VIDEO AND ARTICLE
The “broken-windows” school of policing says that you can help maintain public order by taking care of even small examples of disorder—such as fixing broken windows. Liberals scorned that policy in the last decade as somehow racist. Well, in recent days we’ve learned that America’s left does have a broken-windows policy: Let rioters break enough windows and loot enough stores and maybe their righteous anger will be satisfied.
That’s certainly how it looked when the June sun rose Tuesday over the broken glass, looted storefronts, burnt-out cars, and vandalized buildings in New York, Philadelphia, St. Louis, Madison and other American cities. Public officials let rioters exploiting the memory of George Floyd run wild in the streets. Even after nearly a week of violence, these and other liberal Democratic cities let lawless radicals harass and plunder almost at will.
In downtown St. Louis, four police officers were shot after midnight. “I believe some coward randomly shot at the police line,” said police chief John Hayden. A 7-Eleven was looted and set afire, but firefighters were deliberately slowed by protesters in responding. “We had people lying down in the street” and trash cans were placed as obstacles to block fire trucks, said fire chief Dennis Jenkerson.
In Philadelphia, city of brotherly vandals, gangs of rioters rolled through several neighborhoods Sunday burning businesses and cars. They returned for more on Monday, shutting down the highway that bisects the city at evening rush hour.
VIDEO – TUCKER CARLSON TONIGHT – MAY 12, 2020
At the 2.0 point of this video, Tucker Carlson reports on the newly released Democrat’s proposed $3 trillion stimulus bill which includes more money for illegal immigrants and lobbyists.
You never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before.
She’s the candidate with a plan for everything: That’s Elizabeth Warren’s brand. But even that sells her ambitions short, as we discovered after a tour of her 60-some policy papers. Ms. Warren is proposing a transformation of American government, business and life that exceeds what the socialist dreamers of a century ago imagined.
Her standing in the polls has fallen after missteps over Medicare, but she is still in the top candidate tier. Her ideas deserve to be taken seriously because they show where the American left wants to go:
• Wealth tax: Tax net worth over $50 million at 2% a year, and 6% above $1 billion. To prevent the rich from yachting off, add a 40% “exit tax” on assets over $50 million upon renouncing U.S. citizenship. Estimated revenue: $3.75 trillion over a decade from 75,000 households. Most economists, including many Democrats, call that number a fantasy. Courts might also find the tax unconstitutional.
• Medicare for All tax:Charge companies with at least 50 workers an “Employer Medicare Contribution,” equal to 98% of their recent outlays on health care, while adjusting for inflation and changes in staff size. These varying fees “would be gradually shifted to converge at the average health care cost-per-employee nationally.” Estimated revenue: $8.8 trillion over a decade. If receipts fall short, add a “supplemental” tax on “big companies with extremely high executive compensation and stock buyback rates.”
• Global corporate tax: Raise the top business rate to 35%. Apply this as a world-wide minimum on overseas earnings by U.S. companies. Businesses would “pay the difference between the minimum tax and the rate in the countries where they book their profits.” Apply a similar minimum tax to foreign companies, prorated by the share of their sales made in the U.S. Estimated revenue: $1.65 trillion over a decade.
• Corporate surtax: Tax profit over $100 million at a new 7% rate, without exemptions. This would go atop the regular corporate rate. Estimated revenue: $1 trillion over a decade from 1,200 public companies.
• Slower expensing: “Our current tax system lets companies deduct the cost of certain investments they make in assets faster than those assets actually lose value.” Closing this “loophole,” she says, would raise $1.25 trillion over a decade.
• Higher capital gains taxes: Tax the investment gains of the wealthiest 1% as ordinary income, meaning rates near 40% instead of today’s 23.8%. Apply the tax annually on gains via a “mark to market” system, even if the asset hasn’t been sold. Estimated revenue: $2 trillion over a decade.
Who owns the vast wealth of America? Old folks. According to the Federal Reserve, households headed by people over the age of 55 own 73% of the value of domestically owned stocks, and the same share of America’s total wealth. Households of ages 65 to 74 have an average of $1,066,000 in net worth, while those between ages 35 and 44 have less than a third as much on average, at $288,700.
A socialist might see injustice in that inequality. But seniors know this wealth gap is the difference between the start and the finish of a career of work and thrift, making the last mortgage and retirement payments rather than the first. Seventy-two percent of the value of all domestically held stocks is owned by pension plans, 401(k)s and individual retirement accounts, or held by life insurance companies to fund annuities and death benefits. This wealth accumulated over a lifetime and benefits all Americans.
That means it’s your life savings on the line—not the bankroll of some modern-day John D. Rockefeller—when Democrats push to limit companies’ methods of enriching their shareholders. Several Democratic congressmen and presidential candidates have proposed to limit stock buybacks, which are estimated to have increased stock values by almost a fifth since 2011, as well as to block dividend payments, impose a new federal property tax, and tax the inside buildup of investments. Yet among all the Democratic taxers and takers, no one would hit retirees harder than Sen. Elizabeth Warren.
Her “Accountable Capitalism Act” would wipe out the single greatest legal protection retirees currently enjoy—the requirement that corporate executives and fund managers act as fiduciaries on investors’ behalf. To prevent union bosses, money managers or politicians from raiding pension funds, the 1974 Employee Retirement Income Security Act requires that a fiduciary shall manage a plan “solely in the interest of the participants and beneficiaries . . . for the exclusive purpose of providing benefits to participants and their beneficiaries.” The Securities and Exchange Commission imposes similar requirements on investment advisers, and state laws impose fiduciary responsibility on state-chartered corporations.
Sen. Warren would blow up these fiduciary-duty protections by rewriting the charter for every corporation with gross receipts of more than $1 billion. Every corporation, proprietorship, partnership and limited-liability company of that size would be forced to enroll as a federal corporation under a new set of rules. Under this new Warren charter, companies currently dedicated to their shareholders’ interest would be reordered to serve the interests of numerous new “stakeholders,” including “the workforce,” “the community,” “customers,” “the local and global environment” and “community and societal factors.”
For those of you who live in North Carolina, scroll down to read the second article on how our Democrat Governor is planning to veto a bill that does not include Medicaid expansion. Nancy
GRAND RAPIDS, Mich. — Grand Rapids and Detroit are at opposite ends of Michigan. While both cities and their broader environs have been tossed by the rises and falls of the automotive industry, the two ends of the state have generally moved in opposite directions. In the west, Grand Rapids and nearby Holland have thrived. In the east, Detroit and Flint have struggled. At the same time, the rural counties in central Michigan have collapsed, economically and socially.
Why the divergent paths?
If you’ve been to Rust Belt towns — maybe you covered Donald Trump’s 2016 campaign — you’ll be shocked as you drive around Holland and Grand Rapids. The downtowns are bustling. On the outskirts, you’ll find a small manufacturer around every turn. Grand Rapids’ unemployment has been below 4 percent for most of the past year, and it has been below 5 percent for most of the past 5 years. Holland hasn’t seen unemployment above 5 percent since mid-2014.
It’s not that they haven’t had their downturns. Western Michigan has a long reputation as a supplier for the automakers near Detroit. When GM bleeds, the pain is felt at both ends of I-96. But some places bounce back from economic body blows better than other places.
Imagine you’re a business owner in 1983 or 2009. You want to set up a business, and Michigan appeals to you for one reason or another. Statewide unemployment is around 15 percent. Economics would tell you that’s a good thing from the employer’s perspective: A greater supply of available labor means lower wages.
Obviously, employers have chosen Western Michigan over, say, Detroit or Mecosta County. Why?
I, for one, object ! How about you ? Nancy
The social media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking account balances, as part of an effort to offer new services to users.
Facebook increasingly wants to be a platform where people buy and sell goods and services, besides connecting with friends. The company over the past year asked JPMorgan Chase JPM -0.31% & Co., Wells Fargo & Co., Citigroup Inc. C -0.14% and U.S. Bancorp USB +0.08% to discuss potential offerings it could host for bank customers on Facebook Messenger, said people familiar with the matter.
Facebook has talked about a feature that would show its users their checking-account balances, the people said. It has also pitched fraud alerts, some of the people said.
Data privacy is a sticking point in the banks’ conversations with Facebook, according to people familiar with the matter. The talks are taking place as Facebook faces several investigations over its ties to political analytics firm Cambridge Analytica, which accessed data on as many 87 million Facebook users without their consent.
One large U.S. bank pulled away from talks due to privacy concerns, some of the people said.
Facebook has told banks that the additional customer information could be used to offer services that might entice users to spend more time on Messenger, a person familiar with the discussions said. The company is trying to deepen user engagement: Investors shaved more than $120 billion from its market value in one day last month after it said its growth is starting to slow.
Facebook said it wouldn’t use the bank data for ad-targeting purposes or share it with third parties.
VIDEO – America First: European CEOs Go One By One To Tell Trump They Are Investing Billions Back In The US