What Tax Cuts for the Rich?

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Unleash Prosperity Hotline
Issue #1124
10/15/2024
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1) What Tax Cuts for the Rich?
This chart shows what happened to tax rates under the Trump tax cuts. You can see that virtually everyone across the income spectrum except the very lowest incomes - people who pay no income tax - got a rate cut.

Also, the lower rates were partially paid for by taking away lucrative deductions for the millionaires and billionaires living in blue states. Funny how the same liberals who cry "tax cuts for the rich" want to bring back the state and local tax deduction - for the rich (in blue states).
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For our money, we’d like to see this chart as a straight line at 19 or 20% across the income spectrum with no taxes owed for a family of four on the first $40,000 of income and no other deductions. Think flat tax.
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2) Google Goes Nuclear
Literally! We’ve been touting ([link removed]) the benefits of small nuclear reactors as a key part of our energy future (who needs windmills?) for years, and now big tech is taking our advice. Not so long ago, Silicon Valley was hyping renewables that have underdelivered. Now, Google and others see nuclear as a clean and practical way to meet the enormous power needs of AI and other emerging technologies.

We recently reported ([link removed]) that Microsoft is the principal customer for buying the power from Three Mile Island when/if it comes back online. Google is doing them one better. They are putting in the first big order for Small Modular Reactors, the next generation in nuclear technology:

The initial phase of work is intended to bring Kairos Power's first SMR online quickly and safely by 2030, followed by additional reactor deployments through 2035. Overall, this deal will enable up to 500 MW of new 24/7 carbon-free power to U.S. electricity grids and help more communities benefit from clean and affordable nuclear power...

By procuring electricity from multiple reactors -- what experts call an "orderbook" of reactors -- we will help accelerate the repeated reactor deployments that are needed to lower costs and bring Kairos Power's technology to market more quickly. This is an important part of our approach to scale the benefits of advanced technologies to more people and communities, and builds on our previous efforts.

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3) School Choice SAVES Taxpayers Money
One of the most persistent attacks on school choice is that the scholarships for poor kids to escape failing schools are too expensive and divert resources from public schools. But nearly every school choice program already enacted, spends less per pupil than the public school systems do according to a new EdChoice analysis:

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The report concludes:

We estimate that the 48 education choice programs studied here saved state and local taxpayers between $19.4 billion and $45.6 billion since their inception through FY 2022. This range represents $3,300 to $7,800 per student participant. Given that all 48 programs included in the analysis were running for at least five years by the end of FY 2022, the true impact is likely closer to the long-run estimate of $45.6 billion.

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4) California Bureaucrats to Air Force and Space X: Get Out of Our State

There's no better illustration of California's decline into woke and anti-business craziness than this: the California Coastal Commission voted to deny permission for Elon Musk's SpaceX and the U.S. Air Force to increase the number of launches planned at Vandenberg Space Force Base near Santa Barbara.

The rejection was based on petty politics, hidden by a fig leaf of regulatory concern. "We're dealing with a company, the head of which has aggressively injected himself into the presidential race," Commission Chair Caryl Hart said. Her colleague Mike Wilson railed against Musk's wealth and his social media platform, X. Former union official Gretchen Newsom (no relation to California's governor) railed against Musk "spewing and tweeting political falsehoods."

None of the objections had anything to do with putting rockets into orbit.

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The Commission's rejection strikes at a company that has revitalized California's aerospace industry. In 20 years, Musk turned his SpaceX startup into a $210-billion behemoth currently employing 13,000 Californians.

Before granting approval of SpaceX's plans, the CCC demanded the USAF agree to seven demands including more monitoring of the impacts of launches on a colony of local snowy plover birds.

Apparently, California politicians believe that these birds are of greater concern than our nation's national security.

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5) More on that "Scientific Consensus" on Climate Change
As Lee Haughen cogently argued on Watts Up With That?, the rise of Large Language Models (the popular chatbots like ChatGPT and Google Gemini) will further entrench scientific “consensus” - even when that consensus excludes those who dare challenge it. Climate change is a perfect example:

When LLMs are trained on vast amounts of data, their primary objective is to provide responses that align with established facts, most of which are based on widespread human consensus. But what happens when this consensus is wrong? What if the narrative that dominates the conversation is one-sided, incomplete, or even deceptive? In the case of climate change, the dominance of a singular perspective is not the result of an impartial, objective review of all evidence but rather the product of institutional biases, political agendas, and economic incentives.

Every major search engine and AI tool tends to default to sources such as NASA, the IPCC, and the United Nations--organizations that have become synonymous with the promotion of catastrophic climate change narratives. AI, in turn, reflects this consensus, presenting it as incontrovertible truth. In doing so, it stifles genuine debate and prevents alternative viewpoints from receiving fair representation. In reality, there are numerous scientists from a variety of disciplines--including climatology--who question the data, methods, and conclusions drawn by climate change alarmists. Yet their voices are often marginalized, and their work is frequently excluded from mainstream discussions.

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6) A Mug We Saw at a Federal Agency

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