End ALL Tax Deductions

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Unleash Prosperity Hotline – Weekend Edition
Issue #1026
05/24/2024, 05/25/2024, 05/26/2024, 05/27/2024
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In honor of those who paid the ultimate price for our freedom, we will not have a Hotline on Monday. We are so grateful for the incredible sacrifice and will always remember. Have a great Memorial Day weekend!

1) End ALL Tax Deductions
Regular readers of the Hotline know we are fanatical advocates of the flat tax. Our co-founder, Steve Forbes, was the first major presidential candidate to run on the idea.

The case for the flat tax is stronger today than ever before, because of an often overlooked shrewd tax simplification feature of the Trump tax cut. That bill doubled the “check the box” standard deduction from $12,500 to $25,000 a year. As a consequence of this generous standard deduction, only a small percentage (13% of tax filers) itemize deductions on their tax filings, down from one-third before the Trump tax reforms.

The chart below shows that very few Americans except for the rich itemize deductions anymore. The major write-offs are those for mortgage interest, charitable contributions, and state and local taxes (which are now capped), and medical expenses.

Since for all intents and purposes, only the rich itemize, why not wipe out all deductions, and then lower the top tax rate to somewhere between 21 and 25%?

This would make taxes easy for all to calculate and increase economic growth by reducing the economic distortions of higher tax rates.

Why hasn’t this obvious solution happened? The answer is that this would risk putting tax accountants, lawyers, and IRS agents out of work. Would that be so bad?

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2) Millionaires Now Pay Nearly 40% of the Income Tax
New tax data from the Joint Tax Committee shows that no developed country relies more on the rich to pay the tax burden than the United States. Millionaires make up 0.6% of all tax filers but pay just short of 40% of the income tax.

Can we dispense with the "fair share" lie yet? No, millionaires are not paying lower tax rates than their secretaries.

Less that 1% Pay 40% of the Income Taxes.
The Biden White House calculation defines “income” of the rich as — we're not kidding — the change in net worth on the Forbes 400 list from last year to this year. This is a prelude to their dangerous and unprecedented tax scheme to tax unrealized capital gains. Did your stock portfolio, your farm, or your business rise in value last year? Get ready to pay a hefty tax bill!

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3) Let ‘Em in, Let ‘Em Vote
Oh, now we get why Liberals don’t want to control the border. They think the 6 to 8 million illegal migrants will vote for them.

Yesterday, House Republicans got Democrats on the record for or against the growing movement to allow non-U.S. citizens to vote in local elections.

We’ve noted that several cities from San Francisco to New York have recently sought to allow non-citizens the right to vote, claiming they deserve to participate in decision-making. Starting this year, Washington D.C. will allow ANY adult who has been a resident for 30 days and claims they don't vote anywhere else, to vote in local elections. That includes illegal immigrants.

A federal court upheld the law in March, leading Republicans to move against it. Eleanor Holmes Norton, the D.C. Delegate blasted the bill's sponsors as “paternalistic,” but seven members of the Congressional Black Caucus – including Jesse Jackson Jr. of Illinois – disagreed with her and supported it. A total of 52 out of 212 Democrats voted against the leadership of their party on the issue.

In all, 143 House Democrats voted NOT TO OVERTURN the DC law. Here is the list of shame in alphabetical order:

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Summarizing the academic literature, the website Just The Facts concluded this year that:
* non-citizens have ample openings to illegally vote.
* roughly 10% to 27% of them are registered to vote.
* about 5% to 13% of them vote in presidential elections.

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While it is illegal for all non-citizens to vote in federal elections, enforcement is variable at best. Does anyone believe that in Philadelphia, Detroit, or Milwaukee there aren’t precincts that are sometimes 90% Democrat where illegals aren’t voting? If only 10% of the illegal immigrants in swing states are voting, this could decide the election – for the left.

Can you think of a greater “danger to our democracy?”

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4) Even Portland, Oregon Voters Want Law and Order
Ever since the Black Lives Matter riots consumed Portland, Oregon in 2020, the city has had a reputation as an ungovernable mess, with businesses fleeing as crime, fentanyl use, and homelessness have soared.

Voters finally got a say in stopping this and boy did they kick @$$.

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Mike Schmidt was elected Multnomah County prosecutor with the backing of George Soros-linked progressive groups just weeks before the 2020 riots, and he immediately became a poster child for “woke” criminal justice.

His office rejected 82% of protest-related cases between 2020 and 2022. Business owners took this as the county’s top prosecutor encouraging lawbreaking.

Good news, Nathan Vasquez, a longtime prosecutor in Schmidt’s office in Multnomah County, ran on fighting crime and Vasquez won—defeating Schmidt.

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Progressives also lost Democratic primaries in two Portland-area Congressional districts to more moderate candidates. In one, the left-wing standard bearer was Susheela Jayapal, sister of Rep. Pramila Jayapal, head of the Congressional Progressive Caucus.

Schmidt is the latest progressive DA to be ushered out of office. Two years ago, San Francisco voters recalled reformer Chesa Boudin, and the top prosecutor in Chicago, Kim Foxx, retired and was replaced by a tough-as-nails judge.

The next stop in the drive to oust radical DAs is in California where both Oakland and Los Angeles County will see Soros-backed prosecutors facing potential defeat.

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5) Ladies and Gentlemen: Meet Your Latest Biden Judicial Nominee
Sarah Netburn, Biden's nominee to be United States District Judge for the Southern District of New York, is currently a magistrate judge. In that capacity, she granted a request by a transgender biological male with male genitalia and a convicted child rapist (and molester of a nine-year old boy) to be placed in a women's prison.

These Biden people are getting more demented by the day. Kudos to Senators Cruz and Kennedy for dismantling this awful nominee.

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6) Night and Day

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Steve Moore's radio show, "Moore Money", has just been extended an additional hour on the world-famous 77 WABC in New York City. Each Saturday from 1-3 PM, Steve does a round-up of some of the most popular Hotline items, delivers hard-hitting interviews, and chats with the audience.

Listen along on Saturdays (tomorrow) starting at 1 PM ET.

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