Episode 957: Wealth Taxes in Blue States

Newt talks with Jack Salmon, Gibbs Scholar and Research Fellow at the Mercatus Center at George Mason University. They discuss the introduction of wealth taxes in several U.S. states, including California, Connecticut, Hawaii, Illinois, Maryland, Minnesota, New York, and Washington, which are targeting high net worth individuals. This has led to a migration of wealthy individuals to states with no such taxes, like Florida and Texas. Washington State, which previously had no income tax, has introduced a 9.9% tax on income over a million dollars, contributing to a significant exodus of high earners, including notable figures like Jeff Bezos. Their discussion highlights the economic consequences of such tax policies, including the loss of tax revenue and potential negative impacts on local economies. The also discuss the importance of fiscal responsibility at the state level and the need for states to prepare for potential federal funding reductions based on the increasing national debt.See omnystudio.com/listener for privacy information.

Newt talks with Michael Horowitz, senior fellow at the Council on Foreign Relations and Richard Perry Professor at the University of Pennsylvania. They discuss the AI company Anthropic and its model, Claude Gov, which is the first AI model used on classified systems. A recent meeting between Secretary Hegseth and Anthropic's CEO Dario Amodei at the Pentagon failed to reach an agreement on assurances against the use of the model for surveillance or autonomous weapons, leading Anthropic to sue the Department of Defense over being labeled a supply chain risk. Horowitz discusses the slow adoption of AI in the military, attributing it to the U.S. military's historical reluctance to change due to its current superiority. He outlines three AI applications in the military: logistics, intelligence surveillance, and autonomous weapon systems, emphasizing the potential for AI to transform warfare. They also discuss OpenAI working with the military. Horowitz sees AI as an inevitable part of military evolution, comparable to past technological revolutions like electricity.See omnystudio.com/listener for privacy information.

Newt talks with Professor Steve Tsang, Director of the SOAS China Institute, about the global impact of the ongoing conflict involving the United States, Israel, and Iran, with a focus on China's perspective. Tsang discusses China's strategic interests in the Middle East, highlighting the region's importance for energy security and its role in China's global strategy under Xi Jinping's leadership. Xi Jinping's ambitions for China are highlighted, including his vision for Chinese global preeminence by 2049, which aligns with the 100th anniversary of the People's Republic of China. The strategic dynamics in the Middle East, particularly regarding Iran's role and the potential consequences of U.S. actions in the region are evaluated. They discuss the U.S. military focus on Iran and the Persian Gulf and whether the U.S. engagement will tip the balance of power around Taiwan, considering China's military readiness and strategic calculations.See omnystudio.com/listener for privacy information.

Newt talks with Seth Keshel, a former Army Captain of Military Intelligence, about his new book, "The American War on Election Corruption," which addresses the need for election reform in the United States. With Keshel's expertise in studying voter registration trends he makes a compelling argument for why restoring election integrity in needed. He highlights issues such as automatic voter registration and mail-in voting as significant factors in election rigging. Keshel argues that these practices have been used to manipulate election outcomes, particularly in battleground states. He advocates for election reforms that would improve the voting process. Keshel's work is featured in a newsletter on Substack, Captain K's Corner, which provides ongoing analysis and insights into political and election-related issues.See omnystudio.com/listener for privacy information.

Newt talks with Behnam Ben Taleblu, Senior Director for the Foundation for Defense of Democracies Iran Program. Their conversation provides insights into the evolving conflict between the U.S., Israel, and Iran. They discuss the potential for leadership changes within Iran, questioning whether the current regime's Islamic theocratic structure can withstand external pressures and internal dissent. The role of the Islamic Revolutionary Guard Corps (IRGC) is examined, as well as the strategic importance of maintaining control over the Strait of Hormuz and the potential economic implications for China, given its reliance on Iranian oil. They conclude with a reflection on the strategic depth and resilience of the IRGC, emphasizing the need for sustained pressure to achieve meaningful change in Iran.See omnystudio.com/listener for privacy information.

Newt talks with Dr. Nicholas Eberstadt, the Henry Wendt Chair in Political Economy at the American Enterprise Institute. They discuss the phenomenon of workforce dropouts, particularly among prime-age men in the United States, who are neither working nor seeking employment, a trend that has persisted since the mid-1960s. Their conversation also touches on the societal shifts contributing to these trends, including changes in family dynamics and the rise of technology. Dr. Eberstadt emphasizes the importance of work as a means of self-fulfillment and societal contribution. Known for his extensive work on demographic trends and economic issues, Dr. Eberstadt discusses his latest book, "America's Human Arithmetic," which examines the American condition through a series of essays written over the past 30 years.See omnystudio.com/listener for privacy information.

Newt talks with Scott Hodge, a tax and fiscal policy fellow at Arnold Ventures. They discuss the U.S. federal deficit and potential revenue sources. Hodge highlights the alarming trajectory of U.S. government spending, which exceeds tax revenues, leading to increasing debt and interest payments that could soon surpass combined defense and domestic program budgets. He proposes expanding the corporate tax base to include large nonprofit organizations that generate significant untaxed income, such as hospitals, credit unions, and universities, which collectively earn $2.8 trillion. This measure could generate approximately $51 billion annually without harming the economy.See omnystudio.com/listener for privacy information.

The lives of these men are essential to understanding the American form of government and our ideals of liberty. The Founding Fathers all played key roles in the securing of American independence from Great Britain and in the creation of the government of the United States of America.See omnystudio.com/listener for privacy information.

The lives of these men are essential to understanding the American form of government and our ideals of liberty. The Founding Fathers all played key roles in the securing of American independence from Great Britain and in the creation of the government of the United States of America.See omnystudio.com/listener for privacy information.

Newt talks with John Hart, CEO of Open the Books. Open the Books is a non-profit that operates the largest private database of public spending, encompassing 10 billion data points, including federal salaries, state checkbooks, and municipal spending. Their mission is to make this information accessible to journalists, researchers, activists, public officials, and taxpayers in near real-time. They have partnered with Citizen Portal to integrate artificial intelligence, allowing taxpayers to compare political statements with actual spending. This collaboration aims to prevent fraud by using AI for pattern recognition and prediction, similar to how Galileo's telescope revolutionized astronomy. The initiative, called Aqueduct, seeks to enhance citizen engagement by providing clear insights into government spending. The collaboration is expected to have a significant impact on government transparency both in the U.S. and globally.See omnystudio.com/listener for privacy information.