I was impressed by David Director Friedman's recent essay, Trump as Fargroup, because he managed to specify just about exactly my feelings about the presidential candidates and the campaign:
My opinion of the election is “a plague on both your houses.” Kamala Harris is an extreme representative of an ideology I have opposed for most of my life. Donald Trump has three major positions on two of which, immigration and trade, he manages to be even worse than his opponent. While I have some sympathy for his views on the third — I have been arguing against an interventionist foreign policy for something over fifty years now — I do not trust him to execute a consistent and competent alternative. His disinterest in whether what he says is true, extreme even for a politician, I find offensive.
That is my intellectual view of the matter. It is not my emotional view. Reading news stories and observing the effect on my feelings, I note that I am reacting like a Trump partisan. Poll results that look good for him make me happy, poll results that look bad for him make me sad. Accounts of outrageous statements by Trump or Vance I ignore — I don’t expect them to tell the truth. Accounts of demagoguery by Harris or Waltz arouse feelings of indignation. If Harris wins I will feel disappointed. If Trump wins I will feel relieved, at least until the first outrageous thing he does.
Me too, David.
Also of note:
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Also hitting uncomfortably close to home. The early AM contributor to Instapundit, Sarah Hoyt, is a little too red-meat for my taste, but she pointed to this post from the blog Professor Ornery Dragon, which makes a useful distinction between Arguing vs. Venting Emotions.
Screaming your emotions at somebody is NOT arguing. How many times have you found yourself in an argument or discussion and realized that either the other person, or you, are arguing/commenting from a place of fact-free, analysis-free, and logic-free emotion? I know I’ve done it, and I catch myself doing it still (less often, but it creeps in there). You’d think I’d know better by now, but emotions can overtake before you really realize what’s going on. Emotions are also the strings activists and politicians pull or pluck to get you to fall in line with their side of the issue.
A straight-forward example can be found in those ads the ASPCA used to run showing big-eyed puppies with mange or in a cage, or anything like that, with a caption asking you to donate to save the puppies. Or those ads with kids in third world countries with no shoes, please donate so this poor child can have shoes (my response was always “you’re standing right next to that child! Buy him/her some fucking shoes!”) Those are emotion-based “arguments” for why you should donate money and support a particular cause. The unstated implication of those ads is if you don’t donate, YOU are responsible for the death of this puppy or the sores on this child’s feet, you heartless cretin.
I get it. This is why I try to live by the Costello Algorithm: "Don't be disgusted, try to be amused".
But the thing is: I probably wouldn't notice if I were just venting. And I'd probably trot out some self-serving excuse for it.
So, anyway, apologies in advance. And also apologies in retreat. Drop me a line if you think I've strayed.
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It's erotic! No, wait, she said "exotic". Megan McArdle says Harris has an exotic plan to tax the rich. But it’s not enough. And that plan is a hefty (25%) tax on unrealized capital gains for filers judged to have a high net worth.
The good news is that Harris understands she needs to raise more revenue. Our national debt now stands at 99 percent of gross domestic product, and this year’s budget deficit is projected to be 7 percent of GDP, almost $2 trillion. Those numbers are of course projected to rise as more baby boomers retire and start tapping Social Security and Medicare. So unless politicians find some spending they’re willing to cut (other than the 0.3 percent of GDP we spent on foreign aid last year), we’re going to need to hike taxes on the rich significantly to put our national books in some sort of order. And the rich can spare the money more easily than the middle class.
The bad news is that Harris, like Biden, has pledged not to raise taxes on people making less than $400,000 a year. That is simply not enough to fund our existing commitments and an expansive Democratic agenda.
Megan makes the green-eyeshade "not enough" commentary. But also points out the nightmarish features:
The cascading strictures introduced by the pledge are perhaps why Democrats are being forced into desperation moves such as taxing unrealized capital gains. These taxes have a lot of problems: They distort investment decisions, as wealth shifts toward hard-to-value assets such as art and privately held companies; they could impede capital formation; and they are an administrative nightmare for an IRS that doesn’t currently have the expertise to figure out exactly how much your mansion appreciated last year. Worst of all, these taxes don’t even raise that much money: $500 billion over 10 years, according to the Peter G. Peterson Foundation. Moreover, some of that simply reflects tax payments shifted forward, rather than a long-term revenue increase, since taxing gains now lessens the taxes paid when the assets are sold.
MM also notes that the European countries that tried something like this mostly gave up. It is mainly a sop to the folks in perpetual fury about the "rich".
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Another bad idea. Eric Boehm also does the green-eyeshade thing, and notes: Kamala Harris' Plan to Hike Corporate Income Taxes Would Fall on All Americans.
In her acceptance speech at last week's Democratic National Convention, Vice President Kamala Harris promised to deliver "a middle-class tax cut that will benefit more than 100 million Americans."
Her campaign has yet to flesh out the details of that idea, but what little is known about Harris' tax proposals suggests that middle-class families will face a tax hike in a Harris administration—albeit an indirect one.
Nearly all Americans would face a higher federal tax burden if Harris followed through on President Joe Biden's proposal to raise the corporate income tax to 28 percent from 21 percent. The New York Times reported this weekend that Harris' campaign has signaled that she supports Biden's plan for $5 trillion in tax hikes—including an $1.3 trillion increase of the corporate income tax.
The tax is indirect, reflected in increased prices. Which the Harris Administration will undoubtedly blame on "greed".
It is greed. It's Kamala's greed.
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