Chase and State Street Quit Climate Club, but...

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Unleash Prosperity Hotline – Weekend Edition
Issue #958
02/16/2024, 02/17/2024, 02/18/2024
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1) What “Trump Tax Cuts for the Rich?” the Wealthy Paid More Taxes, Not Less
Yesterday’s Hotline reported the surprising news that the richest one percent of Americans now pay a higher share of the income tax burden than ever before.

This new data tells something else surprising: the Trump tax cuts led to the rich paying more not less of the tax burden.

Prior to the Trump tax cut the richest 1% paid roughly 40% of the income taxes. Now they pay more than 45%. This really isn’t all that surprising. The chart also shows that the top 1% paid more of the tax burden after Reagan cut the highest income tax rate from 70% to 28%.


Will these facts stop Joe Biden from whining about the Trump tax cuts “for the rich?” Of course not.

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2) Climate Change Coalition Cracking Up
Here’s the headline from Reuters in case you haven’t seen it:

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This is a gigantic blow to the radical global green agenda as it removes at least $14 trillion managed by these firms from the UN’s anti-fossil fuels control. Four of the largest money management firms in the world – including Vanguard, which never joined the climate coalition in the first place – are now nonparticipants in the “Climate 100” movement.

The firms will bring their climate change investment strategy in-house, and that could still steer them toward the left’s ESG agenda.

But we were cheered to hear these firms argue that they must follow their fiduciary duty to their shareholders. That’s what we have been urging in our highly-publicized report “Putting Politics Over Pensions” ([link removed]) . It grades investment houses on how often they ignored their fiduciary obligation to get the best returns possible for their shareholders, instead pursued the green agenda, including UN climate alliance protocols.

The Sierra Club is fuming that State Street and the others “have caved under pressure” from groups like CTUP.

That’s about the nicest thing anyone has ever said about us.

Our next report card on the ESG agenda of the investment firms will be out in a few weeks.

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3) Beware the Coming Economic Storm
From CTUP advisory board member David Malpass:

Whoever is inaugurated next January will face a perfect storm. The suspension of the debt limit expires Jan. 1, threatening another bad deal to avoid default and government shutdown. This year’s spending bills will likely be extended just long enough to kick the can into 2025, forcing a budget battle that only the swamp could enjoy. Tax rates will rise at the end of 2025 unless Congress and the president can agree to extend some of the expiring provisions in the 2017 Tax Cuts and Jobs Act. Equally daunting, progressive regulatory activism will also peak in 2025."

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4) New York Is Not Taking Your Gas Appliances – Just Cutting Off the Gas to Your House
Remember how many times New York Governor Kathy Hochul and her Democratic allies said that their gas stove ban was only for new appliance sales, and you'd be able to keep the stove you already have?

They are still SAYING it, but Politico got a copy of their actual plan and it includes involuntary termination of residential gas service to some homes. So you can keep your gas appliances – you just can't have any gas to operate them.

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5) Who Do You Trust to Make Better Investment Decisions? Elon Musk or Chucky Schumer?

Elon says some crazy things sometimes, but his provocative point about why soaking the rich with taxes can be counterproductive for the economy and workers makes a lot of sense to us.

MUSK: “It does not make sense to take the job of capital allocation away from people who have demonstrated great skill in capital allocation and give it to, you know, an entity that has demonstrated very poor skill in capital allocation, which is the government. I mean, if you think of the government essentially as a corporation in the limit, the government is simply the biggest corporation with the monopoly on violence and where you have no recourse. So how much money do you want to give that entity?”

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6) When you put it that way...

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