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Elon Musk Destroys Biden’s Claim…

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(RepublicanWire.org) – Elon Musk presented a few choice statistics to President Joe Biden via Twitter, who on Saturday tweeted a statement affirming his support for a minimum 25 percent tax on billionaires.

Musk, Twitter’s owner and founder of Tesla Motors, quickly pounced, citing a combined tax rate of 53 percent he paid on Tesla stock options at both the state and federal level. He added that he paid the most taxes of any individual in 2021, a claim that Forbes Magazine found likely to be true based on stock sales worth nearly $13 billion that year.

Musk’s response garnered nearly 30,000 retweets, over three times the number who retweeted Biden’s original statement. Readers added context to Biden’s tweet as well to show that the president’s claim relies on taxing unrealized gains on unsold stocks as income, something not eligible to be taxed under current IRS laws. Nearly 18,000 tweets were sent in response to Biden’s statement, a “ratio” that suggests more people disagreed than agreed with the statement.

Following up to his original tweet, Musk agreed that tax-avoidance schemes by the ultra-rich should be discouraged. He also called for ending GRATs, or grantor retained annuity trusts, a type of financial instrument often used to make high-dollar gifts to family members without being taxed.

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DeSantis Unveils Plan To Destroy Disney’s Self Governing Status…

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(RepublicanWire.org) – The state of Florida announced a plan to take control of woke Walt Disney’s land once and for all.

The legislature would replace Disneyland’s special self-governing power with a state-run board, according to a notice posted on the website of Osceola County, which is home to part of Disney World. 

Sources from Gov. Ron DeSantis’ (R-Fla) office said that his intention with the legislature is to mandate members of the board to be appointed by the governor. 

DeSantis’s communication director, Taryn Fenske, told Fox News that the corporate kingdom has come to an end.

“Under the proposed legislation, Disney will no longer control its government, will live under the same laws as everyone else, will be responsible for their outstanding debts, and will pay their fair share of taxes,” Fenske said. 

She added that it will ensure that Orange County cannot raise taxes on its residents and make sure that the county pays up to $700 million in unsecured debt that has been accumulated by Disney’s special jurisdiction, known as the Reedy Creek District. 

“The governor is doing exactly what he said he would,” DeSantis’ former chief of staff, Adrian Lukis said, adding “Disney can no longer have its own government and own taxing authority, and Disney, not taxpayers, will have to be responsible for any financial consequences.”

Lukis acknowledged that this may financially hurt Disney, but suggested that businesses in the state will be proud DeSantis stood his ground.

“I expect businesses throughout the state will be proud of their governor for making it clear that he doesn’t care who you are, or how politically connected you may be. No one gets special treatment in Florida,” Lukis told Fox News. 

In 2022, DeSantis signed a law terminating Disney’s special governing power after the woke corporation opposed the governor’s Parental Rights in Education bill. 

DeSantis’s team vowed that everyone in Florida will be treated equally and nothing will fall on hard-working taxpayers. 

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Criminal Charges Against Hunter Biden Are A Deflection…

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(RepublicanWire.org) – Federal investigators believe they have enough evidence to charge President Joe Biden’s son Hunter with tax fraud and lying about his drug use on a federal gun purchase form, according to sources familiar with the investigation who spoke to the Washington Post.

Federal authorities began looking into Hunter Biden’s foreign business activities in 2018. Sources for the investigation told the Washington Post their efforts have recently focused on whether he correctly report all of his income, and whether he lied on federal gun purchase paperwork in 2018. The sources said they now have enough evidence to pursue charges.

The decision to actually charge Hunter Biden will reportedly now go to U.S. Attorney in Delaware, David C. Weiss, an appointee of former President Donald Trump. Attorney General Merrick Garland has already made clear that Weiss is in charge of the case and vowed there would be no political interference in Weiss’s decision-making.

The potential tax fraud charges relate to whether or not Hunter Biden declared all of his income from his various foreign business dealings.

The potential gun charges reportedly stem from a handgun purchase the president’s son made in October of 2018, in which Biden allegedly marked “no” to a question on a federal gun purchase form about whether he was “an unlawful user of, or addicted to, marijuana or any depressant, stimulant, narcotic drug, or any other controlled substance?”

Hunter Biden has admitted to past drug use, including smoking crack cocaine. A case over whether he lied on the federal form would focus on whether Biden’s drug use overlapped with the time he purchased the gun.

In March, CNN reported federal investigators were looking into a 2018 incident in which Hunter Biden’s then-girlfriend Hallie Biden — the former wife of Joe Biden’s late son Beau Biden — took a handgun belonging to Hunter Biden and threw it in a garbage can behind a grocery store located near a high school. 

Politico reported last year that U.S. Secret Service agents had intervened after the 2018 incident, reaching out to the owner of the Delaware gun store where Hunter Biden reportedly purchased the gun and asking him to turn over the purchase records. Rob Palmieri, the gun store owner, reportedly refused, questioning the agents’ motives and suspecting they were trying to take and conceal Hunter Biden’s gun purchase records.

These reported charges against Hunter, have caused suspicion from many in the press, that they are just a deflection.

Joe Biden and his team have repeatedly denied that the president was involved in any way with Hunter Biden’s business activities. Bobulinski, however, produced documentation saying that Hunter Biden held ten percent for “the big guy,” who he claims is Joe Biden.

Biden’s Attorney General Merrick Garland has refused to say whether a special counsel should be placed over the investigation to maintain a just probe. A special counsel would provide distance from Joe Biden and the investigation into Hunter and the Biden family business dealings.

Sixty-two percent of registered voters believe Joe Biden likely consulted and perhaps profited from Biden family business deals. Sixty percent said Hunter Biden has sold “influence and access” to the president.

Questions still remain if any probe into Hunter will implicate President Joe Biden. Joe Biden and his staff have claimed seven times the president has had no part in the family business, but he has been involved in at least 17 instances.

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Democrat Caught Off Guard…

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(RepublicanWire.org) – Rep. Jamie Raskin (D-MD) was caught off guard and resorts to dodging a question when asked how the Inflation Reduction Act would reduce inflation.

Multiple studies on the Inflation Reduction Act, have found that it would do little to nothing to reduce inflation.

One reporter asked Raskin, “What parts of the bill do you think will put to work on lowering inflation specifically?”

Raskin was stumped and didn’t know how to respond, he stammered momentarily and said, “next question.”

Despite the bill’s title, the Congressional Budget Office (CBO) found that the legislation would not reduce inflation, and the University of Pennsylvania’s Wharton Budget Model analysis found that the bill would only reduce inflation by 0.1 percent over five years.

Breitbart News Economics Editor John Carney reported just 12 percent of Americans say the bill will reduce inflation. Forty percent say it will increase inflation. Twenty-three percent say it will do nothing. Twenty-five percent say they are not sure what the effect would be.

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Inflation Reduction Act Will Add Fuel To The Fire…

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(RepublicanWire.org) – Vice President Kamala Harris cast a tie-breaking vote Saturday to advance President Joe Biden’s massive spending, tax and climate legislation in the Senate.

The 51-50 party line vote allowed senators to begin debate on the legislation, which includes $400 billion in spending and $700 billion in taxes and revenue increases.

Senator Bernie Sanders slammed the Inflation Reduction Act (IRA) negotiated by Senate Majority Leader Chuck Schumer and Senator Joe Manchin, in part because of a recent nonpartisan report that revealed the bill would do very little to actually reduce inflation.

“I want to take a moment to say a few words about the so-called Inflation Reduction Act that we are debating this evening,” Sanders said on Saturday. “I say so-called because according to the [Congressional Budget Office] and other economic organizations that have studied this bill, it will in fact have a minimal impact on inflation.”

Senate Majority Leader Chuck Schumer hailed the legislation as a “groundbreaking bill for the American people, for families struggling to pay the bills, for seniors struggling to pay for medication, for kids struggling with asthma.”

A letter sent to House and Senate leadership from 230 economists argues that the Inflation Reduction Act is expected to contribute to skyrocketing inflation and will burden the U.S. economy, contrary to President Biden and Democrats’ claims.

That in fact, passage of the bill will only add fuel to the fire making already 40-year high inflation even worse.

The 755-page bill is expected to win final approval Sunday evening.

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WH Press Secretary Says JCT Can’t Be Trusted…

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(RepublicanWire.org) – Fox News White House correspondent Peter Doocy pressed White House press secretary Karine Jean-Pierre about the raise in taxes in the Inflation Reduction Act of 2022.

Doocy asked Monday if President Joe Biden will rescind his support for the Inflation Reduction Act, a budget reconciliation bill proposed by Senate Majority Leader Chuck Schumer and Democratic West Virginia Sen. Joe Manchin, given that Biden promised not to raise taxes on anyone making $400,000 a year.

The press secretary confirmed the president’s continuing support for the bill.

“He promised it wasn’t going to raise taxes on anybody making less than $400,000 a year, but the Joint Committee on Taxation (JCT) says that is not true,” Doocy said.

“Well, that is incorrect,” Jean-Pierre said.

“So, the Joint Committee on Taxation, which you guys heralded as an effective body when you were selling the infrastructure package, is not to be trusted here?” he said.

The press secretary said the JCT report is “incomplete” because it does not include the benefits the legislation would provide to Americans. She added that several experts disputed the report for excluding the benefits it would have on clean energy, lowering the deficit and prescription drugs.

The bill, if passed, would mandate a 15% minimum tax on corporations making $1 billion or more in profits, Jean-Pierre continued.

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Manchin Makes Shocking Announcement…

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(RepublicanWire.org) – Senator Joe Manchin surprised Washington DC elites and the mainstream chattering class when he announced his support for the Democrats’ green new deal funded by nearly $800 billion in new tax hikes.

The Green New Deal will crush the coal and energy sector in his home state of West Virginia. But it will make the windmill manufacturers in China rich.

The entire spending package will be funded by new taxes on workers and producers while inflation remains at 40-year highs.

Of course, the democrats call their plan the “Inflation Reduction Act of 2022.”

Sen. Joe Manchin on Wednesday announced that he has reached a deal with Senate Democratic leader Chuck Schumer on a domestic spending bill including energy programs and tax policy changes.

Manchin, D-W.Va., and Schumer, D-N.Y., said in a joint statement that the measure, known as the Inflation Reduction Act of 2022, will receive a vote on the Senate floor next week.

“The Inflation Reduction Act of 2022 will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing and reduce carbon emissions by roughly 40% by 2030,” the pair said.

The bill would raise $313 billion through a 15% corporate minimum tax, $288 billion through prescription drug pricing reforms, $124 billion through IRS enforcement of reformed tax code and $14 billion by closing the carried interest loophole.

Here is the one-page agreement between Joe Manchin and Chuck Schumer.

Joint Statement From Leader Schumer And Senator Manchin Announcing Agreement To Add The Inflation Reduction Act Of 2022 To The FY2022 Budget Reconciliation Bill And Vote In Senate Next Week
July 27, 2022

Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) and Senator Joe Manchin (D-WV) issued the following joint statement today announcing an agreement to add the Inflation Reduction Act of 2022 to the FY2022 Budget Reconciliation bill and vote in the Senate next week:

“Today, we are pleased to announce an agreement to add the Inflation Reduction Act of 2022 to the FY2022 Budget Reconciliation bill. After many months of negotiations, we have finalized legislative text that will invest approximately $300 billion in Deficit Reduction and $369.75 billion in Energy Security and Climate Change programs over the next ten years. The investments will be fully paid for by closing tax loopholes on wealthy individuals and corporations. In addition, the expanded Affordable Care Act program will be extended for three years, through 2025. The revised legislative text will be submitted to the Parliamentarian for review this evening and the full Senate will consider it next week.”

“The Inflation Reduction Act of 2022 will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. The bill will finally allow Medicare to negotiate for prescription drugs and lower health care costs for millions of Americans. Additionally, we have reached agreement with President Biden and Speaker Pelosi to pass comprehensive permitting reform legislation before the end of this fiscal year. We urge every member of the U.S. Senate to support this important legislation.”

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