street is a Sabra (a Jew born in Israel), clad in the pioneer’s outfit of shorts and a Tembel Hat. (“Tembel” is Hebrew for silly. The image below illustrates how not even a beautiful Israeli girl can dignify a hat so useless as to provide no protection from the merciless sun.)
From across the street, in Yiddish—the language of the diaspora—an ultra-orthodox Jew clad in black garb shouts obscenities at the Sabra. The minuscule ultra-orthodox community believes that speaking Hebrew before Messiah arrives is heretic and will delay the coming of Messiah (also known as the longest coming in history). For Messiah to materialize, the Jew must remain weak, dispossessed and persecuted—a sickly spirit without a corporeal country to call his own.
The Israeli shouts back, “Speak Hebrew, goy!” Goy meaning non-Jew.
Trump took a jab at Jeb for using Spanish to dismiss the mogul’s conservative credentials. Via CNN:
“‘I like Jeb,’ Trump told Breitbart News. ‘He’s a nice man. But he should really set the example by speaking English while in the United States.'”
The Trumpian reference was to the former Florida governor’s comments to reporters … about Trump’s policies. “‘El hombre no es conservador,’ Bush said, which translates to, ‘This man is not a conservative.'”
Not only was Trump’s visceral retort in defense of English righteous; it was also culturally conservative in the best of ways. …
… Read the rest. “Donald Trump Speaks Our Language” is now on The Unz Review.
Republican presidential hopeful Scott Walker is an equal opportunity fencer. Reflexive, laboring to show he does not discriminate against Mexico, Walker showed himself to be a bit of a bumpkin. As follows:
Republican presidential hopeful Scott Walker has called building a wall along the border between the US and Canada a “legitimate issue”.
Illegal immigration and the security of the southern border with Mexico have been major issues in the Republican race for president, but the northern border has not been discussed.
Mr Walker made the comments in response to a question from a NBC News reporter.
“That is a legitimate issue for us to look at,” he said on Sunday.
Does the US have a problem with a deluge of illegal immigrants pouring over the Canadian border? No. Canada is a high-wage area. The US is a high-wage area. Latin America is a low-wage area. Migratory pressure, Mr.Walker, flows from low-wage to high-wage regions.
Essentially, the monetary upheaval being experienced has come about because of a mere threat of the withdrawal of quantitative easing. The sell-off that “took the Dow Jones down more than 10 percent from its peak valuations” must be seen in the context of “seven years of zero percent interest rates,” avers fancier and Austrian Economist Peter Schiff. At work are gains that have come about likely not “from bona fide improvements in the economy,” but due to “the twin props of Quantitative Easing and zero percent interest rates.”
“The Fed has already removed one of the props, and it’s no accident that the markets have gained no ground whatsoever in the eight months since the QE program was officially wound down. As the market considers a world without the second prop, a free fall could ensue. …”
… Stock valuations [have been] extremely high and earnings are falling and the economy is clearly decelerating. The steady march upward in stock prices has been enabled by a wave of cheap financing and share buybacks. There are very few reasons to currently suspect that earnings, profits, and share prices will suddenly improve organically. This market is just about the Fed.
And Donald, “The Fed Is Spooking the Markets, Not China.”
Related: “Sinophobia Trumps Common Sense” & ‘Monetary Rigor Mortis.’
Intrinsically, libertarians of the Austrian School of Economics know all too well what’s afoot across global financial markets. As of Friday, the Dow was at 16,450, down 1,018 points for the week. Yet, search libertarian websites high-and-low and you’ll be hard pressed to find decent commentary on the state of financial markets. Doug Casey and Jeff Berwick agree that financial collapse is imminent, writing that “we are now exiting the eye of the hurricane and rapidly heading towards what he terms the Greater Depression, and Jeff Berwick believes a collapse is being planned for September, moving the world closer to a one world government.”
Monetary rigor mortis is David Stockman’s term for what’s underway. Doug Noland fleshes things out at Stockman’s Contra Corner:
… Global financial tumult has now attained sufficient momentum so that even U.S. markets can no longer remain comfortably oblivious. Yet, for most in the U.S. there remains little worry: the economy is sound, housing is booming, Silicon Valley is heroic, the banking system is rock solid, and the corporate sector is awash in cash. The U.S. economy is viewed as insignificantly exposed to China’s economic slowdown – and to global issues for the most part. Analysts speak of a “normal” stock market pullback – yet another buying opportunity. There is, however, little normal about current global financial, economic and geopolitical backdrops.
The last seven years have witnessed unprecedented EM debt expansion, led by what should be a frightening ballooning of Chinese Credit. In particular, Chinese and EM banks have coalesced into historic lending growth and balance sheet (assets and liabilities) expansion. This week saw indications of what has the potential to erupt into an Asian and EM banking system crisis of confidence. Faith that Chinese and EM government officials have the situation under control is surely being shaken. This is a game-changer for global finance and for the world economy. Financial conditions are tightening around the world – and this has zero to do with a possible September Fed (“baby step”) rate increase. …
… there’s a recurring theme that is especially pertinent these days. Financial and economic Bubbles invariably prove much more resilient than Bubble analysts presume. And, at the end of the day, the excesses and consequences go beyond what even the hardcore “bears” could anticipate. The adage around our office became: “It’s Always Worse Than You Think.”
READ IT. Before reality was raped with the aid of brain-addling, reality flouting, idiotic, academic theory; before common sense was replaced by the lemming’s lunacy that is political correctness; and in the days when political position papers were expected to be written in plain English and consist of a few—not hundreds of—pages; the Trump position paper might have been considered common sense:
The three core principles of Donald J Trump’s immigration plan:
… When politicians talk about “immigration reform” they mean: amnesty, cheap labor and open borders. The Schumer-Rubio immigration bill was nothing more than a giveaway to the corporate patrons who run both parties. Real immigration reform puts the needs of working people first, not wealthy globetrotting donors.
We are the only country in the world whose immigration system puts the needs of other nations ahead of our own. That must change.Here are the three core principles of real immigration reform:
1. A nation without borders is not a nation.
2. A nation without laws is not a nation. Laws passed in accordance with our Constitutional system of government must be enforced.
3. A nation that does not serve its own citizens is not a nation. Any immigration plan must improve jobs, wages and security for all American …
READ THE REST.
Yeah, I’m a free trader. However, there is no such thing as free trade, not in the US and not globally; not de facto, and not de jure. We labor under managed, highly regulated trade.