Tag: Benjamin Franklin

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deficits and debt tax policy too much government

No Shock and Awe

Benjamin Franklin, Death and Taxes,

They’ve crunched the numbers and the shocking truth is . . . Democratic Presidential candidate Joe Biden wants to raise taxes and debt.

The word “shocking” needs quotation marks, of course, for sheer lack of any shock whatsoever.

Also not shocking is who pays.

You see, “80 to 90 percent of the total proposed tax increases in Biden’s plan would fall on the top five percent of earners,” according to the Committee for a Responsible Federal Budget. That is the target taxpayer cohort, anyway. Economists know a hidden truth: the incidence of a tax’s burden shifts. All taxes siphon off production, but — because production is engaged in for consumption’s sake — in the end consumers pay.

In politics, of course, the idea is not to acknowledge this, instead focusing on the targets, tempting voters to get on board with spending and taxing and borrowing just so long as some other (preferably non-voting) people pay. 

“While tax burdens would rise by 0.2 to 0.6 percent for most households, they would rise by 2.3 to 5.7 percent for the top 20 percent of earners and by 13.0 to 17.8 percent for those in the top 1 percent in 2021.” The Democrats would have the highest earners in America pay an extra “$300,000 per year” and call that a benefit . . . to those who would pay less.

Meanwhile, the “additional revenue that would be raised through Biden’s tax plan would only pay for a portion of his overall spending agenda.” It would take “$6 trillion more . . . to stabilize debt-to-GDP at today’s near-record levels.”

According to the CRFB, because of pandemic panic spending, and before any proposed Biden add-ons, “debt will grow from 79 percent of GDP before the crisis to 101 percent by the end of 2020 and 118 percent of GDP by 2030.”

Have our politicians set out to revise Ben Franklin’s maxim? There is nothing more certain than death and taxes — and debt.

This is Common Sense. I’m Paul Jacob.

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Common Sense First Amendment rights general freedom ideological culture

Ideas, Online and Ongoing … with Help

Benjamin Franklin, We must all hang together, quote

In recent years there has been a great burgeoning of public debate about ideas. Politics. Ethics. UFOs. You name it.

This “burgeoning” has mostly taken place online.

Some people are so good at it that they have made their whole livings at it, parlaying advertisements and donations into successful careers.

But this has not gone unnoticed.

They are under attack.

A cabal of highly connected financial and Internet platform professionals have coordinated their attention against Alex Jones, “Sargon of Akkad,” and others. Patreon is the latest to get involved, having ousted Lauren Southern off the company’s donation intermediary service, and now the aforementioned Sargon (Carl Benjamin, an Englishman). And behind all this there lurks the shadowy decisions and machinations of PayPal and Mastercard.

I have covered some of this in the past, here at Common Sense. But too much of it has passed by, as if in my peripheral vision. I know these de-platformings have taken place, however, and am somewhat alarmed. 

Not for myself, so much, as my main gig is political activism: helping citizens place ballot measures before voters through Liberty Initiative Fund and protecting the ballot initiative process with Citizens in Charge Foundation. Common Sense was not conceived to be a profit center, but a herald, a communication platform.

Still, like everything, the program does cost money and must prove its worth. Which is why I cherish my many donors to Common Sense. Thank you. You really do help keep the Common Sense coming — after nearly 20 years!

Something big is brewing. In our culture. In our country. Across the globe. Free speech is under attack. Corruption is rampant at all levels of government. Socialism seems on the march. 

From assisting the police camera ballot measure that passed in Ferguson, Missouri, to last November’s ballot initiative on “citizen only voting” that prevailed in North Dakota, Liberty Initiative Fund knows that real change can better come from the grassroots and the ballot box than from the halls of Congress in Washington.

Those of us who cherish individual freedom must work together to change laws and policies. We have to hang together — or, as Ben Franklin reminded, “most assuredly we will all hang separately.” 

How long will we be able to speak out politically?

I do not know.

But here is something we do know for sure. It is the last day of the year. If you have been planning on making a charitable donation for the cause of limited and accountable government, freedom of speech and press and association, this site, “Common Sense with Paul Jacob,” gratefully accepts donations . . . and could not carry on without the help of “people like you.”

By which I mean patriots. Thoughtful people concerned about the future.

And donations to Common Sense are fully tax deductible!

Please help us in this important work. Support us with dollars if you can. And keep forwarding my daily commentary, telling friends, and taking a stand for FREEDOM.

This is Common Sense. Common effort is the key. Oh, and I’m Paul Jacob.


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