What "Tax the Rich" Really Means

One of my favorite people to follow on Twitter is @dlacalle_IA, Daniel Lacalle. Some examples that explain why.

Tax the Rich

Weak Dollar

China

Print an Escape?

Tightening?

Libertarian Views

Lacalle generally has a Libertarian view. So do I.

That does not mean I agree with all of his posts. We strongly disagreed over Catalonia. I favored the separatists. Lacalle, from Spain did not. I agreed with him that the socialist views of the separatists were flawed, and the same applied to Greece.

Yet, the correct Libertarian view is anti-state.

I hold no grudges as I voted for Trump even though he is far removed from being a Libertarian. It was the lesser of two evils. I suspect Lacalle made a similar judgement.

Missing the Boat

Occasionally, Lacalle misses the boat. Here is a Tweet that explains.

It is a huge flaw of Twitter that I cannot track my own replies.

I responded with this: Velocity of Money Picks Up: Inflation Coming? Stagflation? How About Deflation?

My point is to not disparage anyone, but rather to point out that it is impossible to find someone with whom you agree all of the time.

I assure you that I do not agree with myself all of the time.

If you are looking for someone economically intelligent to follow, @dlacalle_IA is one of my top choices.

Mike "Mish" Shedlock

Comments (11)
No. 1-9
SMF
SMF

Reminds of Clinton 'taxing the rich' in 1993. I was making about $30,000 a year then, and noticed how my paycheck had decreased. I was a 'rich' man according to president Clinton.

2banana
2banana

Funny how when DJT actually did tax the rich by limiting the deduction of large mortgages and state/local taxes on your Federal Taxes...the far left cried and screamed.

And some states are actually setting up sham charity deductions to protect the rich.

Why is that?

Kinuachdrach
Kinuachdrach

It would be good if we could get back to the idea of using taxes only as a way to fund necessary government services. The Political Class has instead hijacked taxation as a tool to try to direct the behavior of us peons -- subsidizing some activities and penalizing other activities, with rules that have grown impossibly complex and arcane.

Sadly, the Political Class will not give up that power to interfere in the lives of others until it drops from their cold dead fingers -- as it eventually has in every civilization before in the millennia of human history.

baldski
baldski

Gee Mish, where did you find this clown? Send him back to Catalonia! Does he do the "new math"? The tax rate on millionaires when I was a kid was 92% and the country boomed. Why can't we do this again. Libertarian = Republican who wants to smoke dope and get laid.

RonJ
RonJ

"My point is to not disparage anyone, but rather to point out that it is impossible to find someone with whom you agree all of the time."

The fact is that there is nothing that works. 100% of cycles have an up phase and a down phase. Every cycle fails, which is why every boom ends in a bust. Politics swing back and forth between liberal and conservative.

A gold standard has never worked, because of cycles. It might be some kind of ideal, but because of cycles, push comes to shove at some point in time. Even Glass Steagall, which was passed, to prevent IT from ever happening again, was dismantled when it got in the way. IT is happening again.

cecilhenry
cecilhenry

Socialism: because you would resent being robbed by your neighbour but more than happy to get the government to do it for you without a twinge of conscience.

'Cash strapped' = gimme someone else's money NOW!!

TheWindowCleaner
TheWindowCleaner

If you want to get rid of the idiocies of the FED, stabilize the economy with much greater individual aggregate demand while integrating price deflation into profit making systems....you have to come off the dime of falsely claiming that the new DIRECTLY distributive monetary paradigm implemented at the point of retail sale is some how RE-distributive and hence socialistic. If you can't muster enough honesty and objectivity to do that then you're part of the problem not the solution.

TheWindowCleaner
TheWindowCleaner

@RonJ Nothing seems to work right before a paradigm change which always resolves the primary problematic situations in the body of knowledge/area of human endeavor it applies to. That's what the new monetary and economic paradigm of Direct and Reciprocal Monetary Gifting does. It ends the obsessive left-right struggle of trickle down capitalism and re-distributive socialism because it is a thirdness greater oneness integration the truths, workabilities and highst ethical considerations of seeming opposite perspectives. The real problem is Mankind loves its problems more than it desires solutions and egotistically clings to orthodoxies way past their historical and temporal usefulness.

gliderdude
gliderdude

Obviously, Republicans hate progressive income based taxes. Counter to their mantra when Dems are in power Republicans love government debt such as will occur under Trump Tax Plan when that debt is produced by taxes breaks to the rich. Their scheme is for that debt to be paid back with inflated currency down the road. Firstly with this technique the wealthy enjoy the first round of stimulus money while prices are low. After the lag phase and trickle down occur Joe Six Pack gets a fraction of the money but it buys less as inflation has now kicked in. Inflation essentially becomes the flat tax the Republicans want, yet is even better because the poor, due to the lag phase, end up with a flat tax on inflated earning and inflated prices. The best way to understand an individual's politics is to understand human greed and how it influences each on of us.