“The State and Local Tax (SALT) deduction cap, part of the 2017 Tax Cuts and Jobs Act (TCJA), placed a $10,000 limit on the amount of state and local taxes that can be deducted from federal taxable income. This move predominantly affected high earners in high-tax states like New York, California, and many others that are Democratic strongholds.
That’s a tax hike on the rich. This shouldn’t bother Democrats, who are usually happy to demonstrate their egalitarian chops by clamoring for that very thing. Yet this time, by demanding repeal of the SALT cap, they are on the front lines of a battle to restore tax breaks for the rich. As it turns out, when affluent Californians and Northeasterners felt the pinch, Democrats were ready to cha-cha for tax relief.”
“What can a bipartisan commission on the debt accomplish? The Committee for a Responsible Federal Budget (CRFB), which has been advocating for such a commission, argues that special congressional task forces can focus discussions, generate greater public awareness of major issues, and create the opportunity for lawmakers to put all ideas on the table.
In 1983, for example, Social Security was approaching insolvency—a problem that sounds pretty familiar today—when a commission of congressional leaders and presidential appointees worked out a series of potential fixes. Afterward, Congress enacted many of those reforms, making Social Security solvent for another five decades.
More recently there was the National Commission on Fiscal Responsibility and Reform, formed by President Barack Obama in the aftermath of the 2008 recession. It produced a plan that could have reduced the debt by $4 trillion over 10 years by raising taxes, cutting spending, and selling off federal property. Even though most of those proposals were never enacted, the CRFB points hopefully to the fact that 11 of the 18 commission members supported the final recommendations, including five Republicans and five Democrats.”
“The US Defense Department believes the Chinese People’s Liberation Army is developing a new Intercontinental Ballistic Missile. That is, a heavy, multi-stage missile that leaves the Earth’s atmosphere and travels around the world at huge velocities before re-entering and descending toward its target at 20 times the speed of sound. Such missiles normally have a nuclear warhead: but this one, uniquely, would be armed with conventional explosives.
It’s an incredibly dangerous idea. A bad idea the Pentagon is intimately familiar with. After all, it tried to develop the same kind of “conventional” ICBM years ago – and ultimately gave up as it began to appreciate everything that could go wrong.
Namely, there seemed to be a good chance that, if US forces ever fired a conventional ICBM in anger, nuclear-armed countries would detect the launch, recognize the energy and trajectory of an ICBM – and be faced with an impossible dilemma.
Were the Americans launching a nuclear first strike? Would they lie, if asked? And how long could America’s nuclear rivals wait for clarification before launching their own nukes?
A non-nuclear ICBM was, and still is, a nuclear nightmare. That was the cold truth when the missile was an American idea. And it’s still the truth now that it’s a Chinese idea. “Conventionally-armed ICBMs would present significant risks to strategic stability,” the Pentagon warned in its latest annual report on Chinese military capabilities.”
“Bill Maher is the latest convert to the idea that America’s addiction to regulatory process and public input is preventing us from having nice things like renewable energy and new housing.”