Suderman:"Joe Biden Wants Tax Hikes Twice as Big as Hillary Clinton Proposed in 2016"

One of the recurring questions of the 2020 Democratic presidential primaries is whether the party has lurched too far to the left. 

This topic has manifested itself most prominently in the divide between the more progressive candidates, Sens. Elizabeth Warren (D–Mass) and Bernie Sanders (I–Vt.), and the relative moderates, former Vice President Joe Biden and South Bend, Indiana, Mayor Pete Buttigieg. It has largely taken the form of a debate over the merits of Medicare for All, a single-payer health care system that Warren and Sanders support and that Biden and Buttigieg do not. 

Warren’s rise over the summer, and the persistent strong support for Sanders, have given ammunition to Democrats favoring a sharper turn to the left. But Warren’s campaign has faltered following the release of her Medicare for All financing and transition plans. That and the contemporaneous rise of Buttigieg to the primary’s top tier have provided grist for the moderates. 

Yet the best way to answer the question may require another comparison—not simply between the candidates in today’s race, but between the current field and the 2016 nominee, Hillary Clinton, particularly on the issue of taxes. 

Earlier this week, Biden released a proposal to raise a slew of new taxes, mostly on corporations and high earners. He would increase tax rates on capital gains, increase the tax rate for households earning more than $510,000 annually, double the minimum tax rate for multinational corporations, impose a minimum tax on large companies whose tax filings don’t show them paying a certain percentage of their earnings, and undo many of the tax cuts included in the 2017 tax law. 

Biden’s tax hikes would raise about $3.4 trillion over a decade, slightly less than half of the $7 trillion in total tax hikes proposed by Buttigieg. Warren, meanwhile, would raise taxes by at least $26 trillion. Some reports put the figure as high as $30 trillion. Sanders estimates his health care plan alone could cost as much as $40 trillion

Full Commentary by Peter Suderman @ Reason https://reason.com/2019/12/05/moderate-joe-biden-wants-tax-hikes-twice-as-big-as-hillary-clinton-proposed-in-2016/

Williamson:"We Are Not Winning the Trade War"

The problem with winning a race to the bottom is that you end up at the bottom.

President Donald Trump’s idiotically conceived and incompetently executed trade war with China shows no signs of abating — the president himself said this week that he’d be happy to see negotiations drag on throughout the coming year — and now Trump has decided to expand the theater to Brazil and Argentina.

Trump says he is imposing tariffs on steel and aluminum from Brazil and Argentina because those two countries have engaged in a policy of competitive currency devaluation, i.e., they have artificially driven down the value of the real and the peso, respectively, in order to gain an unfair advantage for their exports. Trump charges that this has hurt U.S. farmers and says he is imposing these sanctions on their behalf. The Commerce Department, Treasury, the U.S. Trade Representative, and the governments of Brazil and Argentina learned about this on Twitter in the wee hours, because that is how the Trump administration makes policy.

Like a great deal of what comes out of this White House, the new tariffs and the rationale undergirding them exhibit a very fine blend of dishonesty and stupidity.

It is true that the real and the peso have declined in value of late. But this is not programmatic devaluation; rather, both Brazil and Argentina are in the midst of severe self-imposed crises in their national economies (when are these South American giants not in the midst or on the verge of economic crises?) caused by excessive public debt and misgovernment, afflictions with which the United States is increasingly familiar but as yet resistant to, owing to the sheer size and dynamism of our economy. When a nation’s finances tank, its currency tends to fall in value as investors scurry off rodentially from the keeling schooner that is the ailing nation’s economy. 

Full Commentary by Kevin Williamson @ National Review https://www.nationalreview.com/2019/12/trump-trade-war-hurting-americans/?utm_campaign=FEE%20Daily&utm_source=hs_email&utm_medium=email&utm_content=80315687&_hsenc=p2ANqtz-9MJJvtm47ORFHa4pfUhsooaF8D0Zf24LnCw3BTHatYxLD7dLxg5JkC-I0B0klu5Xr_NpqDao2-4-JrSoadOcfPW880pA&_hsmi=80315687