Elizabeth Warren doesn’t seem to know that France’s wealth tax caused a REDUCTION in tax revenues

This is what the Washington Post wrote about France’s wealth tax:

http://www.washingtonpost.com/wp-dyn/content/article/2006/07/15/AR2006071501010.html

Old Money, New Money Flee France and Its Wealth Tax

July 16, 2006

Eric Pinchet, author of a French tax guide, estimates the wealth tax earns the government about $2.6 billion a year but has cost the country more than $125 billion in capital flight since 1998.

Anyone who looks at the above numbers would know that all of that capital flight means less income tax, less capital gains tax, less sales tax, less social security tax, and less of many other taxes too. Whatever tax revenue France gets from its wealth tax is more than dwarfed by the reductions in other taxes.

And Warren’s proposed wealth tax rate is actually higher than France’s, so its potential for harm is actually bigger as well.

That doesn’t sound like a good idea for anyone who wants to increase the amount of tax revenue that gets collected by the government.

On the other hand, if Warren’s real goal is to appeal to Democratic primary voters who feel envy and jealousy, and who don’t understand math or the concept of capital flight, then her proposal is a brilliant strategy. Her horrible proposal could very well get her elected President in 2020.

January 28, 2019. Tags: , , , , , , , , , , , , , . Economics. Leave a comment.

Liberal Rebecca Watson explains why it’s OK that rich kids will get to see new episodes of Sesame Street nine months before poor kids

In this video, liberal Rebecca Watson praises HBO for funding new episodes of Sesame Street, which it will let PBS air for free after nine months. The number of new episodes produced per year is also getting bigger because of this deal with HBO.

I agree with Ms. Watson that this is a good idea. She admits that rich kids will get to see the new episodes nine months earlier than poor kids, but also says that this is not a problem. I praise her for seeing this as a win-win situation instead of as a class-warfare type thing. I wish more liberals shared her way of thinking.

I myself grew up watching Sesame Street, Mr. Roger’s Neighborhood, The Electric Company, 3-2-1 Contact, and other educational shows on PBS, and I am definitely a better person for having done so. Perhaps this makes me a “bad” libertarian, but I can’t think of any practical reason to oppose government funded public television. In theory, libertarians such as myself are supposed to be against it. But I believe that in this particular case, real world evidence proves that the theory is wrong. The financial cost of public television, as a percentage of the federal budget, has always been trivial, and the educational benefits of public television over the decades have been enormous. I am glad that I, as well as millions of other people, watched it when we were children, and if that required the use of taxpayers’ money, then so be it.

https://www.youtube.com/watch?v=S_6MS3QDnOI

 

August 27, 2015. Tags: , , , , , , , , , , , , , . Education, Politics, Television. 2 comments.

Ignoring history, Obama falsely claims that raising the capital gains tax yields higher tax revenue

The Washington Times recently reported:

Obama’s State of the Union speech to include $320B tax hike proposal

President wants capital gains rate, bank fees raised

President Obama will propose $320 billion in higher taxes in his State of the Union address, mostly by raising the rate on capital gains and closing tax loopholes for wealthier families, senior administration officials said Saturday.

Previewing Mr. Obama’s State of the Union address to Congress on Tuesday night, aides said the president will propose raising the top tax rate on capital gains to 28 percent, from the current 23.8 percent (20 percent, plus a 3.8 percent tax on unearned income to fund Obamacare) for individual taxpayers with an adjusted gross income of $200,000 or more.

Obama is ignoring the fact that in the real world, raising the capital gains tax in the past has resulted in lower tax revenues.
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January 24, 2015. Tags: , , , , , , , , , , , , , , , , . Barack Obama, Economics, Politics. 4 comments.

French politicians think Amazon, Google, and Facebook were created by government bureaucrats

When it comes to successful American internet companies such as Google, Amazon, and Facebook, the French government wants the European Union to  “level the playing field,” and thinks that government regulation is needed to “allow the emergence of alternatives in Europe to U.S. Web giants.”

What idiocy.

American internet companies did not become successful due to an “uneven playing field,” or because of U.S. regulations that “allowed the emergence” of successful internet companies. Instead, American internet companies became successful because they created great websites that gave their customers what the customers wanted.

All the regulations in the world won’t give France a single successful internet company. Successful internet companies are created by entrepreneurs and programmers, not by government bureaucrats.

Reuters reports:

France calls for EU to regulate Web giants to counter dominance

France is pushing for the European Union to regulate global internet companies like Google, Amazon.com, and Facebook more aggressively, to counter their growing dominance over online commerce and services.

In an interview published by Liberation newspaper on Thursday, France’s minister for the digital economy, Fleur Pellerin, said Europe needed new regulatory powers to intervene much earlier, to level the playing field in the internet economy and allow the emergence of alternatives in Europe to U.S. Web giants.

She said Europe needed to be able to act quickly, as soon as problems are identified, rather than getting tied up in lengthy and costly disputes that did nothing to help consumers.

“The current tools of competition law are totally unsuited to the fast-changing world of the Internet,” Pellerin said in the interview conducted in French. “To get out of this impasse, Europe needs a regulatory authority to act on an ex-ante basis, as soon as conflicts and abuse emerge on the part of internet platforms.”

September 20, 2013. Tags: , , , , , , , , , , , , , , , . Police state, Politics, Technology, War against achievement. 1 comment.

Oh boy – just what I always wanted! 57 rules for looking good in a $10,000 men’s suit!

The Yahoo! homepage recently featured this article called “The complete guide to suits: 57 rules of style.” It states:
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October 16, 2012. Tags: , , , , , , , , , , . Humor. Leave a comment.