Raising Taxes Again? Critics Say Democrats Risk Economic Backfire
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Democrats and the definition of stupidity. Yeah, I laugh because I said if the Democrats actually were to actually basically go along with the Bill Clinton or John F. Kennedy policies, they’d win a landslide, but they just can’t help themselves. mean, it is I’m sorry. I’m sorry. is dumb as a box of rocks.
Again, the way the polls look right now, it looks like they’re gonna sweep into power. But what does that mean as far as the future here? Total tax revenue, I’m gonna talk about this, total tax revenue across 50 states increased 43 % between 2019 and 2025. That’s twice as much as inflation.
But it’s not enough. Not enough. We more. We want more. So let’s go through all of these.
Absolutely moronic ideas that are being put forward and why don’t I call it the definition of stupidity? Definition of stupidity is doing the same thing over and over again expecting a different result Insanity stupidity, whatever you want to call it California service employees Union affiliate is sequent to quote seeking to qualify a referendum for the November ballot to impose a 5 % wealth tax on residents
with more than $1 billion in net worth. This includes stocks, illiquid stakes, and private companies, artwork, patents, and family trusts. The tax would even be levied on illusory assets. Silicon Valley investors who own super voting shares in a company would be taxed on their voting rights rather than the value of their shares. A startup founder could be required to pay tax on the 25 % of voting rights he controls
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even if he owns 5 % of the shares.
Again, I’ve explained how it’s beyond wealth taxes, one of the most unworkable tax on the entire, completely unworkable, not possible. You’re talking about crashing stocks, driving things down, it’s completely unworkable. Now Gavin Newsom, the governor, he opposes this. He says it’s gonna drive away billionaires and result in less income tax revenue. Well, yep, welcome to Florida. These six billionaires have already left.
But he says he’s now open to a national conversation about a wealth tax.
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wealth tax nationwide. Good luck with that. Actually, I think I might have mentioned this several weeks ago. The thing was the legislature in Holland passed it but at the last second they’re like, what the hell did we do? And I don’t know how they yanked it because they knew everyone was just gonna up and leave. It’s like, see ya, we’re moving to Greece now. And that’s what they would have done.
We’ve talked about Washington State, Washington State was once a zero income tax refuge for entrepreneurs like Jeff Bezos and Howard Schultz no longer. They passed a 9.9 % income tax on millionaires, despite a state constitutional ban on a graduated income tax. Again, started in 2022 when Democrats enacted a 7 print tax on capital gains exceeded 250,000 was disguised as an excise tax on asset sales.
Last year they raised the rate to 9.9 % on capital gains over a million. Now they’re extending the 9.9 % tax to all forms of income. Democrats included a sneaky provision that only adjusts for inflation every other year. And I’m to be honest, I said, clients in the state of Washington
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You’re welcome.
You got a Sam Kinnison, that thing, if you’re not familiar with the one of the greatest stand-up comedians of all time, Sam Kinnison, yeah, the whole bit about sending money to Africa. He says, don’t send them money, send them U-Hauls, move them to where the food is. You’re gonna have to move. You need to get out. The past few years, Democrats in Olympia have raised taxes on real estate sales, business gross receipts,
and estates to 35 % to 20%, to 35 % from 20 % while extending the state’s 6.5 sales tax to business services. New York. Yeah, they’re now the Democrats in Albany. Yep, hometown, Albany, New York. Income, corporate and real estate tax hikes to fund more welfare and public worker.
benefits, they want to raise the top state and local income tax rate to 15.9 % from 14.8. And the Senate wants to 15.3. Democrats also want to raise the state top corporate tax rate and let New York City raise its rate that would make the top business rate nearly 20 % in New York City.
And I’m going to be honest with you, at some point in time, at some point in time, you have to tell Niedermeyer, okay? You know Niedermeyer from Animal House there? Yeah. Assume the position. Whack. Thank you, sir, may I have another? Whack. Thank you, sir, may I have another? And I’m sure people are calculating this. But again, what happens, a lot of people in New York do, they’re like, you’re.
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It’s almost like boiling a frog slowly in water. You know, they just keep doing it and doing it and doing it and they take it. And then I go up there, I go up there and I visit, you know, family, friends, and all they do is complain. And I laugh. I said, move your ass. Move it. Again, I strongly suggest you haul Virginia. There’s another state that.
I don’t again. That’s it. They’re in a death spiral. You know, people think that there are it’s purple. No, it’s not. It’s going to get bluer and bluer and bluer because Washington, D.C. is going to continue to grow and grow and grow. And it creeps all into Virginia. Yeah. I elected a governor and she’s a centrist. Right. Sure she is. Again.
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Your choice. In Virginia, Democratic lawmakers want to use their newly gained control of the governorship to wallop high earners. One bill would impose a 3.8 % tax on investment income of taxpayers making more than $500,000, which would raise a top rate to 9.55. Another bill would create two new individual top brackets of 8%, starting at $600,000.
And 10 % more than a million. Yeah.
Do you think Abigail is gonna go against the Democrats in the legislature? No. No.
I don’t know tell you. Again, assume the position. Then there’s Congress. talked about this as well. Chris Van Hollen wants to add three new tax brackets on high earners, which would raise the top federal rate by 12 percentage points to 49%.
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49%. That’s not even with free healthcare here in this country.
You know how many Americans are up and Any idea? How many people are saying screw this? 49 % Okay, so You work the frie mean you January 1st January 4 to the middle of the year
You’re working for the government.
I want you to get your arms around that. You are working not for yourself. All those hours, all that time, you are working for the government.
Whatever. I’m sorry. I work way too freaking hard. No way. Cory Booker wants to raise the current 35 % tax bracket starting at 256,226 for individuals to 41%. And the 37 % bracket, which is above 640,243%.
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Good luck with that. Good luck with that.
At some point in time people will like, is this place worth it?
Is it really worth it?
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So yeah, I mean, people, small business owners, doctors, you know. You know how many people you’re gonna hit? of my people, I know my clients that, small business owners, doctors, surgeons out there. They’re like, screw this, I retire, I’m done, I’m out. It’s not worth it. But again, these are people that live in Washington, DC and we vote for them, it’s our own damn fault.
Anyway, donkeys and the definition of stupidity. Watchdog on wallstreet.com.
