In our previous Substack post highlighting Dr. Jerome Corsi’s The Little Red Book of Democrat Socialist Lies: The 2020 Presidential Election Edition, we exposed the movement is to demonize hydrocarbons, the very materials God blessed us to use in all facets of modern life while maintaining the earth. We move on to the Left’s assault on successful people of a different worldview: “Tax the Rich!”
“I want to make it clear – this is supposed to be the party of the working people. Yes, we’re supposed to be for 70 percent tax rate on the wealthy. Yes, we’re supposed to be for free college, free public college, for our young people. We are supposed to break up big corporations when they are not serving our democracy.”
New York Mayor (and multi-millionaire) Bill De Blasio, Democratic Debate, First Round, in Miami, Florida on Night 1, June 26, 2019
“So, for every family that is making less than $100,000 a year, they will receive a tax credit that they can collect $500 a month, which will make all the difference between those families being able to get through the end of the month with dignity and with support, or not. And on Day One, I will repeal that tax bill that benefits the top 1 percent, and the biggest corporations of America.”
Senator (and multi-millionaire) Kamala Harris, Democratic Debate, First Round, in Miami, Florida, on Night 2, June 27, 2019.
“If you heard anything about me and my campaign, you’ve heard that someone is running for president who wants to give every American $1,000 a month. I know this may sound like a gimmick, but this is a deeply American idea, from Thomas Payne to Martin Luther King to today … So, let me do the math. On $1,000 a month for every adult would be $461 million every month right here in Detroit alone.”
Democratic Presidential Candidate (and multi-millionaire) Andrew Yang, Democratic Debate, Second Round, in Detroit, Michigan, on Night 2, July 31, 2019.
All the Democratic Party candidates for president in 2020 have adopted one form or another of the traditional socialist solution, namely, TAX THE RICH, to reduce the tax burden on low- and middle-class taxpayers and to finance the massive and expanding social welfare programs.
While the schemes vary in design, the goal of income redistribution is the same. Mantra-like, each Democratic candidate for president in 2020 rails against the Trump tax cuts as benefiting only the top 1 percent of taxpayers, while the Democrat socialists aim to tax “the wealthy” even more heavily, with a promise to redistribute the money to “the poor.” The most ambitious tax plan has been proposed by lawyer, entrepreneur, and philanthropist Andrew Yang, the founder of Venture for America, a nonprofit aimed at creating jobs in American cities. Yang proposes to create a universal basic income plan, known as a UBI, providing every American over the age of 18 a government check amounting to $1,000 per month. At another extreme, New York Mayor Bill De Blasio who proposes on his website TaxTheHell.com to “tax the hell out of the wealthy” with a confiscatory combined top tax rate of 70 percent on those who make over $2 million in income.
Sen. Kamala Harris has proposed a more complicated middle-class tax cut plan called “Livable Incomes for Families Today,” or LIFT, in which the federal government would pay tax credits of $6, for married couples earning up to $60,000 a year, with a $3,000 tax credits for single filers making up to $30,000 and single parents earning up to $80,000. Harris would phase out the tax credit at a rate of 15 percent for single workers without children in the range of $30,000-$50,000. For married couples, the credit would phase out from $60,000-$100,000, and for single workers with children the credit would phase out from $80,000-$100,000. The tax credit would not apply to taxpayers earning more than the higher limits ($50,000 for single filers, and $100,000 for married couples and single filers with children). Harris’s plan would allow taxpayers eligible to receive the tax credit on a monthly basis, up to $500 per month.
The Harris tax credit would be paid in addition to other tax credits, such as the Earned Income Tax Credit or the Child Tax Credit. For low- and middle-income households, the refundable tax credit would cut 2019 taxes by an average of $3,200 or 1.8 percent of after-tax income. Harris proposed to pay for the tax credit by repealing the provisions of the Trump 2017 tax cut that benefited those earning more than $100,000 and by placing a fee on financial institutions. The downside is that Harris’s LIFT plan would reduce federal revenue by an estimated $2.8 trillion over the next decade and by $3.4 trillion over the following 10 years.
Democratic Socialist Candidates Who Are Millionaires
Ironically, almost all the Democratic candidates running for president in 2020 are millionaires.
Sen. Kamala Harris
In 2018, Sen. Harris and her husband, lawyer Douglas Emhoff, reported about $1.9 million in adjusted gross income. On a separate 2018 Senate financial disclosure form, Harris disclosed that she and her husband had between $2.5 million and $5.8 million in assets, held mostly in mutual funds, along with bank accounts and retirement plans. Forbes estimates that Harris and her husband have a combined net worth of $6 million. “Senator Harris married lawyer Douglas Emhoff in 2014, creating a California power couple,” Forbes reported. “Since then, they have raked in $8.2 million – most of it from Emhoff’s work at law firms Venable and DLA Piper.” Forbes also reported the couple owns homes in Los Angeles, Washington, D.C., and San Francisco, worth a combined $5.8 million before debt.
Communist Senator Bernie Sanders is the ultimate Leftist hypocrite
Forbes commented that the socialist senator, Bernie Sanders, is “a pretty successful capitalist.” Forbes listed Bernie Sanders’ net worth at $2.5 million. Forbes.com noted that after running for president in 2016, Sanders “inked three lucrative book deals that have brought him more than $2 million so far, catapulting him into the top 1 percent.” Forbes also noted that since the 2016 election, Sanders paid $575,000 in cash for a northern Vermont summer home (that he bought less than two months after the 2016 presidential campaign ended) and paid off a 30-year mortgage on his Burlington, Vermont, house – 25 years early. Forbes noted the real estate advertisement on the Sanders vacation home described the property as “a tranquil, four-bedroom, three-bath home with 500 feet of shorefront access on Lake Champlain, 50 minutes north of Burlington. In addition, Sanders owns a row house in Washington, D.C., a short walk from the Capitol, that he bought in 2007 for $489,000. Forbes estimated that Sanders still has around $350,000 in an outstanding mortgage on that property.
Fallacy of Typical “Tax the Rich” Socialist Mantra
The fallacy of the worn-out socialist mantra to “tax the rich” is that those with higher incomes are already paying a disproportionate share of all income taxes. The Tax Policy Center created by the Urban Institute and the Brookings Institute reported that in 2018, approximately 44 percent of Americans paid no individual income taxes. These involve lower-income taxpayers who owe no federal income tax because they are excluded through a combination of personal exemptions, the standard deduction, zero bracket amounts, and, more recently tax credits. The Tax Policy Center found the passage of the Trump tax cut actually added 2 percent to the total percentage of those paying no income tax, a result of the Tax Cuts and Job Act (TCJA) increasing the standard deduction and expanding the Child Tax Credit (CTC). In contrast, the Tax Foundation points out that the top 1 percent of U.S. taxpayers still pay some 20 percent of all federal income tax, with the top 50 percent of all taxpayers paying 97 percent of all individual income taxes, while the bottom 50 percent paid the remaining 3 percent. These statistics leave no doubt the U.S. individual income tax system is already heavily progressive.
Do those dots connect? You decide.
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