Here in California, billionaires are under attack as the Democrats are pushing a referendum that would levy a 5 percent wealth tax on unrealized gains and other assets of these very rich people in the Golden State. In Washington, DC, Donald Trump is telling big financial corporations that he’s going to limit their credit card interest rates to just 10 percent instead of the 20 percent or 30 percent they’ve been charging their customers. On the one hand, these are terrible economic policies. They are the opposite of classical conservatism. It’s ridiculous to tax unrealized gains because they haven’t yet been realized, and it’s also dumb to drive rich people who started businesses out of your state. Cutting the allowable interest on credit cards is going to make it harder for a lot of people with lousy credit to get cards. But, on the other hand, screw the billionaires and the giant financial corporations.
Here’s the thing. We Republicans only have limited political capital. You can only do so much stuff, even though Donald Trump is pushing the envelope and doing a lot of stuff. That’s taking a lot of time, and it’s taking a lot of his power. So, my question is, how much political capital should we as conservative Republicans spend on billionaires and financial corporations?
My suggestion is that we spend none.
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Read Full Article Here…(townhall.com)
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