Income Disparity

Much of the impetus behind the blind drive to a socialist government in the United States derives from the disparity between the rich and the non-rich. This disparity has demonstratively grown in recent years to the point where the super rich and their lavish lifestyles are visible examples to the rest of us of a problem with capitalism. The simple solution to the simple-minded becomes socialism ... that economic policy that is inculcated into our children from kindergarten through graduate school by those pedagogues living in their left-canted ivory towers.

Yes, America now embraces snippets of socialism —  Medicaid, the Earned Income Tax Credit, food stamps, etc. But we don’t yet have the public ownership of the factors of production or services like in Venezuela or Cuba ... where the disparity of income shifts to that between the governors and the governed.

Can this disparity be fixed under capitalism. Yes, it has in the past through anti-trust legislation ... which should be resurrected to deal with the new technology trusts that have reared their ugly heads in the 21st century ... whereas fixing this disparity with a socialists regime can only be accomplished by bringing down our capitalist government ... the goose laying these golden income-disparity eggs.

The time is also ripe for another capitalistic solution to income disparity other than the Bernie Sanders lunacy. And, I can’t believe that ham-fisted laws that restrict corporate compensation ratios will fix things. But perhaps our tax code could be used ... maybe by making taxes on capital gains progressive like that on incomes ... since much of these stratospheric executive compensations come from stock options? And finally, eliminating the  “carried interest” tax loophole that the Republicans promised to deep-six three years ago. What’s the delay Donald?

Afterward: Restrict this progressive taxing proposal to only capital gains achieved though stock option grants.

Headlines

Trump befuddles his allies with ambitious legislative agenda

China makes unprecedented proposals on tech transfers as trade talks progress, US officials

Wild [Trump] rally set for Michigan ... MSNBC ratings slump ...

Jussie Smollett’s ‘community service’: 18 hours with Jesse Jackson

Mueller swiftly closes up shop

Attention Wall Street: Democrats are seeking higher taxes on capital gains

Pelosi: Won’t accept Attorney General’s ‘interpretation’ ...

Orange County ends jail contract with ICE

Trump’s Fed pick owes more than $75,000 in taxes, IRS says

Trump met with Google CEO Sundar Pichai to discuss ‘political fairness’ and China

Trump confirms FBI, DOJ will probe [Smollett] case ...

Poll: Americans evenly split on nuclear power, despite safety record

Socialist Social Media

Apparently Silicon Valley social-media billionaires have a death wish as they are fairly  unanimously supporting the left by suppressing the free speech of conservatives on their social-media sites. I say "death wish" because, if Bernie Sanders would be given his head, they might be stripped of all their capital "ill gotten" gains ... after all "they didn't build that" did they?

Let me review the most recent censorships of right-leaning post on social media sites that have been suppressed by these limousine liberals:

Twitter Hates Milo Again

reddit Cracks Down on Trump Supporters

Facebook Shadowbans Migrant Crimes

Google Search Results Favor Democrats

Facebook "Trending" Favors Left

Instagram Censors Conservative Group

Google Putting Trump E-mails in Spam Box

Now, kind readers, aren't you proud of our capitalist system that allows such entrepreneurs to flirt with committing hari-kari?

Taxing Ideas

The Barry, in his press conference today, was sticking to his guns about the need to increase taxes in order to reduce our government's crippling deficits ... otherwise cancer research will disappear, weather forecasting would be crippled, no more food inspections, and our children won't get college scholarships.  Now he does have the bully pulpit and a nation full of fiscal dunces who are easily deluded by such demagoguery ... so such tried-and-true scare tactics are likely to work ... particularly when, in the latter part of July, many Americans start getting letters threatening to stop their Social Security checks and food stamps.

Now assuming that the Republicans will eventually have to blink and cave-in on tax increases in order to get meaningful government spending cuts (which somehow will never happen), I offer what might be acceptable (to me) "reductions in revenue spending" (the new Democrat euphemism for tax increases):

- Offer U.S. corporations a year-long opportunity to repatriate overseas profits at one-half our statutory corporate tax rate.
- Lock in the Bush tax cuts forever but then concurrently beef up the alternative minimum tax provisions in our tax code so that corporations, "millionaires and billionaires," and even ordinary taxpayers must effectively pay income taxes at no less than five percentage points below the statutory rate that would otherwise apply to their gross income.  Consequently, many of the tax loopholes (such as "It Pays to Work" and mortgage interest payments on McMansions) now utilized by such parties might lose much of their effectiveness.  And this would be the first step toward a flat tax (wherein across-the-board tax rates could then be reduced further).
- Eliminate the earned income tax credits entirely (essentially welfare payments through the tax system).
- Increase the upper ceiling on the income to which the FICA tax applies by say 20% and then have it automatically adjust upwards annually by our rate of inflation.
- Double co-pays for Medicaid and Medicare doctor visits (a backdoor tax)

I have no idea as to the amount of increased revenues that such provisions would engender, but I bet it would be substantial ... but not nearly enough to balance the budget.  Therefore, we need to talk about meaningful spending and entitlement cuts (haha) ...

Afterthought:  I was lucky enough to see Mark Halperin's original comment on Morning Joe this Thursday AM about The Barry's performance in yesterday's news conference.  After being egged on and assured that any scurrilous comment would be bleeped out (it wasn't), Halperin said that The Barry was being "a dick."  He later apologized and said he might have made a career-limiting quip.  I hope not ... he is my current left-leaning hero.