Thursday, June 27, 2024

Tax the Rich


Few individuals have been more integral to the Obama-Biden project to “realign” the U.S. with Iran and strengthen the Middle East theocracy – at the expense of Israel, America’s Sunni Arab allies and partners, and U.S. national interest – than Rob Malley.
The lead negotiator behind President Obama’s signature Joint Comprehensive Plan of Action (JCPOA), Malley was brought back into the fold when Joe Biden came entered the Oval Office. Biden tabbed Malley as Iran special envoy to resurrect that nuclear deal. Last summer, however, the longtime progressive foreign policy hand suddenly had his security clearance revoked and was placed on unpaid leave while under investigation by the State Department and FBI for potentially mishandling classified information.
Huh?

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China is expected to emerge as the world's largest economy before 2030, with India becoming the third-largest by 2050. Both China and India are likely to surpass the United States, which is currently the largest economy in the world. The EU's share of the world’s GDP is projected to drop below 10%.

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A sexual assault lawsuit filed against Dallas Cowboys quarterback Dak Prescott earlier this year has been dismissed because it 'lacked merit'.

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Tax the Rich

The concept of "raising taxes on the wealthy" packs a lot of notions into a deceptively short phrase--like "small cancer" or "local insurgents." Taxes remove money from very interested individuals and give it to casual, inefficient groups. Could the government ever be a successful venture capitalist? Run a successful charity? Even build a specific project without the protection of a monopoly? The answer is no because the government has too many mouths to feed, too many debts to pay, too many cross-purposes to cross. The government is a huge crazyquilt of competing factions, influence peddlers, friends, and relatives--and these are just the legal conflicts with the task at hand; not even considered are the thefts, criminal inefficiencies, payoffs, and errors of commission and omission of the amateurs, hacks, and idiots involved.

Anyone who thinks taxes result in a redistribution of wealth does not admit that the redistribution occurs long before the target group ever sees the residual. The government tax system is a huge disassembly line where money goes in and is removed at every intervening station along the way until the tiny amount remaining dribbles out at the end. It is a huge game of Telephone where the outcome is nothing like the planned input. So rather than the interested individual spending his money--and benefiting those he invests in or pays--in an efficient and targeted way, his money, when taxed, dissipates along the channel and becomes lost, like the "broken window theory" where the power and advantage of commerce barely keep up.

Any tax, regardless of whom, removes money from investment and commerce in the system and dampens commercial development. That is a tax on everyone. Whether you want to subsidize those parasites along the way is another question.

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