Weekly Comments
Current Issue
Sunday, October 24, 2021
ISSUE #1084
Climate Change, Taxing Billionaires, and the Biden 2020 Discount Card

President Biden is insisting that Congress pass the multi-trillion-dollar bill, including all the “Green Energy” guarantees, before he heads to the Climate Change Summit in Glasgow, Scotland. Senator Joe Manchin of West Virginia is standing in his way. (He knows his constituents better than Biden or Sen. Bernie Sanders does.)

Actually, President Biden does not need this bill to show our progress on climate. When he is called on to speak at the Summit, with the other two hundred nations eagerly waiting to see how many trillions of dollars we will provide them to cut emissions, he should simply utter two sentences, “Since 2005, we cut our carbon emissions by 15 percent. When you other countries, especially China, India and Russia, cut your carbon emissions by 15 percent, we’ll talk.”

Biden must then walk out the door, taking his 13 Cabinet Secretaries with him, and fly home. By leaving Scotland a week early, Biden (and several of those 13 Cabinet members) will have time, finally, to visit our border with Mexico.

President Biden reminded us he HAS been to the border. In 2008, he landed in El Paso and headed north into New Mexico. Maybe he is afraid to return to “El Paso” because, like the Marty Robbins song in 1957, “Off to my right, I see five mounted cowboys, off to my left ride a dozen or more. Shouting and shooting, I can’t let them catch me.” For Biden, those “mounted cowboys” are Republicans and disgruntled Democrats and Independents.

President Biden continues to promise that if his $3,500,000,000,000.00 proposal passes, no one with family income under $400,000 will pay more. Considering recent inflation price increases, this will be tricky. For this plan to work everyone in that “Under $400,000” income group would be given a special “Biden 2020 Discount Card” similar to your Covid vaccination card with a personal barcode.

Here’s how it would work. For example, buying gasoline at the pump, scan your barcode and the price will instantly drop to what it was at the end of 2020. Instead of paying, say $3.49 a gallon, the price will drop to $2.33. At the grocery store, you’ll pay only $5.00 a pound for bacon, not the list price $8.00. Buying a new vehicle, you’ll automatically get a $6000 discount without having to buy electric.

Of course, this is ridiculous. We’re all going to pay.

So, according to President Biden, who will pay the $3,500,000,000,000.00? The latest strategy is to tax the accumulated wealth of billionaires without waiting for ‘em to die. According to Forbes magazine, we have 753 billionaires in America. If the IRS took every dollar these folks have accumulated it would not cover the cost of this “human infrastructure” bill over the next decade.

Former President Donald Trump is one of those 753 billionaires. In 2017 he was worth $3.5 Billion. How much is he worth today? I recall asking in a “Weekly Comments” if readers thought he would have more wealth, the same, or less wealth when he left the Presidency. Many figured he wanted to be President so he could build his empire. Do you remember the new Trump International Hotel in DC where visiting dignitaries and lobbyists were staying? And the many government-sponsored conferences at various Trump properties around the world?

Well, Forbes has the answer. Trump’s wealth did not stay the same. During his four years in office, the Trump family lost $1 Billion. Yes, he still has $2.5 Billion. And he lives at a south Florida resort protected by a wall built at taxpayer expense.

Just for fun, you might plan to check on President Biden’s wealth (and Hunter’s) when he leaves office in 2025 compared to when he became Vice-President in 2009.

Historic quotes by Will Rogers:

“An inheritance tax… on an estate of say $10 million, why the government will take about 90 percent of it, and then giving the off-spring 10.  And then on estates of a 100 million, 200 million, a billion, and like that, well, the government just takes all of that and notifies the heirs, ‘Your father died a pauper here today.’” Radio, Apr. 28, 1935

“The whole trouble with the Republicans is their fear of an increase in income tax, especially on higher incomes. They speak of it almost like a national calamity.” DT #1435, Feb. 27, 1931

“The crime of taxation is not in the taking it, it’s in the way that it’s spent.” DT #1764, March 20, 1932

X

    Contact Randall Reeder

    I would like to subscribe to Weekly Comments.