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Jordan Candler / October 28, 2021

Thursday Short Cuts

Notable quotables from Dan Crenshaw, WSJ, Terry McAuliffe, and more.

Insight: “If the provisions of the Constitution can be set aside by an Act of Congress, where is the course of usurpation to end? The present assault upon capital is but the beginning. It will be but the stepping-stone to others, larger and more sweeping, till our political contests will become a war of the poor against the rich; a war growing in intensity and bitterness.” —Justice Stephen J. Field (1816-1899)

A blind squirrel finds a nut: “The Braves have done a phenomenal job with the Native American community. It’s important to understand that we have 30 markets around the country. They aren’t all the same. … The Native American community in that region is wholly supportive of the Braves program, including ‘The Chop.’ For me, that’s kind of the end of the story.” —MLB Commissioner Rob Manfred

“Nancy Pelosi confirmed on CNN’s State of the Union Sunday that the Democrats’ spending bill will probably ‘have a wealth tax.’ … Democrats claim the tax will only hit some 700 uber-rich Americans with more than $1 billion in assets or who have more than $100 million in income for three consecutive years. That’s what they always say. The first income tax enacted after ratification of the Sixteenth Amendment in 1913 had seven tax brackets with rates from 1% on income over $3,000 ($83,972 in current dollars) to 7% on income exceeding $500,000 ($14 million). You know what rates are now. The alternative minimum tax also only applied initially to the richest Americans, but with time expanded to hit millions in the middle class.” —The Wall Street Journal

“By the way, a wealth tax is also probably illegal. The Constitution says Congress can only impose ‘direct taxes’ that are ‘apportioned among the several states’ according to population. While the Sixteenth Amendment authorized Congress to tax ‘incomes, from whatever source derived, without apportionment,’ unrealized capital gains aren’t income. Democrats figure that’s a fight for another day. Their sole goal now is to come up with some way, any way, to raise enough revenue on paper, however illusory, to fund their spending bill without losing the votes of Sens. Sinema and Joe Manchin.” —The Wall Street Journal

“Guys, I bought a lottery ticket. Can’t wait for Democrats to tax my unrealized capital gains.” —Erick Erickson

“If you get taxed on unrealized gains can you get a refund on unrealized losses?” —Frank J. Fleming

“Biden is bringing half his cabinet on a nice trip to Europe to negotiate a new climate change deal while ships are piled up outside American ports, inflation rages, and store shelves sit empty. Leadership!” —Spencer Brown

“Thank God you are not on the Supreme Court. You should resign in disgrace.” —Senator Tom Cotton to Attorney General Merrick Garland

“US issues first passport with ‘X’ gender marker. Great news for Americans still stuck in Afghanistan.” —Congressman Dan Crenshaw

Non sequitur: “Elon Musk’s net worth is currently $255 billion. $255,000,000,000. If someone handed you a bag containing $5,000 every day, 365 days a year, you’d be as rich as him…in 139,726 years. Some useful context for the ‘billionaire tax’ arguments.” —Washington Post columnist Brian Klaas (“That’s not how wealth works. That’s not how any of this works.” —David Harsanyi)

Verbal gymnastics: “Time is money. As one computer said, if you’re on the train and they say portal bridge you know you better make other plans.” —Joe Biden

Race bait: “Glenn [Youngkin] is spending his final days of the campaign focused on banning award-winning books from our schools & silencing the voices of Black authors. I know we can read between the lines and see these Trumpian dog whistles for what they truly are.” —Terry McAuliffe

Non compos mentis: “Striketober … and the Great Resignation may look chaotic, but this is just the kind of chaos the American economy needs.” —CNN’s Fareed Zakaria

And last… “Gender equity is actually gender discrimination. You can’t force equal outcome without discriminating against somebody.” —Liz Wheeler

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