On trade, Trump needs to pivot bigly
Bigger than he has so far...
US consumer sentiment plummets to second-lowest level on records going back to 1952
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Just One Thing: Why isn't there a revolution?
I was thinking about this the other day and I wonder why more people aren’t more upset. If you make a reasonable but not huge wage, you’re paying between 22% and 35% as a marginal income tax rate. I realize the effective rate is a bit lower because of deductions and exemptions. And you pay payroll tax which, for lower-income workers is by far the biggest tax they pay. And you pay another 4.5% state income tax. Then depending on where you live, you pay another 6 or 7 or 8% in sales tax. You pay LOTS in property tax…even if you’re renting because the owner is passing that through to you. You pay way too much in this state to register a vehicle and then you pay tax on every gallon of gas or diesel unless you get farm diesel. In this state, you pay endless fees and other taxes…have you looked at your home phone bill if you have one or cell phone or electricity or gas? All loaded up with taxes. You pay an infuriating 29 cent tax every time you get a delivery. And on and on and on. I have to say I’m somewhat surprised that more people aren’t furious. The majority of middle-class people in this state probably pay around 40% of their earnings in tax and for upper-income earners it’s probably closer to 45 or 50%. And for people in high-tax states like California, it can be over 50%. Why isn’t there a revolution?
I’ll tell you one small part of the answer: payroll tax withholding reduces the pain of paying taxes. Withholding was Milton Friedman’s idea…and here’s what he had to say about it in 1995: “I played a significant role, no question about it, in introducing withholding. I think it's a great mistake for peacetime, but in 1941–43, all of us were concentrating on the war. I have no apologies for it, but I really wish we hadn't found it necessary and I wish there were some way of abolishing withholding now.”
Milton Friedman Helped Invent Income Tax Withholding
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One More Thing: Why isn't there a revolution about this either?
Jared Polis signs bill drastically limiting sale of semiautomatic guns
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Today's Guests
Congressman Jeff Crank (CO-5) joins the show to talk about what happens now with the federal budget: Now that they've passed a budget plan, the hard part begins for Republicans
Similar take from the WSJ: Breaking: House GOP Decides to Govern - WSJ
I'll also ask what he thinks of a bill (that probably won't go anywhere, at least not right now) being supported by the other Colorado Jeff, rep Jeff Hurd, to return the power to impose tariffs to Congress where it belongs.
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I'm going to try to have occasional guests who are listeners or friends who have interesting jobs or -- and this will probably end up being the focus -- interesting avocations during retirement. We're starting with the former today, though, with listener Jim who for 40 years has been a patent illustrator. That sounds fascinating to me!
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Other Stuff
Bennet is in. Does it even matter? (By which I mean: is there likely any significant difference on policy among the Dem candidates?) Potential Colorado gubernatorial candidate Michael Bennet plans to 'make an announcement' Friday | Colorado-politics | coloradopolitics.com
Sen. Michael Bennet will run for governor of Colorado in 2026
At this point I think the more interesting question is who will replace Bennet in the Senate.
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What the US gov't did to this man seems like a deep moral wrong that should upset even MAGA folks. The Supreme Court is right to tell the administration to bring him back from El Salvador. The Court was also careful to make clear that they are not super-executives just as they are not (as in the past the Court and other courts have acted as) super-legislators. So now the question will be whether the administration will do the right thing or give us this century's version of Andrew Jackson's famous (if maybe apocryphal) "John Marshall has made his decision, now let him enforce it."
Supreme Court says Trump must ‘facilitate’ return of man mistakenly deported to El Salvador
Interesting read: Executive Enforcement of Judicial Orders | Federal Judicial Center
From a legal perspective, this case is interesting too: Newly-released memo from Rubio details government’s only evidence in effort to deport Mahmoud Khalil
Speaking of terrible people, glad to see these charges: Pro-Palestinian demonstrators who occupied Stanford building are charged with felonies | AP News
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Wow, THAT is complicated! This is really nuts…and I wonder if it’s even possible to buy one (or the only one): Vacheron Constantin unveils world’s ‘most complicated’ wristwatch | CNN
"Developed over 8 years by one watchmaker..." Incredible.
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Seriously? How the hell are these people CPW commissioners? Colorado State settles lawsuit over open meetings violation | Agriculture | coloradopolitics.com
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Ummmm...no, thank you: Jessica Simpson defends drinking snake sperm, describes taste
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People are stupid sometimes: Popular Trader Joe's $3 mini tote already reselling for a whopping $1K — as stores restock and brace for another rush
That article massively overstates prices on eBay: Trader JOES Mini Tote for sale | eBay
That stuff reminds me of this article that I had in the blog for a while but didn't get to on the show: Too many trends: Gen Z Is Tired of Chasing the Trend Cycle - The New York Times
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What if Trump refuses to go along? We don’t have much American shipping so can he offer a way for non-American companies to become American and avoid a tax? Could he push for a change to the Jones Act to allow such ships to transport goods between American ports? Meeting on shipping emissions could result in the world's first global carbon tax | AP News
This is being pushed in part by Tuvalu, a nation of low-lying islands that constantly tries to get money from the industrialized world because, they claim, “climate change” will cause sea level rise that will swamp them. But data shows that the opposite is happening to most of the islands and to all of the larger inhabited islands: they are growing: Is the Pacific island nation of Tuvalu growing, and not sinking, as Craig Kelly says? - ABC News
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I probably won't get to this on the show but it's interesting: Prada Hits the FTC With a Handbag - WSJ
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Can they get 60 in the Senate? Fact Check: 4 Misleading Claims About SAVE Act
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If you read the descriptions of what Grand Junction voters are upset about, it sounds a heck of a lot like Denver: New council, new direction: Grand Junction voters back reform candidates - Rocky Mountain Voice
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Maybe I'll finally get to these two today:
I missed this story…it’s going to be a big deal for a lot of people such as those who buy inexpensive clothes on Shein. Won’t impact me very much…slightly increase my costs to buy some electronic parts. But all of these small (and not so small for other folks) cost increases will massively change how some people shop and how some businesses get their inputs.
De minimis trade loophole to end May 2, White House says
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Nerdy but easy to understand story about more corruption of so-called climate science: (17) The Emperor Has No Lab Coat - by Dr. Matthew Wielicki
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Today's Video
A classic combination of funniness and nerdiness
Well, no, and especially not with that one
(sorry, that wasn't very nice...I'm sure he's an awesome little doggie)