Tag: taxes

Rhode Island Bill Would Allow State Residents To Spend $10,000 Monthly In Bitcoin Tax Free

A bill introduced to the Rhode Island Senate would enable the state’s residents to spend or sell just under $1,000 in bitcoin 10 times per month without incurring state capital gains taxes.

Bill S. 0451, which was introduced to the Rhode Island Senate last month, permits the state’s residents and businesses to make up to 10 payments in bitcoin valued at less than $1,000 per month (or sell the equivalent amount) without being subject to state capital gains taxes.

The bill is an amendment to existing state income tax laws, and the exact language in the proposed legislation is as follows:

“Any sale of [b]itcoin by an individual or business in Rhode Island shall be exempt from state taxation if the total value of sales is less than one thousand dollars ($1,000) per diem. The limit of the state tax exempt [b]itcoin transaction shall not exceed ten (10) sales per a thirty (30) day cycle.”

And the bill defines a “sale of [b]itcoin” as “any transaction in which [b]itcoin is sold or exchanged for another form of value, such as fiat currency or other physical or digital assets.”

The bill also clarifies that this exemption only applies at the state level and that it doesn’t affect federal tax obligations.

Under the bill, individuals and businesses who engage with these types of tax-exempt bitcoin transactions are responsible for keeping records of these transactions, including the total value of sales per day, and should be prepared to provide these records to the Rhode Island’s department of revenue for audit or compliance purposes.

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Climate Change Policies Driving California’s Golden Road to Decline

The first of two reported essays on the issues facing California. Read the second installment here.

“From the Beginning, California promised much. While yet barely a name on the map, it entered American awareness as a symbol of renewal. It was a final frontier: of geography and of expectation.”

— Kevin Starr, “Americans and the California Dream, 1850-1915” 

California’s economic, academic, media, and political establishment still embraces the notion of the state’s inevitable supremacy. “The future depends on us,” Gov. Gavin Newsom said at his first inauguration, “and we will seize this moment.” Others see California as deserving and capable of nationhood, a topic that has resurfaced with Trump’s presidency as it reflects, as a New York Times column put it, “the shared values of our increasingly tolerant and pluralistic society.”

Critics say this vision is at odds with the facts on the ground. Rather than the exemplar of a new “progressive capitalism” and a model for social justice, California both accommodates the highest number of billionaires and the highest cost-adjusted poverty rate. It has the third highest gap, behind just Washington, D.C., and Louisiana, between middle- and upper-middle-income earners of any state. Nearly one in five Californians – many working – lives in poverty (using a cost-of-living adjusted poverty rate); the Public Policy Institute of California (PPIC) estimates another one-fifth live in near-poverty – roughly 15 million people in total.

“California” is a model that no longer delivers. To be sure, California has a huge GDP, paced largely by high real estate prices and the stock value of a handful of huge tech firms. It retains the inertia from its glory days, particularly in technology and entertainment, but that edge is evaporating as tech firms flee the state and Hollywood productions are shot around the world. For all its strengths, California has the nation’s second-highest rate of unemployment with lagging job growth, particularly in comparison to its neighbors and chief rivals, notably Texas, Arizona, and Nevada.

The signs of failure are evident on the streets. Roughly half the nation’s homeless population lives in the Golden State, many concentrated in disease- and crime-ridden tent cities in Los Angeles or San Francisco. Barely one in three state residents – and only one in four younger voters – now considers California a good place to achieve the American dream. Increasingly, California is where this dream goes to die.

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CONFIRMED: Ursula von Der Leyen’s European Commission Paid Millions to ‘Environmental Associations’ for Targeted Campaigns To Smear Political Opponents and Dissenting Voices

By now, it surprises absolutely no one to learn that the European Union Globalists and her powerful Commissioner Ursula von der Leyen are guilty of weaponizing the continent’s powers against their political enemies and the patriotic forces that oppose their suicidal policies.

After years of heavy criticism and scrutiny, the EU Commission has officially admitted a huge scandal: Brussels paid millions to environmental associations – but not only, mind you, for the nonsense ‘climate work’. What the EU was actually financing were targeted campaigns against political opponents and dissenting voices.

Austrian News Site Exxpress reported (translated from the German):

“The suspicion has been around for years, but now it is official: The EU Commission under Ursula von der Leyen has supported environmental organizations with taxpayers’ money – not only for climate and environmental protection, but also for political smear campaigns. The aim of the funded NGOs was to specifically attack critics of Brussels’ climate policy.

The explosive admission: In an official statement, the Commission admits that there have been “inappropriate lobbying activities” in funded NGO programs. This apparently refers to targeted attacks on political opponents who opposed individual EU plans.”

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Trump’s Tariffs Are Working — Here Are All The Countries Already Backing Down

President Trump’s tariffs are already having an impact.

Earlier this week, Trump announced a sweeping new trade policy that included a universal 10 percent tariff on all imports into the United States.

In addition to this baseline measure, the administration introduced a system of reciprocal tariffs targeting countries with significant trade surpluses over the U.S.

The tariffs vary in severity, with higher rates imposed on nations deemed to have particularly unbalanced trade relationships or who refuse to buy American goods.

However, many countries are already offering the U.S. concessions:

Vietnam — Following the announcement of a nearly 50 percent tariff on their imports, Vietnam has immediately entered negotiations with the White House.

President Trump reported a “very productive call” with Vietnam’s Communist Party General Secretary To Lam, during which Lam expressed a willingness to reduce tariffs to zero contingent on the signing of a free trade agreement.

India — India has initiated discussions with the U.S. to address the trade barriers.

Officials are reportedly exploring the possibility of reducing or eliminating tariffs on certain U.S. imports and increasing purchases of American goods.

Israel — Israel wants to negotiate terms and potentially secure exemptions or reductions and has already agreed to scrap all its tariffs on U.S. imports.

Prime Minister Netanyahu will further discuss the issue with Trump on Monday.

European Union (27 countries) — The EU has proposed lowering car tariffs and increasing purchases of U.S. energy and military equipment in an effort to negotiate exemptions and reductions.

Trump has long complained about the EU’s unwilligness to buy American cars.

Japan — Japan has signaled a willingness to negotiate by pledging increased imports of U.S. liquefied natural gas (LNG) and investments in artificial intelligence.

South Korea — South Korea is looking at possible trade concessions that would involve leveraging strategic sectors like semiconductors to reach a favorable agreement.

Thailand — Facing the prospect of billions in losses, the Thai government is planning to increase imports from the U.S. and reduce tariffs on American products to address the trade imbalance. 

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Report: Medicaid Double Payments Cost Taxpayers $4.3 Billion In Three Years

Irecently analyzed in these pages why claims that the House Republican budget will “cut” Medicaid have no merit, not least because Medicaid will continue to grow by over $1 trillion in the coming decade. But if that weren’t enough reason for lawmakers to accelerate efforts to reform a broken program, a recent Wall Street Journal analysis provided another:

Health insurers got double-paid by the Medicaid system for the coverage of hundreds of thousands of patients across the country, costing taxpayers billions of dollars in extra payments. The insurers, which are paid by state and federal governments to cover low-income Medicaid recipients, collected at least $4.3 billion over three years for patients who were enrolled — and paid for — in other states.

As the saying goes, you can’t make this stuff up. Is this what Democrats want to defend when they say they want to “protect Medicaid” — inefficiency bordering on fraud within one of the federal government’s largest programs?

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Other Countries Seem To Like Tariffs… So Why Are People Opposed To Trump’s Tariffs?

April 3, President Donald Trump announced it as “Liberation Day.” And by that he meant we were going to be liberated from asymmetrical tariffs of the last 50 years. And it was going to inaugurate a new what he called “golden age” of trade parity, greater investment in the United States, but mostly, greater job opportunities and higher-paying jobs for Americans.

And yet, the world seemed to erupt in anger. It was very strange. 

Even people on the libertarian right and, of course, the left were very angry. The Wall Street Journal pilloried Donald Trump.

But here’s my question. 

China has prohibitive tariffs, so does Vietnam, so does Mexico, so does Europe. 

So do a lot of countries. 

So does India. 

But if tariffs are so destructive of their economies, why is China booming? 

How did India become an economic powerhouse when it has these exorbitant tariffs on American imports? 

How did Vietnam, of all places, become such a different country even though it has these prohibitive tariffs? 

Why isn’t Germany, before its energy problems, why wasn’t it a wreck? It’s got tariffs on almost everything that we send them. 

How is the EU even functioning with these tariffs?

I thought tariffs destroyed an economy, but they seem to like them. And they’re angry that they’re no longer asymmetrical. 

Apparently, people who are tariffing us think tariffs improve their economy. Maybe they’re right. I don’t know.

The second thing is, why would you get angry at the person who is reacting to the asymmetrical tariff and not the people who inaugurated the tariff?

Why is Canada mad at us when it’s running a $63 billion surplus and it has tariffs on some American products at 250%. Doesn’t it seem like the people who started this asymmetrical—if I could use the word—trade war should be the culpable people, not the people who are reluctantly reacting to it?

Sort of like Ukraine and Russia. Russia invaded Ukraine. Do we blame Ukraine for defending itself and trying to reciprocate? No, we don’t. We don’t blame America because it finally woke up and said, “Whatever they tariff us we’re gonna tariff them.” 

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Trump’s Reciprocal Tariffs: Fear Porn At A Fever Pitch

On April 2, 2025, President Donald Trump unveiled his reciprocal tariff policy, a bold stroke to rebalance global trade and deliver a windfall to American taxpayers. Branded “Liberation Day,” this plan promises to slash the trade deficit, boost domestic industry, and restore economic sovereignty. Predictably, the usual suspects—ivory-tower economists and free-trade purists—are gasping in horror, warning of inflation and trade wars. But with Canada and Israel already pledging to zero out tariffs on US goods, Trump’s strategy is proving its worth before it’s fully off the ground.

The congressional GOP must rally behind this policy, not just for party loyalty, but because it’s a pragmatic, taxpayer-friendly move that could redefine America’s economic future—potentially even paving the way to ditch the income tax.

American taxpayers have long shouldered the burden of a lopsided trade system. The US has boasted some of the world’s lowest tariffs—averaging 2.2%—while nations like India (12%) and China (with effective rates ballooning under non-tariff barriers) enjoy near-unfettered access to our markets. The fallout? A $1.2 trillion goods trade deficit in 2024, a gutted manufacturing base, and a tax system that squeezes workers to prop up foreign economies. Trump’s reciprocal tariffs turn this on its head.

By matching foreign tariffs—34% on China, 20% on the EU, up to 49% on outliers like Cambodia—Trump is forcing a reset.

Critics bleat about higher consumer prices, conveniently glossing over the policy’s core: incentivizing domestic production. “Build your plant here, no tariffs,” Trump declares. Companies that relocate will hire Americans, pay US taxes, and shrink the trade deficit. That’s not a tax hike—it’s a tax relief blueprint. Meanwhile, companies like Ford are establishing product discounts, calling them “From America, For America” discounts. More jobs, “Made in the USA” discounts, and higher wages mean less reliance on public assistance, easing the strain on taxpayers.

Here’s the kicker: tariffs could be the key to axing the income tax entirely.

In 2024, the federal government collected $2.2 trillion from individual income taxes. Trump’s team projects reciprocal tariffs could generate $500 billion to $1 trillion annually, depending on compliance and retaliation. Pair that with corporate tax revenue from repatriated businesses, and you’ve got a revenue stream that could replace the IRS’s chokehold on American paychecks.

Before 1913, tariffs funded nearly half the government; today, they’re a measly 1% of revenue. Trump’s plan revives that model, shifting the burden from workers to importers and foreign profiteers. Opponents who scoff at this as “unrealistic” are just scared of losing their sacred cow—complex tax codes that favor their cronies.

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WHAT COULD GO WRONG? Socialist NYC Mayoral Candidate Wants City-Owned Grocery Stores

New York City mayoral candidate Zohran Mamdani is a far left socialist and he wants the Big Apple to have government owned grocery stores.

This idea has been tried before and it failed miserably. Anyone who knows history remembers the images of bare shelves in government owned grocery stores in the former Soviet Union.

Mamdani recently shared a survey on Twitter/X showing that New Yorkers support his idea.

Chicago Mayor Brandon Johnson also pushed this terrible idea.

From City Journal:

One of his more curious proposals, about which he is buoyant, is to open city-owned and city-managed grocery stores. His campaign literature explains that these municipal stores will be “focused on keeping prices low, not making a profit. Without having to pay rent or property taxes, they will reduce overhead and pass on savings to shoppers. They will buy and sell at wholesale prices, centralize warehousing and distribution, and partner with local neighborhoods on products and sourcing.”

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HERE WE GO: President Trump Reveals Vietnam Wants to Cut Their Tariffs Down to ZERO

President Trump on Friday revealed that Vietnam is willing to drop their tariffs to zero.

Trump imposed a massive 46% tariff on Vietnam in response to the country’s tariffs on exports to the US.

Chinese companies and retailers have used Vietnam as a shelter to circumvent the US’s trade war with China.

Vietnam can’t handle Trump’s tariffs so they are willing to drop their tariffs down to zero if they are able to make an agreement.

“Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S. I thanked him on behalf of our Country, and said I look forward to a meeting in the near future,” Trump said on Friday.

On Thursday evening, Trump told reporters aboard Air Force One that every country is already calling the White House in response to his reciprocal tariffs.

On Wednesday President Trump signed an executive order imposing reciprocal tariffs on dozens of countries.

Trump announced the implementation of a 10% baseline tariff on all imports, effective April 5, 2025.

“For too long, other nations have taken advantage of our open markets while imposing barriers to our products. Those days are over,” the President said.

The White House released a detailed chart showing how badly many countries have been ripping off American workers, charging high tariffs on U.S. goods while benefiting from America’s generosity in return.

Trump told reporters that every country has called the White House in response to his tariffs.

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Why US shipbuilding is the worst and more money won’t save it

“We are also going to resurrect the American shipbuilding industry, including commercial shipbuilding and military shipbuilding,” President Trump said during his March 6 joint address to Congress.

The president did not break new ground with the announcement. Virtually every year, Navy and industry leaders complain that the United States does not invest enough in the nation’s shipbuilding facilities. Yet according to the Congressional Budget Office, lawmakers have appropriated more shipbuilding funds than the president requested for at least 17 of the past 20 years. Even with the extra funds, the Navy’s major shipbuilding programs have consistently fallen behind schedule and over budget.

Over the next three years, the Navy plans on retiring 13 more ships than it will commission, shrinking the fleet to 283 ships by 2027. According to the Navy’s current plan, the fleet will grow to 515 crewed and uncrewed vessels by 2054. To reach that goal, the Congressional Budget Office estimates the Navy will spend more than $1 trillion, nearly $36 billion each year for the next three decades on shipbuilding alone.

It remains unclear if the Navy can realize its plan, even if Congress provides the funds. Ramping up naval construction is not simply a matter of resources. The Navy spent $2.3 billion between 2018 and 2023 to increase the capacity of the submarine shipyards. Despite this investment, the production rate for Virginia-class attack submarines decreased from around two boats per year to 1.2.

In just 10 years after the end of the Cold War, the number of skilled shipyard workers shrank from 62,000 to 21,000. The number of workers has increased since 2001, but shortages remain. During a 2024 symposium, the director of the Navy’s Submarine Industrial Base Program said the United States needs to hire 140,000 workers just to meet the needs of the current submarine building program.

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