Is a 90% Tax Rate in France's Future?

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Unleash Prosperity Hotline
Issue #1056
07/09/2024
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1) Is a 90% Tax Rate in France's Future?

We're still trying to make heads or tails out of the French election returns, but the left-wing, New Popular Front, won the largest number of seats in Parliament and thus could dominate a governing coalition. The alliance is still being formulated – and how far to the looney-tunes-left they can take policy is an open question.

But here's a headline from the London Times that should leave every investor somewhere between jittery and apoplectic:
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According to the story: "The programme features a 90 per cent tax rate on annual income of over €400,000, a reduction in the retirement age from 64 to 60, a block on the price of "essential goods", a 14 per cent increase in the minimum wage and spending commitments of at least €150 billion over three years."

Eric Coquerel, a leader of one of the New Popular Front says that the tax would "not be considered confiscatory" because it would only have an impact on "the highest portion of a taxpayer's income."

So much for liberté.

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2) CTUP Study: If Politicians Kill Nippon Merger With US Steel, China Wins
The report underscores ([link removed]) the economic benefits of the $14.9 billion deal, highlighting the positive impacts on American workers, shareholders, and the steel industry's future.

The chart below (taken from the study) shows that when the deal was announced, the stock catapulted in value, then when Biden came out against it, the value of the company tanked.

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Japan is one of our closest allies, hosting more U.S. military personnel and bases than any other country. This deal poses no credible threat to our national defense, and in the unlikely event of future hostilities, national defense authorities could be invoked then, proving there is no need to use them now.

The analysis also counters arguments for alternative measures like tariffs and subsidies, pointing out their historical ineffectiveness in reviving the steel industry. It emphasizes the technological advancements and productivity gains that Nippon Steel's investment will bring, benefiting not only U.S. Steel but the broader American manufacturing sector.

Worst of all, China is trying to take over the world steel industry (right now it has captured 50% of the market), so if the deal is killed, Beijing's monopoly ambitions are strengthened.

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The full report is available here:

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3) Now Even Leftist Economists Agree Biden's Inflation Is a Calamity
Modern Monetary Theory is an idea cooked up by progressives that gave Biden an intellectual defense for his $4 trillion spending spree.

This has turned out to be a farcical idea. Joe's spending spree ignited a 9% inflation outburst and has already added more than $2 trillion of interest expenditures to the federal ledger over the next decade. That's an economy-crippler.

Warren Mosler, the hedge fund manager who is the intellectual godfather of MMT, says the wheels have come off. He now complains to Bloomberg News that Biden and Congress have spent like "a drunken sailor." He's now worried that the "toxic mix" of deficits and debt could crash the economy.

Now he tells us!

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4) Biden Isn't the Only Washington Politician Who's Too Old
Senate Democrats, led by Mark Warner of Virginia, tried to organize a meeting to discuss Biden's infirmity on Monday night, but quickly canceled it after word leaked.

No Democratic senator is openly calling on Biden to drop out of the race because of his age.

One reason is that we have some ancient Senators roaming the halls of the Capital, who are well past their prime. The average age of Senators is now 65, up from 62 years as recently as 2017. In other words, half are beyond normal retirement age.

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Senators are used to seeing colleagues linger too long on the political stage – most recently the late Dianne Feinstein of California.

The Senate is starting to resemble an assisted living center.

Mike Kim, the owner of Grubb's Pharmacy in Washington, told STAT News in 2017 that he routinely ships medication for Alzheimer's Disease and other forms of dementia to members on Capitol Hill through a contract he has with the Office of The Attending Physician of Congress.

"It makes you kind of sit back and say, 'Wow, they're making the highest laws of the land and they might not even remember what happened yesterday,'" Kim said.

So if Joe has to go because of his failing mental health, Senators should line up for the cognitive test.

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We have long advocated term limits and an age ceiling of 75 for candidates for Congress and the Supreme Court (for all new appointments).

It turns out the voters agree with us. Two-thirds of U.S. adults back an age ceiling on candidates for president and Congress and a mandatory retirement age for the Supreme Court.

The combination of term limits and age limits would make for a better Congress and Supreme Court. The founders should have put this in the Constitution – and now is the time to fix one of their few mistakes.

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5) White House Opposes Banning Non-Citizen Voting
We've often cynically suspected that Biden is letting many millions of illegal immigrants into the country in order to expand the Democrat voter base. Now we have confirming evidence.

The House is expected to vote this week on a bill called the SAVE Act that would require proof of US citizenship to vote in federal elections. The White House issued a statement of strong opposition, and claims that non-citizen voting doesn't exist:

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But under current federal law, states can require proof of citizenship for state and local elections but not for federal elections, leading to the absurdity that "federal only" ballots are provided to voters who cannot prove US citizenship:

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Elon Musk has issued a flurry of supportive X posts, which will drive a lot of attention to this week's House vote on the bill.

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6) Nightmare on Pennsylvania Avenue

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