The total wealth of all US billionaires would fund government for only 158 days.
Taxes – Showerheads – School Choice – Economics
By: George Noga – January 30, 2022
Biden’s inflation tax devastates ordinary Americans: Biden’s tax hikes hit middle- income Americans and even low-income Americans who pay no income tax. Inflation is the cruelest tax of all and it falls disproportionately on low and middle-income families. Inflation is outstripping wage gains and Americans are getting poorer each month. Moreover, unlike other political issues, inflation is impossible to spin because Americans are acutely aware of it every time they buy gas or groceries.
Taxing billionaires doesn’t work: Forbes Magazine counts 614 US billionaires worth a total of $2.95 trillion. If you taxed each $1 billion, it would fund government for 33 days. If you confiscated all the wealth of every billionaire, it would fund government for 158 days – and then it would be gone forever. The narrative of taxing billionaires is pure class warfare intended to disguise from where the money really is coming.
Why some corporations pay no income tax: The poster child for this is Amazon, which paid no federal income tax last year. That’s because Amazon suffered humongous losses in prior years and was able to carry those forward to offset later profits. FedEx paid no tax due to accelerated depreciation on its fleet of aircraft – in accordance with laws passed by Congress to encourage investment and job creation. However, both Amazon and FedEx pay billions each year in payroll, state, local and foreign taxes.
Corporations that pay little or no federal tax are acting in furtherance of laws passed by Congress. It takes chutzpah for politicians to rail against tax laws they passed. Further, per a congressional committee, 98% of corporate taxes are passed through to low and middle-income families, including those who pay no income tax, as higher prices.
Biden is regulating your bath: Prior to Trump, each showerhead could emit no more than 2.5 gallons per minute. Trump eliminated that restriction. One of Biden’s first moves was to reverse this and also to extend the limit to apply to all showerheads in the aggregate – even though fewer than 1% of Americans have multiple showerheads. This is a minor issue in the cosmic scheme of things, but it exemplifies progressives’ desire to regulate every aspect of your life and to diminish your personal liberty.
School choice is a winning issue: It is incandescently clear from polls and elections that K-12 education is the wedge political issue in America today. Parents are shocked and mortified by what they learned during the pandemic including: (1) school boards and PTAs as adjuncts of teachers unions; (2) pornography in grade school libraries; (3) the 1619 project; (4) mask mandates; (5) critical race theory; (6) encouraging young kids to question their gender; (7) vaccine mandates; (8) school closures; and (9) huge gaps in learning versus private schools and other nations. Union control of education has wrought nothing short of total disaster. Universal school choice would immediately end all dissonance about the nine aforementioned issues. School choice demonstrably is a winning political issue as well as the civil rights issue of our time.
Economics: Roger Ream upon receiving the 2021 Bradley Prize in Economics: “Taught properly, economics provides a lens to understand how the world works. It is about how humans interact and make choices and how an undirected market process unleashes the forces of invention, innovation, imagination and improvement. The result is nothing short of miraculous. We ignite a spark in the minds of students as we show them how Adam Smith’s invisible hand motivates a self-interested individual to promote an end not part of his intention and thereby to serve the needs of others.”
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