George Callas
@George_A_Callas
Executive Vice President of Public Finance @Arnold_Ventures. #TaxTwitter contrarian. #GoGators. Fmr @SpeakerRyan @WaysandMeansGOP.
David from @EPICforAmerica makes a critical point. There is no difference between a subsidy check from HHS/DOE/Commerce/Etc and a larger refund check from the IRS for the same government-favored purpose. GOP understands this intuitively re: green energy but it applies broadly.
I bet it’s possible to dump some combination of tax credits and deductions to reach an average revenue of 17.4% of GDP over the period. I don’t morally distinguish between tax and spending based subsidies.
Text from a friend: “Nice to see a French leader finally standing up to a Nazi..”
CA adopted Prop 13 in 1978, severely limiting property taxes as part of an antitax revolt. Since then, CA has grown into the most socialist state in the Union with the highest state income tax. I don’t think this new “Abolish Property Tax” movement has thought this through.
Seriously. Flood insurance is like $100/mo. No one in Florida is bitching about flood insurance. WE WANT TO ABOLISH PROPERTY TAXES FOR HOMESTEADED FULL-TIME RESIDENTS!!! Ashley fell fast.
Weird that any conservative can look at this chart and conclude that, in the name of fairness, we need to cut taxes on Social Security benefits and exempt seniors from local property taxes. Those policies just accelerate a massive intergenerational wealth redistribution.
The US government taxes younger workers trying to start families, and gives their money to wealthier retirees. There is no moral or economic justification for this abomination.
Just a reminder that the long term results of California voters passing prop 13 to limit property taxes were that CA became the biggest, most bloated state budget AND enacted the highest state income tax in the country. Confused about why antitax advocates want to emulate that.
🚨 BREAKING: Ron DeSantis advocates for the nationwide abolition of property taxes. "You buy a home, you buy land... and then, you've been taxed many times.. is it your property, or NOT? Just for being on your property, you've got to write a check to the government every year?"
Only about 15% of home sellers pay capital gains tax on the sale, and those are heavily concentrated in affluent Democratic districts that just got a SALT windfall.
Congress set the current $250k/$500k exclusion in 1997 and hasn't touched it. Would hunch that a geography of beneficiaries from removing that cap would look a lot like SALT cap geography. wsj.com/livecoverage/s…
I agree spending is out of control and is the vast majority of our deficit problem, but David is greatly understating the revenue gap by only reporting the 2034 figure. Turns out the 9 prior years show much LOWER revenue. Compared to David's 60-year historical average of 17.4%,…
I plugged the estimate for OBBB into the latest baseline. In 2034, spending will be 23.8% of GDP and revenue will be 17.1%. For comparison, from 1969-2019 we averaged spending of 20.3% and revenue of 17.4%. Deficits are still overwhelmingly driven by elevated spending!
I am not a defense expert, but unlike when I was growing up, school kids are not taught how to hide under their desks in case the nukes start flying.
Without Ed Feulner there would not have been a Heritage Foundation. And without the Heritage Foundation, I might not have become a conservative as a college student. During my formative years, Heritage work on tax reform, school choice, welfare reform, competition in the health…
The Heritage Foundation released the following statement today from Heritage President Dr. Kevin Roberts and Board of Trustees Chairman Barb Van Andel-Gaby, lauding the legacy and mourning the loss of Heritage Founder Edwin J. Feulner: It is with great sorrow that we announce…
Is there a way to mute any post that has a picture or video from a recent Coldplay concert?
Today, NPR finally loses its taxpayer funding. So, to celebrate here’s a collection of their far-left CEO’s greatest hits. Brace yourself.
Most ridiculous email from WAMU about the government funding cuts: “Federal funding for public media has been eliminated. WAMU now faces the loss of $1.5 million each year — about 4-5% of our budget. This is more than a financial setback. It’s an explicit threat to the…
Millennials are the proverbial rooster taking credit for the dawn. It was Gen X that set this transformation in motion. It was already happening by 2000.
Incredible that until the Millennials decided to Do Something, food in America was mostly awful, bland and canned, except in the South and some (very large) cities. This is actually one of the Millennials' most notable accomplishments.
This is an important step by the Trump Administration and will save taxpayers real money. Congress should follow the lead of @DrOzCMS and expand site-neutral reforms.
Proposed rule from @CMSgov moves toward site-neutral payments, an important step toward lowering health care costs for Medicare patients. Read our full statement: bit.ly/44zbHVY
From a VC investor:
Expressing gratitude this morning for whoever decided to name it "Qualified Small Business Stock Exemption" instead of "VC tax break." incredible work
In which @RyanLEllis and I, during an impromptu back and forth about whether the @howardlutnick proposal to exempt families making < $150k from income tax would achieve significant simplification, might have stumbled upon the outline of a new comprehensive tax reform plan.
The broader question here is, what's the next "big idea" for tax reformers post-OBBB, particularly on the individual side? On the business side, corporate rate-international tax provisions interactions are an obvious place to look, along with expensing/NCRS for structures.
College admissions are unjust. Not just biased. Not just broken. Unjust. Students spend high school anxiously stacking their résumés with hollow activities, then collect generic recommendation letters and outsource their essays to tutors or AI. Admissions at elite colleges now…
This would be a mistake for the administration and make their goal of getting interest rates down without fueling inflation harder, not easier.
New: President Trump is likely to move to fire Fed Chair Jerome Powell, a White House official tells me. The situation remains fluid and the move is not imminent. He discussed it last night with House lawmakers, who expressed support (confirming CBS). bloomberg.com/news/articles/…