Connect with us

Big League Economics

Speaker Ryan dismisses ruse by high-tax state Democrats to treat taxes like charity contributions

Published

on

In a free-wheeling interview on C-SPAN, Speaker of the House Paul D. Ryan Jr. (R.-Wis.) debuting Friday, the Wisconsin Republican said he did not treat seriously the attempts by Democrats in high-tax states, such as New York, New Jersey and California, to reclassify state and local taxes as charitable contributions.

The Tax Cut and Jobs Act, signed by President Donald J.Trump signed Dec. 22 after 275 amendment proposed and 29 separate roll call votes in the House and Senate capped the amount of state and local taxes that a tax filer is allowed to deduct from their federal taxable income at $10,000.

“I don’t think that will work anyway,” said Ryan, who was briefly the chairman of the House Ways and Means Committee, the panel with jurisdiction over the tax code, before taking the gavel Oct. 29, 2015.

Trending: An America First Patriot is Challenging Dan Crenshaw in Next Year’s GOP Primary. Here’s Why.

“That’s just not going to work,” he said. “I can’t imagine the Treasury and IRS are going to even let that happen.”

take our poll - story continues below

POLL: Would you vote for Donald Trump in 2024?

  • POLL: Will Republican Senators vote to impeach Trump and ban him from running in 2024? 

  • This field is for validation purposes and should be left unchanged.
Completing this poll grants you access to Big League Politics updates free of charge. You may opt out at anytime. You also agree to this site's Privacy Policy and Terms of Use.

The speaker said he had no plans for a legislative retort to the efforts in high-tax states.

Watch this excerpt from the Speaker Paul D. Ryan Jr. (R.-Wis.) with C-SPAN:

New Jersey Democrat Rep. Joshua S. Gottheimer, a former speechwriter for President William J. Clinton, has proposed that wealthy Garden State residents be allowed to voluntarily make the contributions that would be tax-deductible.

New Jersey Gov. Phillip D. Murphy has proposed his own similar scheme.

In California, state and local taxes would be treated as contributions to the California Excellence Fund.

Although Trump is knocked for his superlatives, in this bill, he did outdo President Ronald W. Reagan in regards to the deductibility of state and local taxes. In Reagan’s massive 1986 tax reform bill, he and Capitol Hill conservatives tried to eliminate the deduction altogether, but it was saved by the valiant efforts of Gov. Mario M. Cuomo.

For conservatives, the problem with the SALT deductions is how they shift the burden of taxes in high-tax states to the U.S. Treasury and in effect have Americans in low-states subsidizing that burden in those high-tax states.

Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming have no state income tax at all.

Of the top 10 states with tax filers claiming the highest SALT deductions–all 10 voted for Hillary R. Clinton.

 

 

 

 

 

 

Big League Economics

Globalists are Planning ‘Climate Lockdowns’ to Finish Off Economic Prosperity in the West

They are coming for everything.

Published

on

While COVID-19 mass hysteria may be waning, the globalists are intent on continuing the trend of locking down society and destroying economic prosperity for the peasants.

After the scamdemic comes to an end, it will be climate change used to pump the masses full of fear and get them to accept Draconian measures to cripple their own civilization.

Mariana Mazzucato, a professor at the Economics of Innovation and Public Value Center at University College London, is setting the stage for climate lockdowns if unprecedented taxation and centralized power are not exerted over the economy.

“Under a ‘climate lockdown,’ governments would limit private-vehicle use, ban consumption of red meat, and impose extreme energy-saving measures, while fossil-fuel companies would have to stop drilling,” Mazzucato wrote in her white paper, Avoiding a Climate Lockdown.” 

take our poll - story continues below

POLL: Would you vote for Donald Trump in 2024?

  • POLL: Will Republican Senators vote to impeach Trump and ban him from running in 2024? 

  • This field is for validation purposes and should be left unchanged.
Completing this poll grants you access to Big League Politics updates free of charge. You may opt out at anytime. You also agree to this site's Privacy Policy and Terms of Use.

She contends that the only way to stop the inevitability of climate lockdowns is to “overhaul our economic structures and do capitalism differently,” meaning do away with it entirely and replace it with totalitarian socialism.

“[G]overnment assistance to business must be less about subsidies, guarantees, and bailouts, and more about building partnerships. This means attaching strict conditions to any corporate bailouts to ensure that taxpayer money is put to productive use and generates long-term public value, not short-term private profits,” she wrote. 

“Because markets will not lead a green revolution on their own, government policy must steer them in that direction. This will require an entrepreneurial state that innovates, takes risks, and invests alongside the private sector,” Mazzucato contended.

Her writings are already influential, according to the New York Times, among politicians who are using her scribblings as an excuse to take unprecedented power-grabs.

Sen. Elizabeth Warren (D-MA) has incorporated Mazzucato’s writings into policy ideas such as using “federal R & D to create domestic jobs and sustainable investments in the future.” Rep. Alexandria Ocasio-Cortez (D-NY) is considering Mazzucato’s ideas to strengthen her Green New Deal proposal.

Even Republican lawmakers are embracing Mazzucato’s extreme anti-capitalist doom prophecies. Sen. Marco Rubio (R-FL) cited Mazzucato in his proposal, “American Investment in the 21st Century,” which is essentially a manifesto of surrender to the Left from the failed neoconservative 2016 presidential hopeful.

“We need to build an economy that can see past the pressure to understand value-creation in narrow and short-run financial terms,” Rubio wrote in the introduction, “and instead envision a future worth investing in for the long-term.”

Mazzucato has also influenced former British Labour Party leader Jeremy Corbyn, former British prime minister Theresa May, and Scottish leader Nicola Sturgeon. Mazzucato’s reach extends to other countries such as Germany and South Africa, and she is considered a charismatic rising star in the field of economics.

It should be obvious by now that the ruling elites never intend to restore freedom to pre-COVID levels. The lockdowns are a permanent fixture of society now, and they will be reintroduced at some point under the guise of stopping climate change.

Continue Reading
It's time to name Antifa a terror org! Sign your petition now!


Trending