You first, English jerk

Billionaire Richard Branson: America should give out free cash to fix income inequality

Sum Ting Wong: Low top marginal tax rates since 1986 have NOT delivered

Low top marginal tax rates have NOT delivered since 1986.

The average top marginal rate has been 38% for the last thirty years, 49% lower than the average rate of 75% which prevailed from 1956 until the Reagan tax reform of 1986.

After the reform, stocks have done little better than before, but gross public debt has increased at a rate 21% higher than before, growth of current dollar GDP has plunged by 66%, and growth of household net worth has slowed by 48%.

Where did the gains from the Reagan tax cuts go?

You know the answer. The number of US billionaires has exploded from just 41 in 1987 to 536 in 2015, up 1,207%. The money has gone into the pockets of the few, instead of into investment. From 1960 to 1986 net domestic investment grew 846% whereas in the 30 years since 1986 the metric has grown by only 117%, a contraction of 86% under the more favorable personal income tax regime.

The lesson seems clear.

Higher marginal income tax rates force the wealthy to invest in business and derive their income from investments taxed at the preferred lower long term capital rates. Lower marginal personal income tax rates, however, entice them away from going through all the trouble, in turn depriving the economy of growth, employees of growing incomes and wealth, and the government of revenue.

Like the formerly sound public policy which invented the 30-year mortgage to force people to save for the future in the housing piggy bank, the time has come to reincentivize business owners to invest more in their businesses by making the personal income option less attractive.

Neither Republican tax bill does this. 

  

Byron York reports Washington Free Beacon confesses to funding opposition research with Fusion GPS

Here, about an hour ago:

Lawyers for the conservative publication Washington Free Beacon informed the House Intelligence Committee Friday that the organization was the original funder for the anti-Trump opposition research project with Fusion GPS. The Free Beacon funded the project from the fall of 2015 through the spring of 2016, whereupon it withdrew funding and the project was picked up by the Democratic National Committee and the Hillary Clinton campaign. ...

The Free Beacon was founded in 2012. Its founders included Michael Goldfarb, who has moved back and forth between conservative journalism, politics, and activism. The Free Beacon was originally part of a 501(c)(4) tax-exempt organization called the Center for American Freedom, but in 2014 became a for-profit organization. It has never revealed its ownership. Conservative billionaire Paul Singer, a major funder of the Free Beacon, strongly opposed Trump at the time of the opposition research project.

Laugh of the Day: The top one percent in brains tend to become our senators

Gotta be a typo.

Seen here:

Reflecting on the latest findings of longitudinal studies on gifted students, Jonathan Wai, a psychologist at the Duke University Talent Identification Program, concluded that children with early cognitive ability “control our society…The kids who test in the top one percent tend to become our eminent scientists and academics, our Fortune 500 CEOs and federal judges, senators and billionaires.”

AP finally runs story detailing Treasury's leadership of Trump-Russia investigation

Gee, how does the Treasury Dept. "collect a vast repository of records" in order to "piece money trails together and identify leads for criminal investigators", huh?

You don't suppose they ever wiretap anybody, do you?

Here:

U.S. Treasury Department agents have recently obtained information about offshore financial transactions involving President Donald Trump's former campaign chairman, Paul Manafort, as part of a federal anti-corruption probe into his work in Eastern Europe, The Associated Press has learned.

Information about Manafort's transactions was turned over earlier this year to U.S. agents working in the Treasury Department's Financial Crimes Enforcement Network by investigators in Cyprus at the U.S. agency's request, a person familiar with the case said, speaking on condition of anonymity because the person was not authorized to publicly discuss a criminal investigation. ...

Manafort, who was Trump's unpaid campaign chairman from March until August last year, has been a leading focus of the U.S. government's investigation into whether Trump associates coordinated with Moscow to meddle in the 2016 campaign. This week, the AP revealed his secret work for a Russian billionaire to advance the interests of Russian President Vladimir Putin a decade ago. ...

The Financial Crimes Enforcement Network, known as FinCEN, was established in 1990 and became a Treasury Department bureau soon after the Sept. 11, 2001, terror attacks. It collects a vast repository of records that financial institutions are required to report under the Bank Secrecy Act, such as suspicious activity reports and currency transaction reports, and assists law enforcement agencies in helping analyze complex data.

The agency is a part of an international network of so-called financial intelligence units that share information with each other in money laundering and terrorism financing investigations. Its work has been critical in helping officials piece money trails together and identify leads for criminal investigators.

Vladimir Putin likens Trump opponents to the revolutionaries who deposed Viktor Yanukovych of Ukraine in 2014

Quoted here:

'People who order such fakes against the U.S. president-elect, fabricate them and use them in political struggle are worse than prostitutes,' Putin said. 'They have no moral restrictions whatsoever, and it highlights a significant degree of degradation of political elites in the West, including in the United States.' 'He wasn't a politician, we didn't even know about his political ambitions,' Putin said. 'Do they think that our special services are hunting for every U.S. billionaire?' Trump is a 'grown man, and secondly he's someone who has been involved with beauty contests for many years and has met the most beautiful women in the world,' he said. 'I find it hard to believe that he rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world.' He said Trump's foes are ready to go as far as to 'stage a Maidan in Washington to prevent Trump from entering office,' in reference to the alleged U.S. role in organizing protests in the main square of the Ukrainian capital, the Maidan, which forced the nation's Russia-friendly president from power in 2014. 'People who are doing that are inflicting a colossal damage to the interests of the United States,' Putin said.

Hard libertarian billionaire daughter Rebekah Mercer is behind Trump's shift to Bannon and Conway, away from deportation

The price of consensus for Mercer's "help" in retrospect was obviously that Trump soften his deportation stance. Bloomberg's story here in June completely misses the signficance of the Mercers' libertarianism.

The Hill had the story already on August 17, here, the day Trump shook up his campaign by hiring Stephen Bannon as CEO and Kellyanne Conway as campaign manager, detailing Mercer's links to Stanford, the Heritage Foundation, BREITBART, the Ted Cruz campaign and libertarian think tank CATO:

“The Mercers basically own this campaign,” said a source who has worked with Rebekah Mercer in her political activities. “They have installed their people. ... And now they’ve got their data firm in there.” ... Little has been written about the Mercers because they avoid the public spotlight, but conservative sources who know the family, who spoke on condition of anonymity, described them as “kind, civic-minded people and consensus-builders.” ... But that source, who has worked with Mercer in some of her other political ventures, said it was a surprise to some people that the Mercers had swung so forcefully behind Trump, given her ideological bent. “She identifies as a libertarian. At least she always did,” the source said, adding that Mercer was a big supporter of libertarian think tanks like the Goldwater Institute and Cato. “With Bekah you always had to prove your libertarian racing stripes,” the source added. “This seems really strange.”

Hillary Clinton has the billionaire vote all sewed up, full steam ahead for the crony capitalist status quo

Mostly female social conservatives saved the Republican platform from Paul Singer surrogate Annie Dickerson

From the story here:

But the [Tony] Perkins wing was met with vocal opposition from Annie Dickerson, an adviser to billionaire GOP donor Paul Singer, who is a proponent of same-sex marriage and other issues championed by the lesbian, gay, bisexual and transgender community.

Dickerson fumed as her socially liberal proposals went down and the socially conservative measures she opposed sailed through the subcommittee. ... 

The 16-member subcommittee, made up of 13 women and three men, rejected Dickerson’s request to remove language in the platform that “salutes” states like North Carolina for passing controversial bathroom laws that critics say discriminate against transgender people.

She protested language that said the party supports “traditional marriage and the families a husband and wife create,” arguing instead for a provision that said children should be “raised in a loving and stable home.”

And she argued against having language in the platform that opposes the Supreme Court ruling legalizing same-sex marriage.

#NeverTrump Ricketts family billion$ behind the delegate poaching effort benefiting Ted Cruz in North Dakota, Colorado, Wyoming

From the story here:

After that contest [North Dakota], Brian Baker, a senior adviser to the PAC [Our Principles PAC], issued a statement asserting that the race “is coming down to a ground game battle for delegates. We will fight for every last delegate vote all the way to Cleveland.” Baker also advises the PAC’s biggest donors, the Ricketts family, who had contributed $5 million of the $8 million raised by the PAC through the end of February, and who had come under fire from Trump when their involvement was revealed.

Your vote means something: Now that would be a revolution

Donald Trump, quoted here:

'It's not right. We're supposed to be a democracy. We're supposed to be: You vote and the vote means something, all right? You vote, and the vote means something. And we've got to do something about it. We should have won a long time ago but we keep losing where we're winning. Today winning votes doesn't mean anything,' he said.

This guy lost his job because of NAFTA, along with 4.5 million other Americans since 1993: He just voted for Trump

From the story, here:

Randall Williams and his wife, Brenda, were two of those workers. For three decades, they helped assemble the hermetically sealed motors that power air conditioners sold all across America. At the end, they were each making $16.10 an hour. That kind of money’s just a dream now: Randall fills orders at a local farm supply store; Brenda works in the high school cafeteria. For a while, he said, their combined income didn’t even add up to one of their old factory wages. ... He voted for the billionaire in Kentucky’s Republican caucus this month. So did many of his neighbors. In Allen County, a collection of eight towns strewn along the Tennessee border, Trump dominated his rivals, racking up 42 percent of the vote on his way to a narrow victory that night in Kentucky.

The daughter of anti-Trump billionaire Marlene Ricketts is a gay activist and bundler for Barack Obama

Seen here:

Laura M. Ricketts is co-owner of the Chicago Cubs. Ricketts is also a board member of Lambda Legal and the Housing Opportunities for Women organization. Ricketts' ownership stake in the Cubs is uniquely noteworthy because it makes her the first openly gay owner of a major-league sports franchise. ... Laura Ricketts is a former corporate lawyer. She lives with her partner on the North Side of Chicago. Ricketts received her Bachelor's degree from the University of Chicago in 1994, and her Juris Doctor from the University of Michigan Law School in 1998. Laura talks of her own struggle to come out; "I came out to my family I would say early to mid 90s. I think for a long time I wasn't really out to myself growing up in Omaha, Neb., to a Catholic conservative family. It took me a while to come out to myself and not long after that I came out to them. I think that it really couldn't have been a better experience. They were all immediately supportive. ... I have been really really fortunate in that regard."

The Washington Post reported in 2012 that Laura Ricketts raised about half a million dollars for Obama, here:

[Joe] Ricketts has an unusual profile for a rising political player, with little in his résumé to suggest that he favors controversial or attention-getting tactics.

A former Democrat who became a Republican, he later renounced all party affiliation to become an independent. His daughter, Laura, is a lesbian activist and prominent bundler for Obama; she raised about half a million dollars for the president.

Joe Ricketts, Pete, Todd, Laura, wife Marlene, and Tom

Conservatism revealed as libertarians finally agree on SOMETHING: They hate Trump to a man

From TheHill.com here:

'The closest the Koch network comes to a consensus is a distaste for billionaire front-runner Donald Trump, who accused Republicans attending the Kochs’ summer donor retreat of being “puppets” of their wealthy masters. ... Not a single contribution to Trump’s campaign could be found in the donation records of the 190 attendees of Koch donor conferences.'

Lovers of American borders, language and culture vs. the money-grubbing liberal sell-outs of the libertarian consensus, that's what this election is about.

Trump's critics of his investment success need to get a new calculator, and some brains

This morning on the Chris Plante Show on WMAL a caller complained that Trump inherited $200 million and that anyone could have $10 billion after 30 years, too, just by investing in a CD.

Chris Plante said "that's some CD"!

This meme is now ubiquitous in the media critical of Trump, and while not as obviously silly as this morning's example the critics nevertheless display remarkable investment ignorance.

Grant for a moment that Trump inherited $200 million, and keep in mind that that is the upper end of the estimates, which go as low as $40 million. Also keep in mind it's mostly real estate, not cash, not stocks, not bonds, a completely different business.

$200 million invested in the S&P 500 for 30 years from 1985 to 2015 yielded $4.2 billion, or just 42% of the net worth Trump claims to have accumulated over the period. The actual average nominal rate of return for the S&P 500 was 10.75% per annum, dividends fully reinvested. The $10 billion net worth claim, on the other hand, represents an annual net rate of return of 13.93%, again assuming the investment of $200 million, almost 30% better every year than what the S&P 500 actually yielded. But again, the S&P 500 return is not net. You still have to deduct taxes, inflation and expenses from that, which is an individual calculation and highly variable, and in New York can be quite onerous. 

On the other end of the scale, the investment of $40 million becoming $10 billion is the equivalent of a net return of 20.21% per annum, 88% better than the S&P 500 nominal return every year on average.

The truth probably lies somewhere in between, but no matter how you cut it, Donald Trump capitalized on what he was given in a way which has been exceptionally more successful than what most people ever experience.

He's Yuge.

Donald Trump says murder of beautiful American woman by an illegal was totally preventable

Donald Trump, quoted here:

"This senseless and totally preventable act of violence committed by an illegal immigrant is yet another example of why we must secure our border immediately," Trump said in a statement.

"This is an absolutely disgraceful situation and I am the only one that can fix it. Nobody else has the guts to even talk about it," the billionaire developer and television personality said.

Trump: NBC stands behind lyin' Brian Williams, but not behind me

From the story here:

After NBCUniversal severed its relationships with Donald Trump on Monday, the billionaire businessman and presidential candidate responded by invoking suspended NBC anchorman Brian Williams and threatening to meet NBC in court. ...

"If NBC is so weak and so foolish to not understand the serious illegal immigration problem in the United States, coupled with the horrendous and unfair trade deals we are making with Mexico, then their contract violating closure of Miss Universe/Miss USA will be determined in court. Furthermore, they will stand behind lying Brian Williams, but won't stand behind people that tell it like it is, as unpleasant as that may be."

National Review libertarian wastes no time expressing his fear of what Donald Trump will do to the 2016 race

Kevin Williamson, here, goes first in the politics of personal destruction (a National Review specialty):

"Witless ape rides escalator down"

"the ridiculous buffoon with the worst taste since Caligula"

"grunting like a baboon" (I'll leave out what he said about his wife)

"Trump is an ass of exceptionally intense asininity"

"a billionaire dope"

"The problem with messiah complexes is that there’s no way to know whether you are going to rise on the third day unless somebody crucifies you. Trump has announced, and I say we get started on that." 

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Get started? There's more?

Suddenly it's important news to ABC that Republican superfunder Koch Brother isn't a conservative

Here from George Stephanopoulos:

“I’m basically a libertarian, and I’m a conservative on economic matters, and I’m a social liberal,” [David] Koch told ABC News’ Barbara Walters during an interview for her special “The 10 Most Fascinating People of 2014″ that airs at 9 p.m. ET Sunday on ABC.

Koch, who supports abortion rights and gay marriage, said he isn’t concerned with candidates he supports who don’t share some of his views. He said his primary concern when choosing a candidate to support is their fiscal policies.

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Koch's political affiliation before 1984 was Libertarian Party, according to his Wikipedia entry, which means he's a hard-boiled libertarian. The man is 2014's ninth wealthiest in the world.

In this sudden attention to Koch's liberalism I smell a new political effort afoot by the liberal media to highlight the differences between libertarianism and conservatism to split the right in the interests of Democrat liberalism in 2016.

Remember, it was also George Stephanopoulos who brought us the war on women in 2012. George is getting ready early this time.

It's a sign of self-perceived weakness in the Democrat camp that they are already thinking they must begin to divide the right to win in 2016.

The Gay Mafia funds so-called conservatives: Club for Growth, Sen. Ted Cruz and Rep. Justin Amash just love pot-smoking queer billionaire Peter Thiel's money

And if you think there's no payback expected for that then I've got a bridge to sell you.

Reported here:

Peter Thiel is a pot-smoking gay man, which makes him the kind of person Cruz supporters would like to launch into some sort of Martian exile. But Thiel is also, crucially, a massively rich bussinessman [sic], which is enough for Cruz to shelve his Tea Party druthers and accept hundreds of thousands of dollars from the Silicon Valley luminary. Adjacent bigots have yelled at Cruz for pocketing Thiel's cash, but he has every reason to ignore them: last year, Thiel gave $2 million to Club for Growth, a SuperPAC that in turn poured over $600,000 into Cruz's (successful) senatorial run. Club for Growth is still a vocal supporter of Cruz as he's flailed and railed against Obamacare.