Laffer and Moore: Trump Tax Cuts Soaked the Rich

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Unleash Prosperity Hotline
Issue #968
03/04/2024
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1) Laffer and Moore: Trump Tax Cuts Soaked the Rich
So much for "tax cuts for the rich"! As Art and Steve explain, the tax share of the rich jumped under the Trump tax cuts, as expected based on the historical record:

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When Ronald Reagan was elected president the top income tax rate in the United States stood at 70%.

The wealthiest 1% of tax filers paid roughly 19% of the income tax.

When Reagan cut that rate to 50% and then all the way down to 28% in 1987 (a tax reform that nearly every senator — including Al Gore, Ted Kennedy and Joe Biden — voted for), the share of taxes paid by the rich rose to 25%.

Think about that: When the highest tax rate was 70%, the rich paid less than 20% of the tax burden.

With today’s tax rate of 37%, the top 1% pay almost half of all income taxes.

And when the top tax rate stood at 91% in the early 1960s, before the Kennedy tax cuts, the top 1% paid only 15% of the taxes.

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2) BlackRock’s Larry Fink Backing Off ESG
Maybe Larry Fink is a Hotline reader, or maybe he’s paying attention to our annual report card “Putting Politics Over Pensions,” ([link removed]) but what is undeniable is that BlackRock is in retreat on climate craziness. That’s a remarkable turnaround in 18 months - given that Fink was the leader of this whole CEO movement.

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Our soon-to-be-released updated report card finds that on the most recent batch of ESG shareholder resolutions, BlackRock rejected most of the radical anti-fossil fuel proposals.

The firm with trillions of dollars of their clients’ money under management, is no longer trying to steer corporate behavior away from profitability, which in our view was actively destructive of shareholder value. Here is the way The Wall Street Journal reported this change in focus:

After crusading for years for investment funds and companies to take into account environmental, social and governance factors, Larry Fink has purged the letters from his vocabulary….

Fink retreated after a backlash from conservative pundits [including yours truly] against “woke capitalism” made the term politically toxic. Furthermore, he faced criticism, even in the finance industry, from people who said he was moralizing, playing God and stepping beyond BlackRock’s fiduciary duty to maximize financial returns for clients.

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When we asked a BlackRock executive about the decision to downplay the radical climate agenda, the response was: “It’s just good business. Larry is in the business of making money.” We can live with that – but we will also keep an eagle eye on them at the same time.

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3) University of Florida Axes All DEI Staff
Another big win for Ron DeSantis. Here is the official announcement:

To comply with the Florida Board of Governor’s regulation of prohibited expenditures, the University of Florida has closed the Office of the Chief Diversity Officer, eliminated DEI positions and administrative appointments, and halted DEI-focused contracts with outside vendors.

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AP reports that the move lays off 13 full-time DEI staffers and ends DEI administrative appointments for 15 other faculty. The new law ends DEI programs at all other Florida public colleges and universities too.

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DeSantis again shows why he’s America’s Governor. Now he should dedicate the dollar savings to reduce tuition costs at Florida universities.

We hope other red states do the same.

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4) The Swamp to the Rescue: Democrats Scheming To Use Taxpayer Dollars to Re-Elect Biden
Yes, this is of course illegal, but that never stops Democrats in their quest to retain power.

Last week, Vice President Kamala Harris held a closed-door meeting with left-wing voting activists and then announced a “four-part strategy” to use the full force of the federal government to create a voter turnout operation that’s designed to aid Biden’s re-election.

The Education Department will use work-study funds to pay students for ‘get-out-the-vote activities, voter registration … or serving as a poll worker.’

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The Department of Homeland Security will register voters during naturalization ceremonies, something private groups used to do.

All of the Social Security Administration’s 1,200 offices and all national parks will display signs urging voter registration.

And liberal groups are working directly with federal agencies on voter registration, including the Department of Agriculture, which was exposed in memos obtained by Judicial Watch.

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A 2022 directive from the Education Department makes clear that federal work-study funds “cannot be used…for work involving partisan or nonpartisan political activity, including party-affiliated voter registration activities.”

Now the agency says it misread the law and will allow the hiring of an army of college students using taxpayer dollars to get out the vote. At the same time, the Education Department is suggesting universities provide drop-box locations and early-voting sites for students.

You can watch this video and see what the Democrats’ scheme is here:

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5) The Fastest Growing Component of Federal Budget: Fraud
An analysis by the Heritage Foundation finds erroneous payments by programs from Medicare to Medicaid to Food Stamps to the Covid PPP payments have grown more than 500% over the past 16 years. Improper payments grew at twice the pace of all payments meaning fraudsters are getting away with more tax dollars than ever before.

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How much does this add up to? The Government Accountability Office estimates $200 billion in 2022. Health care, food stamps, and unemployment benefits are the biggest blundering agencies.

Someone needs to tell Bernie Sanders that before he calls for new “soak the rich” taxes, how about finding the fraudsters and getting our money back?

GAO: $200 Billion in Overpayments

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6) In Commander's Defense...

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