Tag: billionaires

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national politics & policies partisanship tax policy

Billionaires Backed Better

billionaire, Democrat, taxes

It’s a cliché of politics that the Republican Party is The Party of the Rich while the Democrats serve the Poor and Downtrodden.

But were that true, why so many Democratic billionaires?

And why is President Biden’s Build Back Better legislation offering the top income quintile a tax cut worth billions and billions?

At issue is a “$285 billion tax cut that would almost exclusively benefit high-​income households over the next five years,” write Alyssa Fowers and Simon Ducroquet in the pages of The Washington Post. “The measure would allow households to increase their deduction from state and local taxes from $10,000 to $80,000 through 2026, and then impose a new deduction cap through 2031.”

“It’s the second-​most expensive item” — when figured in budgeting terms, not merely in outlays.

True to form, Democrats promise that it would raise revenue, actually — eventually. In time-​honored procrastination fashion, the legislation jiggers with the deduction cap over time, decreasing the cap in the future. A typical (and easy to re-​jigger) politicians’ ploy.

What this is all about is subsidizing the rich in high-​tax “blue states” — politically protecting Democrats in California and New York, to name the most obvious two, allowing them to pretend to “soak the rich” and “help the poor,” and decreasing the incentive in those states for the rich to leave for lower-​tax environments, like Texas and Florida.

Arguably, these “SALT” caps are the worst sort of tax break possible, since they are regional (affecting different states differently) and even partisan. Not to mention regressive.

Instead of “Build Back Better,” the Biden plan should be dubbed the “Failed State Bailout.”

This is Common Sense. I’m Paul Jacob.

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individual achievement

The Division of Adventure

Elon Musk, Jeff Bezos, Richard Branson

On Sunday, billionaire Richard Branson became the first person to ascend into space in his own spacecraft — assuming that myth, old rumors and sci-​fi stories of god-​kings and mad scientists going to the Moon or Mars remain just that, myth and rumor and fi.

“The launch with Branson marked the 22nd test flight of Virgin Galactic’s VSS Unity space plane,” writes Alex Veiga for MSN. “The company has planned at least two more space test flights this year.”

Thus Branson beat Jeff Bezos into space — depending how you figure. Later in the month Bezos’s Blue Origin spacecraft is set to launch Amazon’s less-​than-​beloved billionaire even higher above the planet.*

The billionaire space race is on, with the next level to be reached when regularly scheduled flights become the norm, ticket sales and all.

This is really “just” thrill-​ride fare we are talking about here — and likely when commercial space travel first becomes normalized. Neither man is aiming to rocket into orbital space.

Yet.

Which is not to say this is not of great significance.

Of course, the fledgling industry receives criticism. Why go to space now, some say, when we have so many problems on Earth?

Well, explorers and adventurers did not wait till Europe’s problems were solved to explore and settle the Americas. They pushed forward.

Just as there is a division of labor in society, there is a division of ambition, of venture.

I will likely never go into space. But I am happy Richard Branson got there.

And I’ll applaud if you, too, jaunt upwards.

This is Common Sense. I’m Paul Jacob.

 * Branson and Bezos publicly squabble about what “space” is. Virgin Galactic went above the American standard of about 50 miles, while Bezos aims for the worldwide “accepted” standard of 62 miles.

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Jeff Bezos| Elon Musk | Richard Branson

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Categories
First Amendment rights national politics & policies

Let Us Give, Too

“There are really no limits on the amount of money you can give to a campaign,” explained Chuck Todd on his MSNBC program, The Daily Rundown. “We could claim there are limits, but they don’t really exist because of the way the system works.”

Todd isn’t talking about you and me. We have limits. By law, each person in each election can give no more than $2,600 to any single candidate.

He’s focused on billionaires. You know, the Koch brothers we hear so much about, or gambling magnate Sheldon Adelson. And, on the Democratic side, the super-​rich Tom Streyer, Michael Bloomberg, George Soros and others.

But billionaires have limits, too. Their advantage is simply being able to afford the work-​arounds. They can hire lawyers to advise them through the maze of speech and finance regulations. They can fund a SuperPAC or an independent expenditure or start a whole new organization if necessary to get their message out.

I’m not complaining. Billionaires have an inalienable right to flap their jaws and spend their money.

I’m only saying that we merely aspiring billionaires — the great American mostly washed middle class — should also be free to flap our jaws, to make our big political contribution and to have our say.

But we don’t. It’s a federal crime for you or me to donate one dollar more than $2,600 to the general election campaign of a congressional candidate we deeply believe in.

That it is a crime is the biggest campaign finance scandal of all.

This is Common Sense. I’m Paul Jacob.

Categories
media and media people national politics & policies Second Amendment rights

Bloomberg’s Megaphone

When New York City Mayor Michael Bloomberg is not breaking his term limits pledge like a dictator, he’s outlawing soft drinks like a nanny.

Now he’s trying to undermine our Second Amendment rights, spending $12 million of his reported $27 billion net worth to run television spots in 13 states. Those advertisements aim to rile up the public and encourage folks to pressure their U.S. Senators into supporting gun control legislation.

Hey, da mayor’s just not my kind of guy. Except in one respect: His spending of $12 million … of his own money.

I admire that.

And, even with his $27 billion set against my … well, er … I’m not scared of his wealth advantage. I welcome his speech. Because my best chance to prevail politically is for all voices to be free to speak.

Plus, as National Rifle Association head Wayne LaPierre ably put it last Sunday on NBC’s Meet the Press, Bloomberg “can’t buy America.”

In fact, I don’t think the mayor harbors any such illusions. Bloomberg’s savvy enough to know that his rented megaphone won’t necessarily convince Americans … who are not mindless automatons programmed by 30-​second television ads.

We make up our own minds.

Too bad he doesn’t extend this notion across the board. You know, to soda drinks and such.

So, regardless of Bloomberg’s inconsistencies and indecencies, let’s welcome folks like him who finance causes they believe in. They provide the venture capital for informed citizen decision-making.

We could use a few more billionaires giving on the side of freedom and responsibility, though. Any takers? I mean, givers?

This is Common Sense. I’m Paul Jacob.