Trying To Keep Score

Posted: Oct 09, 2019 12:08 PM

First is reparations.

Democrats started the conversation about reparations totally ignoring the fact that no black American alive today ever lived in slavery. But let’s not let facts get in the way.

Then Democrats promised reparations to single Americans because they didn’t get the marriage benefit on their tax returns. Nevermind that the tax code was intentionally supposed to encourage marriage.

Now it’s the LGBT community. They too missed the tax benefits available to married families so, of course, the solution is taxpayer-funded reparations.

The whole reparation theme seeks to make us all into victims; all of us who aren’t white males anyway. Their politics of victimization gives us someone to blame, even people to hate. Then they step forward as our champions, ready to channel our grievances, real or just perceived, happy to take control of our lives.

Second is tax increases.

Without exception, Democrats don’t just want a return to the high taxes of Barack Obama. Obama’s taxes weren’t high enough. On top of his taxes, they want to add the following:

Raise income taxes on the rich to 80%. Nevermind that “the rich” already pay three-quarters of all the taxes raised in America. And bear in mind “rich” is a moving target. Considering the average Venezuelan makes less than $500 annually, every American is rich. Venezuela is especially relevant because Venezuela’s economic system is what Democrats Bernie Sanders and Elizabeth Warren want our system to become.

Then there’s the asset tax. Actually the asset tax gives taxes a bad name. It’s actually a confiscation plan. Some Democrats suggest if a person has assets above a certain amount the government should take 1% to 2% each year.

And of course the transaction tax. The transaction tax applies anytime stocks are traded. The tax applies to 401(k)s, pensions, and any other stock transaction. And whether you lose money or not, the trade is taxed. 

And don’t overlook the new, not-yet-defined, Medicare-for-All tax. The candidates won’t tell us how much this tax will cost because it will be big -- at least as big as health care premiums today. But without the same high quality care, ready access to treatment, innovation in new technologies, and research into new medicines. In addition, the government will decide who receives what treatment and how much so if you get on the wrong side of bureaucrats or politicians, watch out. And let’s not forget these increased taxes will now pay the health care costs of illegal immigrants.

Even with all these new taxes, only about half of the Democrat’s promised plans can be funded. As a result, you can expect a host of new taxes they’re not even talking about yet. For example, the VAT -- a national sales tax on almost everything you buy. Other countries where governments pay for health care charge a VAT in the high teens — 15% or more. And the VAT applies at every stage of production. Building your house out of wood, pay the VAT on lumber. Using nails? Pay the VAT. Carpets, tile, cabinets, appliances? Mark it up 15% or more, all of it. That’ll be the case with everything made from flower pots to automobiles.

Third is regulation.

Like taxes, Obama’s job-killing rules and regulations on job creators wasn’t enough. Today’s Democrats won’t only restore Obama’s regulations in the first 5 minutes they’re in office, they’ll go further. A lot further.

Some want the government to have a say in who sits on corporate boards. No longer will the rule be that corporations must work in the best interests of their stockholders. The new rule will be that every business must do what’s best for “stakeholders” including customers, regulators, vendors, employees, and people who live nearby.  

This means as well that finance advisors, bankers, and stockbrokers would no longer be required to put their customers first; but all the other “stakeholders” around them.

Democrats are talking about breaking up large corporations with zero attention given to the value of their stock. They’ll hurt IRA’s, 401(k)s, pensions, and everything else.

Union controlled Democrats will also mandate that all road, infrastructure, and construction projects be staffed solely with union labor — raising costs and reducing efficiency.

But it won’t just be construction, unions will get greater control over education as well with fewer charter schools and fewer choices for families. Government bureaucracies will also grow as public employee unions gain power and influence.  

The net impact of all these new costs, taxes, and regulations will be the tanking of our once vibrant economy. More welfare, higher unemployment, rising inflation, less money in your pocket, and a lack of control over your own future.  

If you think the government can run your life better than you, then you haven’t been paying attention and so you might be right. But if you know better, then don’t let it happen.