***

• 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.

(more…)

This was Mr. Holder’s plan. While most prominent Democrats spent the months following Donald Trump’s election plotting future runs, Mr. Holder was launching the National Democratic Redistricting Committee, committed to domination of electoral mapmaking through the courts and legislatures. The NDRC spent its first years aggressively litigating legislative maps it didn’t like, to great success. Virginia’s election was the first test of the electoral piece of Mr. Holder’s strategy, and it will now serve as the model by which Democrats attempt to gain redistricting power in 11 other key states next year.

The NDRC claims its efforts are aimed at simple “fairness in the electoral system.” It says it’s working to overturn gerrymanders that “disenfranchise” voters. Don’t be fooled. Mr. Holder’s group has never engaged in blue states where Democrats routinely draw maps to disadvantage Republicans, such as Maryland, Massachusetts or New Jersey.

The NDRC is instead the Democratic version of the GOP’s success of a decade ago, the Redmap Project. Democrats, flush from Barack Obama’s 2008 victory, tuned out the state legislatures. Republicans used their inattention, along with a sweeping cash advantage and a backlash against the Obama presidency, to flip 21 state chambers in 2010, allowing them to dominate map-drawing after that year’s census. That power helped consolidate Republican control of state chambers and the U.S. House. Republicans might be flattered by Mr. Holder’s imitation—if they weren’t so busy getting crushed.

The Holder “sue to blue” litigation strategy has already yielded major gains for Democrats, as state judges struck down maps drawn by Republicans and required changes that ultimately aided the Democrats. Example: Pennsylvania’s Supreme Court—which is chosen through partisan elections and has a Democratic majority—in 2018 overruled the U.S. House maps drawn by the Republican legislature and produced its own version. The new maps helped Democrats flip three net seats. In Virginia, federal judges redrew the state legislative map to aid candidates running this week.

(more…)