Unleash Prosperity Hotline #922

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Unleash Prosperity Hotline – Weekend Edition
Issue #922
12/22/2023, 12/23/2023, 12/24/2023
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1) CTUP Analysis Dons Cover of New York Post

If you define insanity as doing the same thing over and over again and expecting a different result, then New York politicians belong in an asylum.

After the passage of yet another tax increase in 2021, we published a study in which CTUP senior fellow E.J. Antoni and Steve Moore estimated that the higher taxes would cause more people to leave the Empire State.

https://committeetounleashprosperity.com/wp-content/uploads/2021/04/CTUP_OneMillionFewerNewYorkers.pdf

Two and a half years later, the New York Post highlighted the latest Census Bureau data showing that the population drain is in full swing and in line with those estimates. In the most recent 12 months’ worth of data, 217,000 more people left the state than moved in, equivalent to 1.1% of the state’s population.

This explains the predicted loss in congressional representation for New York that the new Census population numbers are pointing to as New York shrinks.

And can you blame people – especially the wealthy who pay the majority of the state’s bills – for fleeing? Between federal, state, local, and payroll taxes, the top marginal income tax rate in New York City is almost 60%. And they’re mostly fleeing to tax havens like Florida, South Carolina, Tennessee, and Texas – no surprise!

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2) EV Companies Are Careening Toward Bankruptcy

We’ve said it many times on these pages: if you want to kill an industry, have the government subsidize it.

You’d have thought the greens would have learned this lesson by now with three decades of hundreds of billions of dollars of wind and solar energy handouts. Yet the renewable energy sector is still nowhere near profitability and has made up almost no ground in replacing fossil fuels anywhere in the world least of all the U.S.

Now we have the government running the same game plan with EVs. The feds have plowed billions of dollars into EV factories. Many states and the federal government are setting dates that would require all new cars to be EVs. The feds and the states are spending billions more dollars on EV charging stations. You get a $7,500 check from Uncle Sam if you buy an EV.

Yet despite this mountain of freebies to juice EV sales, the Wall Street Journal reports that four of the most touted EV startups have all crashed this year.

The WSJ also points out that of 43 EV company startups, only FOUR have a positive cash flow.

Biden and the progressives keep calling government spending and corporate welfare programs “investments.” Someone please inform Joe that the government doesn’t “invest,” it mal-invests.

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3) Now This Is the Kind of Bold Leadership America Desperately Needs

It’s been just over 10 days since libertarian economist Javier Milei became Argentina’s president, and on Wednesday night he launched his latest “big bang” of reforms. Among the 30 proposals are:

Regulations preparing all state-owned companies for privatization
Deregulation of satellite Internet services such as Starlink
Eliminate price controls on healthcare plans
Allow foreign airlines to fly into and out of Argentina without restriction, and even fly domestic routes.
End rent controls
Repeal the laws limiting ownership of land by foreigners
Scrap supply laws that allow the government to set minimum and maximum prices and profit margins.

Some of Milei’s proposals can be done by executive order, others he will have to pressure Congress to enact.

What isn’t in doubt is his resolve to fundamentally alter Argentina’s anti-growth policies, which he likened this week to fascism. “The problem isn’t the chef, it’s the recipe,” he said. “Ideas that have failed in Argentina have failed all over the planet.”

Milei also addressed the protestors who filled the streets after his announcement on TV. “Some people suffer from Stockholm syndrome and are attached to the model that’s making them poor,” he said. He should come here and give this speech in San Francisco or Chicago.

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4) Virginia Gov. Youngkin Accelerates His Tax Cut Agenda

Last November, Virginia Governor Glenn Youngkin missed seeing Republicans take control of the state legislature by only a few hundred votes in the state House and 2,000 votes in the state Senate.

But that hasn’t slowed down his efforts to lower state taxes, which were cut by $5 billion in his first year in office. His new budget message calls for a 12 percent income tax cut for all Virginians as well as an end to the state’s property tax on vehicles. “This most hated tax belongs in your trash can, not your mailbox,” Youngkin told legislators. He promises to barnstorm the state to build pressure on vulnerable Democrats to pass his proposals.

Kudos to Governor Youngkin for continuing to promote pro-growth policies that are attracting job creators from all over the country!

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5) IRONY ALERT: Maine Vote on Banning Gas Cars Delayed by Power Outages

Was it a message from God?

Maine Governor Janet Mills has proposed that Maine adopt California's ban on all sales of internal combustion vehicles by 2035.

But just when the Maine Board of Environmental Protection was supposed to vote on the imbecilic plan, a winter storm caused widespread power outages in the state and the vote had to be delayed.

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6) We Wish You a Merry Christmas

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