Will Republicans Enact a Blue State Bailout? No Wonder They Are the Stupid Party

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Unleash Prosperity Hotline
Issue #947
02/01/2024
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1) Will Republicans Enact a Blue State Bailout? No Wonder They Are the Stupid Party
Republicans in the House are preparing to give another blue state bailout to benefit the richest residents of California and New York. We are talking about the scheme to DOUBLE the state and local tax (SALT) deduction on federal tax returns. Even the New York Times admits that the SALT deduction “primarily benefits the rich” in the highest tax states.

As the chart below shows, when the full SALT deduction was in effect, more than half of the benefits went to six blue states and almost one-third went to wealthy tax filers in California and New York – the nation’s highest tax states.

The SALT deduction is a terrible federal policy that only rewards states to raise their income tax rates because in-state residents get to deduct roughly one-third of the tax hike from their federal tax return. It punishes low-tax states.

Virtually no tax filers with incomes less than $75,000 would benefit from resurrecting this tax loophole – because few Americans with incomes below that level itemize their deductions. The biggest winners from this giveaway are those in the top 1% who live in Manhattan and Silicon Valley.

By the way, we thought Bernie Sanders and the Dems wanted to tax the rich, but apparently not the rich in their own states.

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2) John Podesta – Washington’s Fiercest Partisan – Replaces John Kerry as Climate Czar
John Podesta is a supersmart Democratic political operative. He’s a Dem. fundraiser par excellence with a special skill for funneling big bucks to liberal special interest groups. He also has no science background and knows nothing about climate change, except what he reads in the New York Times. So, we guess that makes him perfect to be the next Climate Change Czar in the White House. His job will be to oversee the nearly $400 billion that flows through Washington’s Climate Change Industrial Complex.

In this job he will be much more dangerous than the hapless John Kerry who jetted around the world giving solemn but silly speeches about how totally committed China and India are to ending their use of fossil fuels as they built scores of new coal plants. Kerry was a joke. Podesta is a political assassin. He has a single-minded mission to kill America’s fossil fuels industry.

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3) FTC Chair Lina Khan Continues To Conspire With Foreigners To Kill Mergers and American Jobs
Speaking of political assassins, we now turn to the anti-America exploits of Federal Trade Commission’s Lina Khan.

On Monday, a proposed merger between Amazon and iRobot (maker of the portable and popular Roomba vacuum) was called off. The European Commission had raised objections to the merger in recent months, though it’s worth noting that the more market-friendly United Kingdom did not object to the merger.

Where might the European Commission’s objections have come from? Here’s what the Commission said in a statement issued after the merger was scuttled: “During our investigation, we have been in close contact with the US Federal Trade Commission.” (That’s what is known as “saying the quiet part out loud.”)

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The day the merger died, iRobot announced it was laying off 350 of its employees, accounting for nearly one-third of its workforce. And while American workers suffer, the big winner is China, which already has about half of the world’s robot vacuum market.

Wait? Don’t we want America to dominate the coming AI and Robotics industries? Lina wants to hand it over to Europe and China.

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4) Memo to Ken Griffin: We Told You So!
We’re big admirers of Ken Griffin, who built the multi-billion dollar hedge-fund Citadel into a world-class financial company that employs thousands of Americans. Unlike most of his fellow financial services titans, Griffin is a right-of-center free market supporter. More importantly, he’s an enormously generous philanthropist with hundreds of millions of dollars in donations supporting symphonies, museums, food banks, shelters, and schools.

But one school he gave money to – that we begged him not to on these pages a little over a year ago – was a $300 million gift to the Harvard Graduate School of Business in 2022. We warned Ken that he was making a big mistake because A) the last thing Harvard needs is more money, and B) Harvard has turned into a hopelessly left-wing institution that is not retrievable.

As events of the last several months have demonstrated, we were more right than we could have even suspected.

Griffin now says he’s done giving to Harvard because it advances a leftist “DEI agenda” and is filled with “whiny snowflakes.”

Good, but this may be a day and a lot of dollars short.

Think about how much money he could have saved if he were simply reading the Hotline!

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5) OH NO! Two More Weeks of Taylor!

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