Group items tagged

But other proposed changes reflect the growing consensus among experts that accelerating climate risk is fast becoming uninsurable — and if governments want insurance to remain affordable, it will mean finding new ways to limit people’s exposure to that risk.In California, like most other states, local officials have significant control over where homes are built. Those officials face powerful incentives to permit the construction in fire-prone areas: New houses mean more jobs and more residences, which translate into more tax revenue.

And if local officials insist on building in places exposed to wildfires, the recommendations call for preventing those homes from getting insurance through the state’s FAIR Plan.

State Senator Bill Dodd, a Democrat whose district includes Napa, Sonoma and other areas hit hard by recent wildfires, said he was open to many of the recommendations, including stopping access to the FAIR Plan for new homes in high-risk areas, halting infrastructure spending and expanding building codes. “We’ve got to rethink how we are developing” in those places, he said.

Since the days of Deng, the mantra of Beijing’s top policy makers had been “reform and opening up,” which stressed integration with the global economy. Xi, however, wants to limit that integration, or at least engage with the wider world on different terms

Perhaps he thinks that a heftier role for the state could help firm his hold over party and government. “He wanted more control, and he thought having a big state sector was an element of achieving that,” Lardy explained.

Deng Xiaoping, one of Xi’s predecessors, who launched China’s now-famous pro-market reforms in the late 1970s, understood that the country was destitute because it was strangled by the Communist state and cut off from the world. Deng and his successors steadily lifted controls on private investment, trade, and foreign business. Unfettered by overbearing state planners, China’s entrepreneurial energies, mixed with imported capital and technology, unleashed an explosion of growth and wealth.

“He is feeling under siege,” James McGregor, the chairman of the China arm of the consulting firm APCO Worldwide, told me. Chinese officials “are eliminating all vulnerabilities to the outside world, or reducing them as much as they can.”

In other words, China will stay open for business—if that business helps protect its own interests.

an economist at the research firm Capital Economics, dubbed the self-sufficiency drive a “lose-lose” for China’s economy, because it diverts resources from more productive purposes and forces firms to choose suppliers for political, not economic, reasons

This dovetails nicely with another of Xi’s goals, self-sufficiency. China, he believes, should produce homemade substitutes to key products now bought from overseas—especially microchips and other critical technologie

To protect national security, China needs “independent, controllable, safe, and reliable” supply chains, Xi said in an April speech, with “at least one alternative source for key products and supply channels, to create a necessary industrial backup system.” Localizing technology has been a long-standing Chinese ambition, but China watchers think Xi has thrown that plan into hyperdrive

All of this adds up to a grand experiment in the kind of state-directed development unseen since the days of Mao Zedong.

Classically trained economists frown upon Xi’s program. He’s ticking just about every box of what not to do to propel incomes and innovation

et we shouldn’t immediately dismiss his plans as doomed to fail. As a gargantuan market of 1.4 billion people, China can develop local companies of size and scope without bothering much with the outside world. (Ma’s Ant is a prime example.) If the program works, economists may have to rewrite their textbooks.

et the undertaking is fraught with risks. By favoring the state sector, Xi is funneling valuable money and talent to notoriously bloated and inefficient government enterprises instead of far more nimble and creative private firms

Xi wishes to reduce China’s reliance on other countries, especially potential adversaries such as the United States. From Beijing’s perspective, the Trump administration’s restrictions on technology sales to the telecom giant Huawei Technologies and other Chinese outfits exposed the dangers of counting on untrustworthy foreigners, and Xi intends to ensure that China’s advance can’t be upset by politicians in Washington or elsewhere.

learly, Xi is preparing for protracted conflict between the world’s two largest economies by attempting to fireproof China from measures President-elect Joe Biden might use against him. Yet in doing so

if Xi succeeds in replacing more of what China purchases from the world, he will also undermine the economic rationale for continued engagement with a brutal authoritarian regime. Xi thinks he is shielding China against isolation. He could instead be causing it.

The New York-based Signature Bank announced that it would close down Trump’s personal accounts that have about $5.3 million due to the “displeasure and shock” management experienced following the Capitol riots. 

Earlier this week, Bloomberg News reported that Deutsche Bank would not conduct future business with Trump or his company besides monitoring the payment of existing loans amounting to more than $300 million. 

The deadly riots resulted in at least five deaths, including a Capitol Police officer and a woman shot by a plain clothes Capitol Police officer.

The New York bank also called on the president to resign and said it would not make future agreements with lawmakers who contested the Electoral College results after the riots.

“We witnessed the President of the United States encouraging the rioters and refraining from calling in the National Guard to protect the Congress in its performance of duty,” the statement continued.

Eric TrumpEric TrumpLet's make Wednesday, Jan. 6, 2021 the day Trumpism died Ivanka Trump urges 'patriots' storming Capitol to 'stop immediately' in now-deleted tweet Eric Trump warns of primary challenges for Republicans who don't object to election results MORE, one of the president’s sons put in charge of day-to-day operations of the Trump Organization, told The Associated Press that banks and other companies ending their relationship with the business after the riots exemplifies a liberal “cancel culture.”

“If you disagree with them, if they don’t like you, they try and cancel you.”

Several companies, in addition to the banks, have distanced themselves from the president after last week’s events, including Shopify, which took down trumpstore.com, and PGA of America, which moved a 2022 championship away from Trump property.

New York City declared on Wednesday that it would end contracts with the Trump Organization to run attractions in the city’s park, with Mayor Bill de BlasioBill de BlasioRepublican Staten Island candidate apologizes for Hitler reference New York City considering ending business contracts with Trump Columnist Ross Barkan discusses the slow vaccination process in the state of New York MORE (D) saying, “New York City doesn’t do business with insurrectionists.”

The siege of the Capitol wasn’t a departure for Trump, it was an apotheosis. For years, he’s been telling us he wouldn’t accept an election loss. For years, he’s been urging his followers to violence, refusing to condemn their violence, and insinuating that even greater violence was on the way. As he told Breitbart in 2019, in one of his characteristic threats, “I have the tough people, but they don’t play it tough — until they go to a certain point, and then it would be very bad, very bad.”

Under Trump, political pressure on federal law enforcement to ignore the far right would only grow. After a white supremacist killed 23 people in a Walmart in El Paso in 2019, Dave Gomez, a former F.B.I. supervisor overseeing terrorism cases, told The Washington Post that the agency was “hamstrung” in trying to investigate white nationalists. “There’s some reluctance among agents to bring forth an investigation that targets what the president perceives as his base,” said Gomez.

“We’ve got to get rid of the weak congresspeople, the ones that aren’t any good, the Liz Cheneys of the world, we got to get rid of them,” said President Trump. He urged his minions to march down Pennsylvania Avenue to the place where Congress was meeting to certify the election he lost: “Because you’ll never take back our country with weakness. You have to show strength and you have to be strong.”

Trump now becomes the first president in American history to be impeached twice. Half of all presidential impeachments since the Republic began have been impeachments of Trump. This latest impeachment is different than the first, and not just because it was bipartisan. It culminates a week in which Trump has finally faced the broad social pariahdom he’s always deserved.

It is not yet clear who Raskin will be up against. Prominent law firms have refused to represent Trump in his postelection legal fights, and Bloomberg News reports that lawyers who have defended the president in the past don’t want to do so anymore. For four years, as Trump has brought ever more havoc and hatred to this country, many have wondered what it would take to dent his impunity. The answer appears to be twofold: Committing sedition, and losing power.

The House Judiciary Committee’s impeachment report quotes, at length, the speech that Donald Trump gave to his devotees on Jan. 6 before many of them stormed the Capitol, baying for execution.

Banks promised to stop lending to him. Major social media companies banned him. One of the Trump Organization’s law firms dropped it as a client. The coach of the New England Patriots rejected the Presidential Medal of Freedom, and the P.G.A. pulled its namesake tournament from a Trump golf course. Universities revoked honorary degrees. Some of the country’s biggest corporations, along with the U.S. Chamber of Commerce, pledged to withhold donations from congressional enablers of his voter fraud fantasy. Bill de Blasio announced that New York City would end contracts with the Trump Organization to run two ice rinks and other concessions worth millions annually.

Throughout his presidency, Republicans pretended not to hear what the president was saying. For the last few months, Republican election officials in Georgia have spoken with mounting desperation of being barraged with death threats as a result of Trump’s ceaseless lies about the election, but national Republicans did little to restrain him. There was no exodus away from the president and his brand when, during the debates, he refused to commit to a peaceful transition of power and told the Proud Boys to “stand back and stand by.”

That is part of the work of the second impeachment. This impeachment may be as much a burden for Democrats as for Republicans; a Senate trial would surely postpone some of the urgent business of the Biden administration. It has gone forward because Democrats had no choice if they wanted to defend our increasingly fragile system of government.

On Thursday morning, GameStop shares spiked to $467 but then crashed to $126 as investors were unable to purchase more shares. As of 8:46 a.m. PT, the stock's price had rebounded to $207.90.

"In the interest of mitigating risk for our company and clients, we have put in place several restrictions on some transactions in $GME [GameStop], $AMC [AMC Theaters] and other securities," reads the TD Ameritrade message.

When those countries vetted these vaccines, they made informed decisions, based on evidence about safety and efficacy released by the Chinese and Russian manufacturers — much of it also published in peer-reviewed scientific journals like The Lancet and JAMA — or after running independent trials of their own. To assume otherwise is to doubt the ability or integrity of these governments, some of which have health regulatory systems on par with those in the United States or Europe.

To some extent this is understandable. China’s and Russia’s self-serving propaganda campaigns touting their respective vaccines only increased wariness, especially abroad.

The protocols for trials vary, in other words, even for the same vaccine. Considering that, now imagine the potential for differences among results from trials for various vaccines — differences that may reveal as much about the trials’s designs as the vaccines’ performance.

The fact is that no Covid-19 vaccine has been developed or released as transparently as it should have been. And while China and Russia may have botched their rollouts more than some Western companies, that doesn’t necessarily mean their vaccines are shoddy.

Most vaccines produced in the West have already been bought up by rich countries: as of early December, all of Moderna’s vaccines and 96 percent of Pfizer-BioNTech’s, according to the People’s Vaccine Alliance, a coalition of organizations calling for wider and fairer access to vaccines worldwide.

When a vaccine is developed in and approved by a country on the W.H.O.’s trusted list, the organization usually relies on that assessment to quickly sign off. But when a vaccine maker anywhere else applies for prequalification, the W.H.O. conducts a full evaluation from scratch, including a physical inspection of the manufacturing facilities.

“For the first time ever, we are having a national political conversation about billionaires in American life. And that is because many people are noticing the vast differences in wealth and opportunity,

Financial disparities between the rich and everyone else have widened over the past several decades in America, with inequality returning to levels not seen since the 1920s, as the richest 400 Americans now control more wealth than the bottom 60 percent of the wealth distribution

The poorest 60 percent of America has seen its share of the national wealth fall from 5.7 percent in 1987 to 2.1 percent in 2014, Zucman found.

At least 16 billionaires have in recent months spoken out against what they regard as the danger posed by the populist Democrats, particularly over their proposals to enact a “wealth tax” on vast fortunes, with many expressing concern they will blow the election to Trump by veering too far left.

Steyer has proposed his own wealth tax, but Schultz ripped the idea as “ridiculous,” while Bloomberg suggested it was not constitutional and raised the prospect of America turning into Venezuela.

Zuckerberg suggested Sanders’s call to abolish billionaires could hurt philanthropies and scientific research by giving the government too much decision-making power. Microsoft co-founder Gates criticized Warren’s wealth tax and mused about its impact on “the incentive system” for making money.

David Rubenstein, the billionaire co-founder of the Carlyle Group, told CNBC that a wealth tax would not “solve all of our society’s problems” and raised questions about its practicality. Also appearing on CNBC, billionaire investor Leon Cooperman choked up while discussing the impact a wealth tax could have on his family.

America has long had rich people, but economists say the current scale of inequality may be without precedent. The number of billionaires in America swelled to 749 in 2018, a nearly 5 percent jump, and they now hold close to $4 trillion collectively.

“The hyper concentration of wealth within the top 0.1 percent is a mortal threat to the American economy and way of life,” Boyle said in an interview. “If you work hard and play by the rules, then you should be able to get ahead. But the recent and unprecedented shift of resources to billionaires threatens this. A wealth tax on billionaires is fair and, indeed, necessary.”

“A lot of people in the Wall Street crowd still think the world is top-down,” Wylde said. “They think the people at the top of the pecking order are still making the decisions or driving the debate, as opposed to the new reality of grass-roots mobilization. They don’t realize the way pushback to their criticism goes viral.”

Lance Drucker, president and CEO of Drucker Wealth Management, said he has recently heard alarm from many of his millionaire clients over plans like Warren’s to implement a wealth tax on fortunes worth more than $50 million.

“Honestly, it’s only been the last month when people started getting worried,” said Drucker in an October interview. “These tax proposals are scaring the bejeezus out of people who have accumulated a lot of wealth.”

Some financial planners are urging wealthy clients to transfer millions to their offspring now, before Democrats again raise estate taxes. Attorneys have begun looking at whether a divorce could help the super-rich avoid the wealth tax. And some wealthy people are asking whether they should consider renouncing their U.S. citizenship and moving to Europe or elsewhere abroad ahead of Democrats’ potential tax hikes.

he has heard discussions about leaving the country and renouncing citizenship or other legal tax planning moves due to Democrats’ tax plans from several multimillionaires. “As the frustration mounts and tax burdens rise, people will consider it, just the way you have New Yorkers moving to Florida.

Michael Bloomberg in unveiling his recently announced $500 million Beyond Carbon campaign.

“It is time for all of us to accept that climate change is the challenge of our time.” He concluded, “It may be a moon shot — but it’s the only shot we’ve got.”

In 1970, Dr. Logsdon wrote a book, “The Decision to Go to the Moon,” that laid out four conditions that made Apollo possible

it has to be “a singular act that would force action, that you couldn’t ignore.”

leaders in a position to direct the resources necessary to meet the goal on “a warlike basis,” with very deep national pockets

“the objective has to be technically feasible.”

“Apollo did not require changing human behavior” as fighting climate change would, through the need for measures like carbon taxes or changes in consumption patterns.

What would be the “action-forcing stimulus” for a climate moon shot, he asked? He suggested it would have to be something deeply dramatic and immediate, like “Manhattan going under water.”

One more important difference between sending people to the moon and solving a problem like climate change was cited in a recent editorial in the journal Nature, which noted that attempts to counter climate change have lobbyists fighting against them

“Just because a metaphor is not exact,” she said, “doesn’t mean it’s not useful.”

The deceptively simple goal, he said, should be to “decarbonize electricity, and then electrify everything.”

That would involve building up renewable energy and dropping electrical generation from fossil fuel plants, and building up the use of technologies like heat pumps that can make home heating and cooling more efficient

mostly, he said, it will require a shift in national attitude.“The moon shot technology we need is political will.”

Could a “moon shot” for climate change cool a warming planet?

But President Kennedy did not have to convince people that the moon existed

But tracking back to the fundamentally fraught nature of this exercise, the risk of flogging the “comeback” too hard is people think the pandemic is over, and a sanctioned complacency creeps in.

If you are Morrison and Frydenberg, you want to build confidence but not complacency, and that can be a fine distinction to hit. If you sound too positive, you invite the nation to conclude the crisis has passed when it hasn’t, and that increases the risk of outbreaks, and so it goes.

One of the stranger dynamics during this deeply strange year has been various players in the federal government castigating various premiers for internal border closures, when the big daddy of border closures was actually the decision of the Morrison government to close the international border – a decision with huge economic ramifications.

Since July, the campaigns have been spending more on Florida’s airwaves than anywhere else in the country.

Michael R. Bloomberg has pledged to spend $100 million

Florida television screens are increasingly the primary method, along with digital advertising

the campaign has more than two dozen unique on-air advertisements in different markets around the state over the past week.

He spent about $600,000 on one ad over the past week

Recent polls have shown Mr. Biden maintaining a slight lead over Mr. Trump — a Monmouth University poll had Mr. Biden at 50 percent with likely voters to Mr. Trump’s 45 on Tuesday

The Biden campaign is also clearly concerned about maintaining its lead over Mr. Trump among Latino voters

directly rebut attacks by Mr. Trump — evidence of a concern about the effectiveness of the president’s accusations — and even embrace some of Mr. Biden’s more progressive policies

two key groups in the state: seniors and Latino voters

Trump campaign falsely portrays Mr. Biden as a candidate who wants to cut Social Security

he ad also demonizes undocumented immigrants, claiming without evidence that a President Biden would take away Social Security from American citizens and give it to undocumented immigrants

But it hasn’t necessarily damaged his support among Latino voters in Florida

Voting begins in Florida with the distribution of absentee ballots on Sept. 24.

in general Democrats now enter the political arena as the party of wealth.

Traditionally, “the right,” for better and for worse, is the party of large property holdings, of bosses and managers and cultural guardians, of dominant belief systems (religious and secular), and of elite education institutions that set the boundaries of what knowledge and lore are proper to pass on to tomorrow’s generations. If America has such a party today, it is not the Republicans.

Biden’s most loyal followers by occupation included professors (94 percent), librarians (93 percent), therapists (92 percent), and lawyers (88 percent)

Trump got homemakers (96 percent), welders (84 percent), HVAC professionals (82 percent), farmers (75 percent), and custodians (59 percent)

They are also the party of education and prestige. On the eve of November’s election, Bloomberg News analyzed which employees gave the most to Donald Trump and which the most to Joe Biden. Biden swept the commanding heights of the economy. He got 97 percent of the contributions at Google and Facebook, 96 percent at Harvard, 91 percent at the consultants Deloitte, and (back here on planet Earth) 90 percent at the New York City Department of Education

Krein doubts whether anything that could be described as Trumpism happened at all. The North American Free Trade Agreement of 1993 was renegotiated to American workers’ advantage, but that did not lead to the renaissance of manufacturing that candidate Trump had tirelessly promised in 2016. The wages of the lowest-paid workers went up, but that may be due to minimum-wage hikes enacted in dozens of states and cities.

“It feels to me like the party’s getting pushed into it,” said Julius Krein, an investor who publishes the quarterly review American Affairs, in an interview this winter. “Donors, especially, don’t want it to be a working-class party. And certainly the old guard not only doesn’t think of itself as such, but is quite hostile to that, and to any policy that could possibly lead in that direction. But it’s getting pushed there because all the elite are going to the Democrats.”

Trump’s administration worked out well for American workers, at least up until Covid hit in the spring of 2020. Unemployment was under 4 percent for most of 2018 and 2019. The good times reached even those to whom prosperity had historically been slowest to arrive. Unemployment among Black men, a whisker under 20 percent in March 2010, had fallen to around 5 percent in November 2019. According to The Economist, gains were concentrated in professions where workers had heretofore faced competition from immigrant labor, such as housekeepers and maintenance workers

the economic hand that Trump had to play in last fall’s elections was stronger than almost anyone outside of the working class understood, and the results—at least in terms of the swing-state popular vote—correspondingly closer.

There is a philosophical disagreement about how one gives the working class more power. To boil it down to the basics, Democrats believe in more unions and Republicans believe in less immigration.

Krein is generally skeptical of the Republican Party’s traditional economic policies. “Contrary to the pervasive mythology of entrepreneurialism and creativity,” he writes, “it is glaringly obvious to today’s professional elite that the neoliberal economy is allocating capital, and especially talent, very poorly.

the extraordinary 2017 tax cuts, the only significant piece of domestic legislation passed in Trump’s four years. A supply-side piñata without precedent, it encouraged the corporate “buybacks” that can spur stock prices (padding executive bonuses) but can destabilize corporate finances (increasing the likelihood of layoffs in a downturn)—quite the opposite of what Trump had seemed to promise on the campaign trail.

Now Rubio has a simpler message: These are my people. I will fight for them. It beats the perennial Republican approach of theorizing about incentives and the capital gains tax.

Among Senate Republicans, it is Rubio who has laid the biggest bet on working people. He has a lot of ideas. He has urged fighting stock buybacks, reauthorizing Small Business Administration loan programs, and limiting Covid aid to universities with endowments of more than $10 billion

The core of his agenda, said Rubio, “is the availability of good-paying jobs that allow people to raise families, to retire with dignity, to live in safe and stable communities—that’s where life is lived.”

Hawley does often sound like a throwback. He criticizes the sexual revolution, the “woke mob,” and those who propose to rechristen military bases named after Confederate generals. In this sense, his appeal to the working class is less direct than Rubio’s. He is using, in classic Reagan fashion, the correlation between working-class status and conservative cultural attitudes to win over voters without making class appeals at all.

In 2008, two young thinkers, Ross Douthat and Reihan Salam, wrote a book called Grand New Party: How Republicans Can Win the Working Class and Save the American Dream. The authors warn that “Sam’s Club Republicans”—cheekily named after a Walmart-owned chain of cut-price warehouse stores where few urban Democrats had ever set foot—were losing ground. And these voters were beginning to notice that their party wasn’t doing anything for them. The old Republican entrepreneurial rhetoric of unleashing this and untrammeling that was ceasing to resonate. Worse, it now served the other party’s base.If Grand New Party was the first call to arms in the remaking of the party, it went largely unheeded

Until recently, few congressional Democrats have been inclined to do battle with the tech companies, Alexandria Ocasio-Cortez and Elizabeth Warren being among the conspicuous exceptions.

Tom Cotton, a Harvard-educated Republican lawyer from tiny Yell County, Arkansas, is trying to use China the way Hawley uses Big Tech

When the public compares the two parties on the question of protecting the working class, it is still Democrats who come out on top—but not by a lot.

In early December, Hawley and Bernie Sanders staggered their speeches, swapping floor time back and forth, in hopes of rallying the chamber to deliver Covid aid in $1,200 direct payments to parents. It was eyebrow-raising, Senate staffers said, because such moments require close staff coordination, and each senator pledged solidarity to the other. “I’m proud to yield the floor to him,” said Sanders of Hawley. “I’m delighted to join with Senator Sanders,” Hawley responded, adding: “Working families should be first on our to-do list, not last.”

The most closely attended-to conservative voice on this issue is Oren Cass, a former Mitt Romney adviser who heads American Compass, a conservative think tank that calls for “widely shared economic development.

Nearly all the Republicans loosely aligning themselves with working-class interests listen to Cass, and it’s partly because he has a theory about the economic history of this century and how it led to our present predicament.

As Cass sees it, the weakness of structures has been explained by the work of M.I.T. economist David Autor, who has given us a new understanding of how labor markets work under globalization.

A “China shock” wiped out a good deal of manufacturing employment after China’s accession to the World Trade Organization in 2001, Autor has shown. “Skill-biased technical change” drove college-educated workers’ compensation up and that of the noncollege-educated down

The economists Anne Case and Angus Deaton gathered similar evidence of the collapse of labor markets and the rise of regional inequality in their 2020 book on opioids, suicide, and life expectancy, Deaths of Despair and the Future of Capitalism.

J.D. Vance, author of Hillbilly Elegy, a book that is often read as an X-ray of how eastern Ohio and other parts of Appalachia were struggling as Hillary Clinton and Donald Trump were vying for the presidency in 2016

the embrace of this coming-of-age saga as an all-purpose explanation of Trump’s new pitch to the working class was misguided, for Vance was already in his thirties when it was published. “The story that he is telling,” Cass insisted, “is of what was going on in the late ’90s, during what we think of as the go-go years, the boom years, the very best years.”

Indeed, an interesting general question arises to challenge Republicans about the 1980s and 1990s—were the policies arrived at outright wrong?

“If you talked to Republicans and gave them truth serum,” one congressional political adviser admitted, “a majority would say we had it wrong for decades on immigration and trade. We were too quick to look just at the lower price of goods and how that ultimately helped people, and didn’t spend enough time looking at people who were directly hurt by factories being closed and lower wages.”

Cass’s central insight is: Tight labor markets are good. That is how unions work to drive up wages, and if conservatives want higher wages, they will need to overcome their “foolish orthodoxy” on the matter.

At the same time, you can’t believe unions are good and say any amount of immigration is fine. Limiting immigration raises wages—which is a key reason that the postwar labor movement supported immigration restrictions

From a supply-and-demand perspective, mass immigration does the same thing as offshoring and de-unionizing: It exposes workers with American labor protections and lifestyle expectations to competition from workers without them

Republicans’ rapport with the working class may turn out to be more natural than it now appears. They won’t have to “come up with” policies for helping the workers, still less to “reinvent” themselves as a working-class party

they will follow the logic of the situation to embrace the sort of policies Democrats followed when they were the party of the workers and the Republicans the party of the bosses.

Very little actual work or production is being relocated. What’s really changing are the addresses of those who own and control the capital

Until recently, high-tax cities had a fighting chance against their lower-tax rivals. That is why so many blue-state politicians have called for getting rid of the Trump-era caps and restoring the ability to deduct state and local taxes.

Some progressive economists have rightly countered that enabling the wealthiest Americans to write off their state and local tax payments is highly regressive, amounting to a tax break of $100 billion or more a year that flows mainly to the very rich

But eliminating those write-offs has created a race to the bottom that is already devastating the budgets of expensive coastal cities

Others recommend replacing the SALT deduction with a 15% credit for state and local taxes. Given the pressure from Democrats in impacted cities, this is something that the Biden-Harris administration may have to revisit. 

the effect of new remote technology on state and local taxes requires some serious scrutiny by all levels of government. As more Americans, especially the 1%, have flexibility about where they work, city and state governments will need to develop new revenue models that account for the locations of both the people and their businesses

When an advantaged class can live thousands of miles away from where they work and own assets, it deprives cities of a vital source of revenue.

Without the incentive to win elections, Republican elected officials increasingly have no reason to try to make voters happy (or more precisely: The politicians have that incentive, but the party as a whole does not and that’s what matters).

The results are exactly what one would expect. Republicans do fine for the most part in elections as the out-party, because when an incumbent is on the ballot an election is mainly about whether he or she is doing a good job.

As a result, their ability to advance public policy atrophies, and eventually they lose interest in nominating candidates who are equipped to govern — or even interested in doing so. More and more, the party is driven by what their media cares about: Finding the things that most activate their most loyal audience, and repeating them as much as possible.