I know a lot of people who are consumed with anxiety about whether they, their family, America, and the world will be ruined by the Pandemic Panic. I don't blame them. Our politicians, both Donks and Pachys, terrify me, too, by their ignorance of what works. They are flirting with creating a new Dark Ages.
I've seen this before, back in the 1970s. Have they learned nothing?
There are countless examples of how smart leaders have taken a country from ruin to sustained prosperity. I've written about or alluded to some here , here and here. There's lots more. Generating prosperity is simple. So, it's up to us. Email your Congressperson and tell them how!
Step up and help guide our officials' footsteps onto the Paths of Righteousness. And Affluence? Because, you know, I cannot do it alone. (Believe me, I've tried.) Let's together exercise our Citizen Superpower and rescue America from its leaders. The good news? I actually know how. During my lifetime America tentupled (if that's a word) the size of its real economy. I was watching! Apparently our pols missed it.
The St. Louis Fed's chart from around the time I was born, 1952, shows that then real GDP was around $2 trillion growing to over $21 trillion in 2019. (Not adjusted for population, which has about doubled, yet quintupling per capita GDP.)
From 1980 my team, the Supply-Siders, drove world GDP up from $11 trillion to $88 trillion (an octupling.) The Dow soared from 814 on the day in 1979 Reagan declared for the presidency to >20,000 today. Twenty-sixtupling in nominal terms.
Back in 1986 I founded the Prosperity Caucus. Last year I co-authored The Capitalist Manifesto and co-founded The Capitalist League and the Prosperity Coalition. So … we know how to pull the economy out of its tailspin. Not only do we know. We've done it. Let's do it again.
If you'd like to see America rescued from economic ruin and hear the economy roar again it's all up to us to get our leaders to embrace the Ten Commandments of Capitalism. Find the Big Ten all here. I've written about the First here, the Second and Third.
Today: the Fourth: "No gift, estate, or inheritance tax shall have a top rate of more than 10% and no such tax shall be imposed on any such transfers of $10 million or less, annually adjusted for inflation."
This is one of my personal favorites because it is the antithesis of the Third Commandment of The Communist Manifesto which calls, verbatim, for the "Abolition of all rights of inheritance." I'm an old school anti-Communist. I fought in the Cold War. USA! USA! USA!
And, also, because I despise grave robbery.
Another reason is that I, a constitutional lawyer, consider the death tax unconstitutional. I once pointed out its unconstitutionality to the late, great, U.S. Senator Daniel Patrick Moynihan on a flight we shared from Albany N.Y. to D.C. Moynihan professed interest. Nothing came of it.
I never give up.
The most obscure provision in the U.S. Constitution states that "The Congress shall have Power to declare the Punishment of Treason, but no Attainder of Treason shall work Corruption of Blood…." Only legal history geeks like me know what "Corruption of Blood" is.
Per lawstack exchange, "In English law during the late Medieval and early modern period … it was possible for Parliament to pass a "Bill Of Attainder." This declared a person guilty of a crime, often treason, by legislative act, without any trial or other legal process. … Often a Bill of Attainder … confiscated the convicted person's property, preventing his (or rarely her) heirs from inheriting…"
The statesmen who wrote the Constitution believed that preventing heirs from inheriting their ancestor's property was so heinous that they prohibited it even as a punishment for the most vile crime they knew: high treason. Yet Congress now can ghoulishly hijack as much of our life savings as it likes — currently up to 40%, but 77% between 1941 and 1976 — merely for the offense of having lived the American dream and grown wealthy.
Abominable! Griswold vs. Connecticut found penumbras to Constitutional rights. The prohibition against Corruption of Blood surely deserves its own penumbra.
The Fourth Capitalist Commandment honors the letter and spirit of the U.S. Constitution and gives a Big Diss to Marx and Engels by severely constraining the estate tax. Admittedly, I don't much care for trust fund prep school princelings. Yet the right to leave your estate to your overprivileged suburban monster children is a small price to pay for prosperity for the rest of us.
To regain prosperity all we have to do is take our elected officials by the ear and teach them the Ten Commandments of Capitalism. End the Death Tax!
Ralph Benko, co-author of "The Capitalist Manifesto" and chairman and co-founder of "The Capitalist League," is the founder of The Prosperity Caucus and is an original Kemp-era member of the Supply Side revolution that propelled the Dow from 814 to its current heights and world GDP from $11T to $83T. He served as a deputy general counsel in the Reagan White House, has worked closely with the Congress and two cabinet agencies, and has published over a million words on politics and policy in the mainstream media, as a distinguished professional blogger, and as the author of the internationally award-winning cult classic book "The Websters' Dictionary: How to Use the Web to Transform the World." He has served as senior adviser, economics, to APIA as an advocate of the gold standard, senior counselor to the Chamber of Digital Commerce and serves as general counsel to Frax.finance, a stablecoin venture. Read Ralph Benko's reports — More Here.
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