Democrats Crazy Tax Plan Is Dead...for Now

Like Arnold, it will be back.

Manchin Kills Democrat Tax On Success (lifezette.com)

With a 50-50 senate Joe Manchin of West Virginia reigns supreme. If he doesn’t like it, it dies. So it was with the Democrat plan to tax successful individuals on unrealized gains. Manchin realizes that in an economy that relies on capital taxing those who provide it is jamming up the engine of economic development and progress.

Because of @Sen_JoeManchin opposition, the Dem leadership and White House sources tell us that the billionaire tax is all but dead.

— Jake Sherman (@JakeSherman) October 27, 2021

Hooray. For now.

 

I Have a Lot of Problems With Mitt Romney. His Business Sense Is Not One of Them.

Mitt Romney Blasts Democrat Proposals on Fox News – PJ Media

Say what you will about Sen. Mitt Romney, but when he comes to play, he’s strong and informed– especially on fiscal matters.

He demolished then-President Barack Obama in their first 2012 debate, and Monday night on Fox News, Romney took Democrats’ current economic plans to task.

“Well, first of all, it’s not a good idea to tell billionaires, don’t come to America, don’t start your business here, to tell the Steve Jobs and the Bill Gates and people like that, this isn’t the place to begin your business, go somewhere else. That’s a bad idea,” the Utah Republican explained to Bret Baier. “But, number two, you’re going to tax people, not when they sell something, but just when they own it and the value goes up. And what that means is that people are, these multi-billionaires, are going to look and say, I don’t want to invest in the stock market, because, as that goes up, I’m going to get taxed.”

An even better point, that I had not yet made.

Taxing unrealized capital gains will shut down investment in the stock market. Which will bring economic growth to a grinding halt.

A lot of Democrat plans seem to have that side effect. It’s almost as if it’s intentional.

Everyone Should Slam Them Over This

Elon Musk Slams Democrats Over Extreme Proposal To Tax Unrealized Capital Gains | The Daily Wire

Exactly. Eventually, they run out of other people’s money and then they come for you.

— Elon Musk (@elonmusk) October 26, 2021

Musk is sleazy, arrogant, and probably a little bit crazy. It’s three-quarters of the combination that has made him so wealthy. The fourth part is that he’s incredibly bright.

Taxes on unrealized capital gains are criminally bad. They’re even worse than high corporate taxes, which if you’ve read this blog, you know I can’t stand.

I don’t think this idea is going anywhere. This time. There aren’t enough stupid people in Washington to get this one over the finish line. But there is more stupidity there every year, so it’s only a matter of time.