Larry Kudlow on America

Biden’s Class Warfare Pitch Is Full of False Charges  

September 16, 2021

Just a few hours before President Biden gave his class warfare pitch to level the playing field, as he calls it, and punish success, though he denies it, and falsely charge that wealthy people and large companies don’t pay any taxes, all of which is far-left, progressive, woke, Democratic claptrap, with not an ounce of truth in any of it —Just a few hours before we had to sit through all of this, the Commerce Department retail sales release was a blowout. Instead of down big from Wall Street, the number was up big. (Editor's Note: In the last few days it appears that's turning south quickly, as Kudlow points out in another article below.  RK)............ Regional Federal Reserve surveys of manufacturing are strong..........The Institute for Supply Management numbers are strong. The 11 million unfilled jobs demand for workers is strong off the chart. Broad inflation measures may be simmering but still running at a too high 4%.

Now with all that, President Biden with a straight face tells the nation this afternoon we need a $6 trillion federal spending package. Really? Do you think anybody in their right mind believes that? Is there any common sense to this story at all?..............

Is that what we want — a capital gains tax that would be higher than 40% effectively, again, much higher than China? Is that what Americans want?............If businesses large and small aren’t making money, then they can’t expand. They’ll have to lay off employees and contractors and surely cut wages. Our pal Dan Clifton estimates that the Ways and Means bill could cut S&P 500 profits by $100 billion — nearly half of the expected profit gain next year........To Read More....

Biden’s Budget: The Road to Serfdom 

It’s Time To Kill the Tax and Spending Bill

September 18, 2021

In President Biden’s budget speech Thursday, he referred on eight separate occasions to “pay their fair share.” He just kept repeating it. Some left-wing pollster probably told him that it plays well in progressive precincts. As you may have guessed, this performance and its content got under my skin. Mr. Biden is always blaming businesses and wealthy successful individuals. Always blaming them. And it’s a lie. It’s a big lie. Just like any left-wing propagandist. Say it enough, and it becomes true. It goes way beyond cognitive dissonance. It is just a big lie. Let’s look at some facts. This is from the Internal Revenue Service as analyzed by the nonpartisan Tax Foundation. First, the United States has the most progressive tax system in the world. That;s according to an OECD study several years ago..........

 The top 1% of taxpayers paid $616 billion, which is 40% of all the income taxes paid.

Ok, let’s stop there. The top 1% pays 40% of all the income taxes. One addendum: The top 1% earned 21% of the income but paid 40% of the income tax. I’d say that’s twice their fair share. There’s more. The entire bottom half of taxpayers who earned 11.6% of the income paid a scant 2.9% of the income tax.

Some more facts: Six in ten households receive more in direct government benefits than they pay in federal taxes. Another fact, over 53 million low and middle income individuals pay no income taxes because of refundable tax credit, which are effectively a form of federal spending through the tax code...........To Read More..... 

How I Yearn for a Calm, Prosperous, Orderly America 

September 21, 2021

Incredible is the word for the 15,000 Haitians under a bridge in del Rio, Texas. My question is “how and when did this happen?” I mean, I look around and all of a sudden, there they are. Fifteen thousand. They didn’t even come directly from Haiti. Many of them arrived from Chile and, perhaps, Brazil. One migrant was interviewed and said Chile was 100-times better than Haiti. But America is 1,000-times better than Haiti.  So all of a sudden they’re here. It’s like immaculate conception. How did this happen? And the Biden’s are essentially doing nothing about it.

Then the Afghanistan catastrophe lingers. It turns out that the drone bombing of ISIS-K in Kabul was a political fraud. Tragically, the only people killed were a family, including seven children. The head of the family — he was killed, too — worked for our side.........

 His $6 trillion spending plan, with inflation, is highly unpopular. His $3 trillion in tax hikes will hit the middle class like a ton of bricks and damage the economy. Then, by the way, the Dow Jones fell nearly 1,000 points today.

This started in Asia with the apparent collapse of a Chinese property company. It’s spreading to American markets, which are confused about the Washington swamp and how the Biden administration is going to go after our pocketbooks and our portfolios..........

Mr. Manchin worries that we haven’t had enough discussion about what could be a 10,000 page bill that would boost government welfare dependency without work, remake the energy sector in ways that will jack up costs, and increase joblessness.............

Biden’s big lie — that the rich don’t pay their fair share — is completely wrong. The top 1% are already paying 40% of total income taxes, while the bottom half pays virtually nothing. The bottom two quintiles have negative income taxes.............And he defends this left-wing woke agenda by spreading the big lie. This is what totalitarian governments do.............

All kinds of things are happening that no one imagined would happen eight months ago. I’ll tell you: I yearn for the calm, peaceful, orderly, prosperous, America-first around the globe days of Donald Trump............To Read More....