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“Breathtakingly Terrible Idea”: Top Dem Wants to Tax Unrealized Capital Gains

As if Alexandra Ocasio-Jones infuriating Amazon was not enough for Long Island City, and New Yorkers in general, when the world’s biggest online retailer scuttled plans to build its New York-based HQ2 as a result of socialist blowback against arguably the world’s most successful (whether one loves or hates him) capitalist, Democrats appear intent on doubling down, and infuriating not just Jeff Bezos, but virtually all Americans who save money and invest their capital.

The reason: according to the WSJ, the top Democrat on the Senate’s tax-writing committee has proposed taxing unrealized gains in investment assets every year at the same rates as other income, offering not only an idea that would transform how the U.S. taxes the wealthiest people, but a solid reason for those same people to get the hell out of America.

The proposal from Senator Ron Wyden of Oregon is the latest berserker plan from Democratic lawmakers and presidential candidates for boosting taxes on the wealthy to address economic inequality and provide funding for their policy agenda. And while this specific proposal has little chance of becoming law soon – or, one hopes, ever – such ideas could quickly gain momentum if the party succeeds in next year’s elections.

What is especially insane is that this proposal is effectively the polar opposite of that other bananas proposal putched by AOC and various other Democrats, namely MMT, or money printing, because why bother taxing anyone, rich, poor or otherwise, if you can just print all the money you need. We are confident we won’t get a satisfactory answer, ever.

Going back to Wyden’s suggestions, capital gains would be taxed annually based on how much assets have gained in value. Now, luckily, gains are taxed only when assets are sold and at a top rate of 23.8% instead of 37% for ordinary income. As for the reasons why sane individuals only tax booked gains, this is mostly three-fold: so that there is actual funds that can be taxed (and avoid liquidation of other assets just to pay one’s tax bill), so that the government doesn’t end up owing Net Operating Losses on unbooked losses, oh and because it’s impossible as the government would somehow have to keep track of the value of every single asset at every single moment.

“It would be a huge change,” said Lily Batchelder, a tax-policy aide to President Obama, in what is the understatement of the day. “It would be a really big shift in our income-tax system.”


Paul Joseph Watson exposes the obvious hypocrisy from the left.

While Wyden’s tax differs from Sen. Elizabeth Warren’s wealth tax and Bernie Sanders’ higher estate tax. Like those plans, however, Mr. Wyden’s concept would present “logistical challenges” as the WSJ puts it sarcastically.

He would need to figure out how to value complex assets, handle declines in value, deal with people without enough cash to pay the tax and address illiquid investments such as closely held businesses and real estate.

A simpler way of putting it is that the government would effectively have to somehow value every single asset at every single moment. Good luck with that. A similar proposal from Eric Toder of the Urban Institute and Alan Viard of the American Enterprise Institute would generate an estimated $125 billion in 2025 alone, according to their 2016 paper. That plan was focused on publicly traded assets and applied a different rule to closely held businesses.

The proposal announced Tuesday “eliminates serious loopholes that allow some to pay a lower rate than wage earners, to delay their taxes indefinitely, and in some cases, to avoid paying tax at all,” Mr. Wyden said in a statement.

Republicans, in contrast, have fought to lower capital-gains taxes. Sen. Pat Toomey said capital gains get preferential rates now for several reasons, including to mitigate inflation. Under Wyden’s proposal, he said, someone could pay taxes on an investment one year as it rises, even if the investment later fails.

The good news, is that Toomey said the plan would go nowhere as long as Republicans control one part of the government.

“That,” he said, “is a breathtakingly terrible idea.”

It actually is, and yet for those who are puzzled by how on earth this would actually look in the real world, consider someone who bought $1 million of stock in 2002 that is now worth $10 million and doesn’t pay dividends. Under current law, the investor would have paid no income taxes on that $9 million gain and would pay none if the stock is left to an heir.

(Photo by Phil Roeder, Flickr)

Under Wyden’s plan, she would have paid taxes on the $9 million gain in chunks each year as the value of the stock grew. That could be trickier if, instead of publicly traded stock, the asset were an operating business that was harder to value each year; yet somehow the Democrat senator thinks that it’s easy as apple pie to value, well, anything.

There is at least some semblance of rationality: capital losses could still be deducted from gains, as they are under current law. Asset owners also wouldn’t pay additional taxes when they eventually sold an investment, because they would have already paid annually. There would be exemptions for the sales of primary residences and retirement accounts like 401(k)s, Wyden’s office said.

Ultimately, one can only hope that this plan that may have well emerged from the deepest recesses of Soviet Siberia never sees the light of day as the only stock that would be generating capita gains – whether booked or not – would be that of the airline that is taking America’s taxpayers on one way rides to any other place in the world.

Joking aside, the last time Democrats proposed an idiotic fiscal plan, i.e. AOC’s Green New Deal, none of them voted for it. We wonder if McConnell put Wyden’s proposal up for a vote, if any of them would have the guts to put their name to an actual vote this time.


Alex discusses how the left’s cult-like mentality is being revealed.

Source: InfoWars

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2 suspects in North Korea embassy attack in Madrid have CIA ‘connections:’ reports

Spanish intelligence officials said have suggested the CIA was involved in a break-in at the North Korean Embassy in Madrid last month where diplomatic staff members were bound and held hostage, reports claim.

Local newspaper El Pais reported Wednesday that investigators have identified two of the 10 assailants who broke into the embassy and said they have connections to the CIA – a claim the intelligence agency has denied.

“Although most of the [attackers] were Korean, at least two of them have been identified by Spanish intelligence services as having links to the U.S. CIA,” the newspaper reported.

The paper said Spanish authorities raised the matter with the CIA, which reportedly denied involvement, “but not in a very convincing matter.

A woman walks past North Korea's embassy in Madrid, Spain, Thursday, Feb. 28, 2019. Spanish authorities said police were investigating an incident last week at the North Korean Embassy in Madrid in which a woman was hurt and, according to a North Korean government's aide, computers and cellphones also were stolen. (AP Photo/Manu Fernandez)

A woman walks past North Korea's embassy in Madrid, Spain, Thursday, Feb. 28, 2019. Spanish authorities said police were investigating an incident last week at the North Korean Embassy in Madrid in which a woman was hurt and, according to a North Korean government's aide, computers and cellphones also were stolen. (AP Photo/Manu Fernandez)

Spain’s El Confidencial, which broke the news of the incident, also reported Wednesday that Spanish officials have linked two assailants to the CIA.

SPANISH POLICE INVESTIGATE INCIDENT AT NORTH KOREAN EMBASSY IN MADRID THAT LEFT WOMAN HURT

National police in Madrid launched an investigation into the Feb. 22 incident after officers assisted a North Korean woman with unspecified injuries.

The Spanish Interior Ministry said at the time that neither North Korean diplomats nor other government officials had filed a complaint.

El Confidencial reported that the woman was one of the workers who was bound and gagged by the unidentified assailants.

According to officials, the assailants bound and gagged eight people, beat them and interrogated them before the woman managed to escape from a window. Her screams for help were heard by neighbors, who called the police.

VIETNAM URGES MALAYSIA TO RELEASE SECOND SUSPECT IN KIM JONG NAM NERVE AGENT KILLING

The assailants, with a number of computers on hand, fled in two luxury vehicles that belonged to the diplomatic mission and were later abandoned in a nearby street.

At least two of the diplomatic workers required medical attention, El Pais reported.

Investigators have said the attack was not the work of common criminals.

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The incident, still under investigation, occurred five days before President Trump met with North Korean leader Kim Jong Un for their second summit in Hanoi, Vietnam.

Fox News' Katherine Lam and the Associated Press contributed to this report.

Source: Fox News World

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MLB notebook: Dodgers’ Kershaw to make rehab start

FILE PHOTO: MLB: Spring Training-Kansas City Royals at Los Angeles Dodgers
FILE PHOTO: Mar 8, 2019; Phoenix, AZ, USA; Los Angeles Dodgers starting pitcher Clayton Kershaw (22) signs autographs for fans before the game against the Kansas City Royals at Camelback Ranch. Mandatory Credit: Orlando Ramirez-USA TODAY Sports

April 2, 2019

Clayton Kershaw’s run of eight straight Opening Day starts ended due to left shoulder inflammation.

However, the Los Angeles Dodgers ace will have a different type of Opening Day assignment when he makes a rehab start at Oklahoma City on Thursday night.

Kershaw was cleared to make the start after throwing a bullpen session on Monday, and the rehab appearance just happens to be the Triple-A club’s season opener against San Antonio.

Los Angeles will see how Kershaw performs on Thursday before deciding the next move. Considering normal rest, the three-time Cy Young winner possibly could make his first major league start of the year on April 9 against the Cardinals in St. Louis.

–The New York Yankees placed slugger Giancarlo Stanton on the 10-day injured list with a Grade 1 left biceps strain.

“He’s going to be shut down for 10 days, and then hopefully at that point starts his progression, and hopefully we get him back at some point this month,” manager Aaron Boone told reporters. Boone said Stanton was hurt early in Sunday’s game on a “funky swing” and played through it, not telling the team until afterward.

New York also placed third baseman Miguel Andujar on the injured list due to a right shoulder strain. The team said tests are pending.

–The Boston Red Sox have signed shortstop Xander Bogaerts to a six-year extension covering the 2020-25 seasons, the team announced.

The Red Sox did not disclose financial terms, but multiple outlets reported Bogaerts will earn the $12 million in 2019 he was already scheduled to make and $20 million in each of the next six years. There is also a vesting option for 2026 for another $20 million.

Bogaerts, 26, is in his seventh season with the Red Sox. An All-Star in 2016 who won World Series championships with Boston in 2013 and 2018, he batted .288 with a career-high 23 homers and 103 RBIs last season.

— Cleveland Indians All-Star shortstop Francisco Lindor was scheduled to meet with Dr. Robert Anderson in Green Bay, Wis., for a second opinion on his injured ankle.

Lindor still was recovering from a moderate right calf strain that he suffered on Feb. 6 when he sustained an acute left ankle sprain in a game at the Indians’ minor league camp in Goodyear, Ariz., last Tuesday.

The team’s medical staff recommended the appointment with Anderson, manager Terry Francona said.

–The Colorado Rockies placed infielder Daniel Murphy on the 10-day injured list with an avulsion fracture in his left index finger.

Murphy, who was playing first base, was injured when his hand jammed awkwardly into the dirt while fielding a ball in the fourth inning of Friday night’s 6-1 win against the Miami Marlins.

He remained in the game and collected a hit in the ninth inning — his first with the Rockies — but an X-ray on Saturday revealed the fracture. He was scheduled to visit a hand specialist on Monday.

–The Tampa Bay Rays placed Joey Wendle on the 10-day injured list and recalled fellow infielder Christian Arroyo from Triple-A Durham.

Wendle injured his left hamstring while covering second base on a steal attempt during the sixth inning of Sunday’s game against the Houston Astros. Pinch hitter Brandon Lowe batted for Wendle in the bottom of the inning.

Wendle, 28, is hitless in seven at-bats this season. In 2018, he batted .300 with seven homers, 61 RBIs and 16 stolen bases in 139 games. Arroyo batted .264 in 53 at-bats with the Rays last season.

–Field Level Media

Source: OANN

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Going TikTok: Indians get hooked on Chinese video app ahead of election

The logo of TikTok application is seen on a mobile phone screen in this picture illustration taken
The logo of TikTok application is seen on a mobile phone screen in this picture illustration taken February 21, 2019. Picture taken February 21, 2019. REUTERS/Danish Siddiqui/Illustration

February 27, 2019

By Aditya Kalra and Devjyot Ghoshal

NEW DELHI (Reuters) – A video clip shot on a sparse rooftop of what looks like a low-rise apartment block shows a young Indian man swaying while lip-syncing a song praising Prime Minister Narendra Modi.

Describing himself as a proud Indian with the online identity “garrytomar”, he is wearing ear-studs and shows a beaded necklace under a partly unbuttoned shirt in the 15-second clip.

“Modi has single-handedly trounced everyone … Modi is a storm, you all now know,” goes the Hindi song, posted on Chinese video mobile application TikTok, the latest digital platform to grip India’s small towns and villages ahead of a general election due by May. (https://bit.ly/2E3v0cv)

Created by Beijing Bytedance Technology Co, one of the world’s most valuable start-ups potentially worth more than $75 billion, TikTok allows users to create and share short videos with various special effects. It is becoming hugely popular in rural India, home to most of the country’s 1.3 billion people.

Social media platforms such as Facebook, its unit WhatsApp and Twitter are extensively being used by Indian politicians for campaigning ahead of the election: Facebook’s 300 million users and WhatsApp’s 200 million have made India their largest market in the world, while Twitter too has millions of users.

TikTok is fast catching up: it has been downloaded more than 240 million times in India so far, according to app analytics firm Sensor Tower. More than 30 million users in India installed it last month, 12 times more than in January 2018.

“Most urban elites haven’t heard of TikTok and those who have, tend to view it as a platform for trivial content. In reality, it hosts diverse content including a fair share of political speech,” said Kailas Karthikeyan, a New Delhi-based technology analyst who has tracked TikTok for nine months.

TikTok’s video-only interface makes it less elaborate and easier to use compared to platforms such as Facebook or Twitter, making it a bigger attraction in rural India, he added.

POLITICAL INTEREST

While Modi’s Bharatiya Janata Party (BJP) and the opposition Congress party have not officially joined TikTok, videos tagged #narendramodi have received more than 30 million views and those about Congress chief Rahul Gandhi (#rahulgandhi) have got nearly 13 million hits. Total views for political videos is far higher.

Amit Malviya, the BJP’s chief of information technology, said the party was tracking TikTok conversations and it was “a brilliant medium for creative expression”. The party, however, has no plans as of now to officially join the platform, he said.

A Congress source said the party was exploring joining TikTok and assessing how it could be used to better reach out to people in rural areas in the run-up to the election.

Not all political videos on TikTok seek votes. Some videos show people waving the Congress flag on Indian streets. Another clip shows Modi and German Chancellor Angela Merkel on a stage, with a Hindi-language rustic voiceover of her saying she will marry the Indian leader.

“I would die with him and live with him,” the Merkel voice impersonator declares in the video. (https://bit.ly/2XjTdUQ)

In another TikTok post, Modi fan Yogesh Saini says the prime minister is his world, moments before opening his jacket to reveal a video of Modi on his chest. (https://bit.ly/2SQq0SN)

Saini, 23, isn’t affiliated to any political party, but says: “It’s my job to support Modi-ji, so I’m doing that,” using the honorific Indian suffix. He spoke to Reuters from the small town of Sawai Madhopur in the desert state of Rajasthan.

SCRUTINY, BACKLASH

Jokes, dance clips and videos related to India’s thriving movie industry dominate the platform. #Bollywood tagged videos have nearly 13 billion views and the app is also flooded with memes, as well as videos on cooking.

TikTok, though, is facing opposition from some quarters.

The information technology minister of the southern state of Tamil Nadu, M. Manikandan, said he will urge the federal government to ban the app as some content was “very unbearable”.

“Young girls and everybody is behaving very badly. Sometimes the body language is very bad, and (people are) doing mimicry of political leaders very badly,” Manikandan told Reuters.

A Hindu nationalist group close to Modi’s BJP too has called for a ban on TikTok.

TikTok said it respects local laws and there was “no basis” for the concerns. Promoting a safe and positive in-app environment was its “top priority”, it said.

The backlash comes as social media companies face increased scrutiny from authorities over fake news and undesirable content ahead of the polls. A federal proposal will mandate them to swiftly remove “unlawful” content when asked.

A senior government official in New Delhi said the government wants TikTok to comply with the new Indian regulations as and when they kick in, but there wasn’t any immediate concern on content.

Still, the government has asked the Chinese company to have better checks in place to ensure its users are aged above 12, which is recommended by the app itself, the official said.

(Reporting by Aditya Kalra and Devjyot Ghoshal; Additional reporting by Jatindra Dash in Odisha and Subrata Nag Choudhury in Kolkata; Editing by Martin Howell and Raju Gopalakrishnan)

Source: OANN

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U.S. may follow China with first quarter GDP upside surprise

A container ship is shown at port in Long Beach, California
FILE PHOTO: A container ship is shown at port in Long Beach, California, U.S. July 16, 2018. REUTERS/Mike Blake

April 23, 2019

By Padraic Halpin

DUBLIN (Reuters) – A temporary government shutdown with no end in sight, rising trade conflicts and a global growth slowdown: the first quarter outlook for the U.S. economy did not look promising at the turn of the year.

But Friday’s gross domestic product data for the first three months of 2019 could strengthen the case that while the current period of global expansion is in its late stages, some of the biggest contributors have yet to run out of steam.

After China’s economy defied expectations that it would slow further in January-March, U.S. growth is expected to be 2.1 percent in the same period, although the range of analysts’ estimates was wider than usual at 1.0 to 2.9 percent.

If the Atlanta Federal Reserve’s GDPNow model, based on data already released, is to be believed, growth will come in almost at the top of that range and bang in between the 2.2 percent pace seen in Q4 2018 and July-September’s brisk 3.4 percent.

“Despite all the prophecies of doom, the U.S. economy did not collapse in the first quarter,” said Commerzbank economist Christoph Balz.

“On the contrary, next week’s GDP figures are likely to show decent growth. In addition, companies have boosted investment, which argues against an imminent recession.”

The Atlanta Fed raised its expectations after data last week showed domestic retail sales grew at their strongest pace in 1-1/2 years in March, the latest indication that growth in the quarter bounced back quickly after the longest shuttering of federal agencies in U.S. history ended on Jan. 25.

While a surprise narrowing in February’s U.S. trade deficit also implied a much stronger pace of growth, weak manufacturing output — which resulted in the first quarterly drop in production since President Donald Trump’s election — may explain the wide range in estimates.

The main wild card for Friday’s release could be private inventories, according to a number of analysts, including Unicredit, whose 1.3 percent GDP forecast sits at the more pessimistic end of the range.

“After pronounced stockpiling in the second half of the year, our forecast assumes that inventories were a significant drag in Q1. The latest numbers suggest that the drag may occur only later,” Unicredit analysts wrote in a note.

“CAUSE FOR HOPE”

The other key piece of data in a relatively quiet week is Germany’s Ifo business climate index, the main sentiment reading for Europe’s biggest economy, where the growth outlook has drifted in the opposite direction.

The German government cut its 2019 growth forecast for the second time in three months last week and now sees the economy growing just 0.5 percent as exporters struggle with weaker demand from abroad, trade tensions and uncertainty over Brexit.

Subsequent business surveys showed that while German manufacturing contracted for the fourth month in a row in April, buoyant services activity compensated. Wednesday’s Ifo print may offer some slight additional relief.

After a surprise rise in the March index to 99.6, analysts polled by Reuters see a further marginal improvement to 99.9, matching a brighter mood among German investors after last week’s ZEW survey improved for a sixth month.

“We believe the ZEW survey revealed that Germany’s economy is not out of the woods yet considering its most recent bout of weakness, but there is recent cause for hope again,” said Elmar Voelker, senior fixed income analyst at LBBW.

“Transferring the findings to the Ifo Business Climate Index, we would predict that Germany’s most important leading economic indicator will show its second successive rise in April, but the jump will be less significant than in the previous month.”

(Reporting by Padraic Halpin; Editing by Catherine Evans)

Source: OANN

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Global growth rebound hopes hit by weak factory data

FILE PHOTO: Worker is seen at a factory at the Keihin industrial zone in Kawasaki
FILE PHOTO: A worker is seen at a factory at the Keihin industrial zone in Kawasaki, Japan, March 8, 2017. REUTERS/Toru Hanai

March 22, 2019

By Jonathan Cable and Stanley White

LONDON/TOKYO (Reuters) – Manufacturers in Europe, Japan and the United States suffered in March as surveys showed trade tensions had left their mark on factory output, a setback for hopes the global economy might be turning the corner on its slowdown.

Factory activity in the 19-country euro zone contracted at the fastest pace in nearly six years.

In Japan, manufacturing output shrank the most in almost three years, hurt by China’s economic slowdown.

And a measure of U.S. manufacturing was its weakest since June 2017 while forecasters at the Federal Reserve Bank of Philadelphia slashed their estimate for economic growth in early 2019.

German 10-year bond yields, which plunged on Thursday after the U.S. Federal Reserve signaled no more rate hikes this year, dived again to fall below zero.

In New York, the U.S. 10-year Treasury note yield plunged to a 14-month low as growth worries further weighed on inflation expectations.

That benchmark yield dropped below the yields on all maturities of T-bills for the first time in 12 years, a so-called yield-curve inversion that is often a harbinger of economic recession. [nL1N2190J6]

“While such an inversion has traditionally been an indicator of a recession, this time around it may be less about the prospects for the U.S. economy and more about spillovers from what is happening in Europe and the bond market there, together with the effects of the Fed’s surprising decision to be very dovish again with its unconventional policy tools,” said Mohamed El-Erian, chief economic adviser at Allianz in Newport Beach, California.

U.S. stocks, European shares and the euro also fell on Friday. The benchmark S&P 500 was off by 1.6 percent and on pace for its biggest drop in nearly three months.

Global trade tensions continue to be among the main culprits behind the gloom.

“No other factor shapes the euro zone business cycle more than the ups and downs of global trade,” economists at Berenberg, a bank, said.

The United States and China are due to resume face-to-face talks next week, but it is unclear if the two sides can narrow their differences and end the trade war between the world’s two largest economies.

European officials are also worried about the risk of U.S. tariffs on car imports from Europe.

RISKS – US CHINA TENSIONS, BREXIT, ITALY

The drop in the euro zone’s manufacturing purchasing managers index to a 71-month low of 47.7 from 49.4 in February raised the risk trade flows could turn even more negative in the short term, the Berenberg economists said.

The manufacturing downturn was partly offset by stable — but relatively weak — growth in the euro zone’s dominant services industry.

But the surveys suggested the bloc’s economy had a poor start to 2019.

IHS Markit, which published the surveys, said the PMIs pointed to first-quarter economic growth of 0.2 percent in the euro zone, below the 0.3 percent predicted in a Reuters poll last week.

The euro zone grew 0.2 percent in the final three months of 2018, its slowest pace in four years. [ECILT/EU]

Earlier this month, the European Central Bank changed tack by pushing out the timing of its next rate increase until 2020 at the earliest and said it would offer banks a new round of cheap loans to help revive the economy.

“We highlight downside risks mainly stemming from the external side – e.g. trade tensions, a Chinese-led global slowdown,” Barclays economists Radu-Gabriel Cristea and Francois Cabau said about the euro zone.

“The protracted weakness in manufacturing remains a lingering risk, and overall growth concerns are likely to intensify should the industrial backdrop further deteriorate. At the same time, Italy and Brexit woes remain non-negligible, the uncertainty a further drag on sentiment.”

In the U.S. series, Markit’s measure of manufacturing activity slipped to 52.5 in March from 53 in February, falling short of economists’ forecasts for a modest rebound. Markit’s manufacturing output index was the weakest since June 2016.

“The survey is consistent with the official measure of manufacturing production falling at an increased rate in March and hence acting as a drag on the economy in the first quarter,” Markit’s chief business economist, Chris Williamson, said.

U.S. GDP is forecast to expand at an annualized rate of 1.6 percent this quarter, down from the 2.6 percent in the fourth quarter of 2018, according to a Reuters poll of more than 100 economists released last week. In last month’s poll, first-quarter growth had been pegged at 1.9 percent.

The headline Flash Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) was a seasonally adjusted 48.9, the same as February’s final reading.

The index was below the 50 threshold that separates contraction from expansion for the second consecutive month.

“Concern of weaker growth in China and prolonged global trade frictions kept business confidence well below its historical average in March,” Joe Hayes, an economist at IHS Markit, said.

The flash index for total new orders – domestic and foreign – fell to its lowest since June 2016, the survey showed.

Japan is exposed to the dispute between Washington and Beijing as it ships to China big volumes of electronics items and heavy machinery used to make finished goods destined for the United States.

(Writing by William Schomberg and Dan Burns; editing by Jon Boyle and Susan Thomas)

Source: OANN

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2020 candidate Andrew Yang defends $1,000 a month program, slams Dems for wanting to abolish Electoral College

Democratic presidential candidate Andrew Yang appeared on “Fox and Friends” Friday morning to defend his campaign’s key proposal of giving $12,000 to each American adult every year and criticized Democrats for their newfound support for the abolition of the Electoral College.

Yang, former ambassador of global entrepreneurship in the Obama administration and a long-shot candidate for the party’s nomination, was grilled by the show hosts and the audience about his universal basic income program, dubbed “Freedom Dividend,” and his other views.

“You have to look up who are going to be the biggest winners from artificial intelligence and self-driving cars and trucks and new technologies. Amazon, Google, Facebook and Uber. The American people are gonna see very little of the gains in the innovation,” said Yang.

"The American people are gonna see very little of the gains in the innovation."

— Andrew Yang

He added that due to an increasing automation, “most of us” won’t work at Amazon or other companies, leaving the rest of the people at a disadvantage because their source of income will disappear.

DEM 2020 CANDIDATE ANDREW YANG STANDS BY 'FREEDOM DIVIDEND'

Yang points out that his idea isn’t new in American politics as Alaska has had a petroleum dividend for about 40 years and remains to be widely popular among the people.

“Petroleum dividend works put aside the oil money whatever profits come out from the pipeline it goes to the Alaskan people. Everyone in Alaska is getting between $1 and $2,000 a year no questions asked.

“We need to do the same thing with technology and the new innovations in our economy. We can create a lot of the wealth. But the question is right now who is going to see that wealth? It's not going to be most Americans. It's going to be people who happen to be shareholders in these companies,” he added.

“We need to do the same thing with technology and the new innovations in our economy. We can create a lot of the wealth. But the question is right now who is going to see that wealth? It's not going to be most Americans. It's going to be people who happen to be shareholders in these companies.”

— Andrew Yang

Yang was also asked by the audience on issues other than his bold proposal, particularly whether he believes the Electoral College ought to be abolished, a view shared by leading 2020 presidential candidate Elizabeth Warren.

ELIZABETH WARREN SAYS SHE WANTS TO ELIMINATE THE ELECTORAL COLLEGE

“Getting rid of the Electoral College to me, I don't even know why we are talking about it in the sense that it has been part of our laws for decades and it would require a constitutional amendment to change Electoral College,” Yang said in response to a question from the audience.

“Do we really just want candidates just campaigning in major media markets and cities? The constitutional framers were very wise. I will say as a Democrat, it's very, very bad form to look like you’re trying to change the rules when you’ve been losing by the rules that everyone agreed on for decades.”

"I will say as a Democrat, it's very, very bad form to look like you’re trying to change the rules when you’ve been losing by the rules that everyone agreed on for decades.”

— Andrew Yang

He also reiterated during the show that his “Freedom Dividend” proposal isn’t a free lunch given to people while making it harder to become an American success story. Instead, he says, it’s a response to a changing economy that will negatively impact communities across the country.

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“We have to face facts about the fact our economy is evolving in ways that are pushing more and more Americans to the sidelines and telling those Americans pushed to the sidelines like hey, you can be a multimillionaire success story, too, while Amazon is making 30% of the stores in their town closed doesn’t seem to be honest,” he said.

Source: Fox News Politics

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Multiple people died Thursday when a semitrailer plowed into stationary traffic that resulted in explosions and flames on a Colorado freeway, authorities said.

The incident occurred just before 5 p.m. in the Denver suburb of Lakewood when a truck driver lost control while traveling east on Interstate 70, according to a preliminary investigation. The collision started a chain reaction and a diesel fuel spill, Lakewood police spokesman Ty Countryman told the Denver Post.

“This is looking to be one of the worst accidents we’ve had here in Lakewood,” he said.

The driver of the runaway truck survived. At least one truck was carrying lumber, another was hauling gravel and the third may have been carrying mattresses, KDVR-TV reported.

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Lakewood police tweeted there were multiple fatalities but did not give a specific number. Six people were taken to a hospital. Their conditions were not released, according to the paper.

Lanes in both directions were closed and expected to remain so into Friday morning.

Source: Fox News National

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President Trump will address members and leaders of the National Rifle Association on Friday at the group’s annual convention in Indiana.

Around 80,000 gun enthusiasts and more than 800 exhibitors are expected to pack the Indiana Convention Center in Indianapolis for the three-day event, the Indianapolis Star reported. It will mark the third straight year that Trump will deliver the keynote address, where he is expected to champion the rights of gun owners.

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes,” Chris Cox, executive director of the NRA’s Institute for Legislative Action (ILA), said in a statement. “President Trump’s Supreme Court appointments ensure that the Second Amendment will be respected for generations to come. Our members are excited to hear him speak and thank him for his support for our Right to Keep and Bear Arms.”

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes.”

— Chris Cox, executive director, NRA’s Institute for Legislative Action

COLORADO ENACTS ‘RED FLAG’ LAW TO SEIZE GUNS FROM THOSE DEEMED DANGEROUS, PROMPTING BACKLASH

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

Trump and Vice President Mike Pence spoke at last year’s convention in Dallas. During his speech, Trump assured gun owners that he would protect their Second Amendment rights, according to the paper.

“Your Second Amendment rights are under siege,” Trump told the cheering audience in Dallas. “But they will never, ever be under siege as long as I am your president.”

Trump has supported some gun control measures in the past. Last year, his administration imposed a ban on bump stocks, attachments that enable semiautomatic rifles to fire in rapid bursts. Although, he most recently threatened to veto two Democratic gun control bills.

This year’s convention comes as the NRA faces outside pressure and internal problems. The group has seen its legislative agenda stall amid a series of mass shootings — including a massacre at a Parkland, Fla., high school in February 2018 that left 17 dead and launched a youth movement against gun violence.

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It’s also grappling with infighting in its ranks, money problems and investigations into whether Russian agents courted officials and funneled money through the group.

“I’ve never seen the NRA this vulnerable,” said John Feinblatt, president of Everytown for Gun Safety, a nonprofit that advocates for gun control measure.

The convention will run through the weekend and conclude Sunday.

The Associated Press contributed to this report.

Source: Fox News Politics

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FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London
FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London, Britain December 15, 2018. REUTERS/Simon Dawson

April 26, 2019

(Reuters) – Ailing British retailer Debenhams said two proposed company voluntary arrangements (CVA) could see all its stores remaining open during 2019, with 22 closures planned for next year, putting about 1,200 jobs at risk.

Debenhams’ lenders took control of the retailer earlier this month in a process designed to keep its shops open at the expense of shareholders.

(Reporting by Noor Zainab Hussain in Bengaluru; editing by Gopakumar Warrier)

Source: OANN

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FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London
FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London, Britain, November 8, 2018. REUTERS/Toby Melville

April 26, 2019

BENGALURU (Reuters) – Chinese brands controlled a record 66 percent of Indian smartphone market in the first quarter, led by Xiaomi Corp, a report showed, with volumes rising 20 percent on the back of popularity for brands like Vivo, RealMe and Oppo.

Xiaomi’s India shipments fell by 2 percent over last year, but the Beijing-based company was still the biggest smartphone brand in the country, followed by Samsung Electronics Co Ltd, according to Hong-Kong based Counterpoint Research.

Shipment volumes for Vivo jumped 119 percent, while those of Oppo rose 28 percent.

“Vivo’s expanding portfolio in the mid-tier range ($100 to $180) drove its growth along with aggressive Indian Premier League cricket campaign,” Counterpoint analysts said.

India is the world’s fastest growing market for smartphones, where affordable pricing coupled with features like “selfie” cameras and big screens have popularized Chinese brands.

Video streaming services like Netflix Inc and Hotstar, as well as heavy usage of messaging apps like Facebook Inc’s WhatsApp have further spurred demand.

“Data consumption is on the rise and users are upgrading their phones faster as compared to other regions,” Counterpoint’s Tarun Pathak said.

“As a result of this, the premium specs are now diffusing faster into the mid-tier price brands. We estimate this trend to continue leading to a competitive mid-tier segment in coming quarters.”

(Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu)

Source: OANN

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Good morning and welcome to Fox News First. Here’s a look at what you need to know today …

EXCLUSIVE: Trump says ‘Sleepy Joe’ Biden doesn’t have what it takes

President Trump, in a wide-ranging, exclusive phone interview with Fox News’ Sean Hannity, dismissed the launch of former Vice President Joe Biden’s presidential campaign, nicknaming him “Sleepy Joe” and saying he’s “not the brightest bulb.” Biden, the president said, has name recognition but he won’t “be able to do the job.” When asked about Sen. Bernie Sanders, I-Vt., Trump criticized his record, saying Sanders had “misguided energy” and asserted that Sanders “talks a lot” but hasn’t accomplished anything. The president referred to former U.S. Rep. Beto O’Rourke of Texas as “a fluke” who had lost much momentum and outright dismissed Sen. Kamala Harris, D-Calif., and South Bend, Ind., Mayor Pete Buttigieg — although he said he was “rooting” for Buttigieg. (Trump could address Biden and the other Democratic presidential candidates when he speaks today before the National Rifle Association.)

The Democratic Party’s youth movement: Biden’s biggest challenge?
Former Democratic National Committee (DNC) chair Howard Dean warned Joe Biden about the troubles he may face in his presidential campaign, especially from the “35-year-olds” who Dean says have been running the party — a clear nod to Rep. Alexandria Ocasio-Cortez, D-N.Y., and fellow freshmen Democrats. “This is a very different party than even the party Joe Biden ran in in 2012. Very different,” Dean continued. “A lot of people could win this race. There’s 20 people in there. I think it’s going to take $20 million to get to the starting line. If you can’t raise $20 million, you’re gone, and I think that’s going to take care of about six or eight of these folks. … But it is not the same party that it was five years ago.” A progressive political group that boosted Ocasio-Cortez’s bid for Congress last year vowed to oppose Biden and blasted him as part of the “old guard.”

More tales from the FBI texts
Text messages between former FBI officials Peter Strzok and Lisa Page indicate they discussed using briefings to the Trump team after the 2016 election to identify people they could “develop for potential relationships,” track lines of questioning and “assess” changes in “demeanor” – language one GOP lawmaker called “more evidence” of irregular conduct in the original Russia probe. Fox News has learned the texts, initially released in 2018 by a Senate committee, are under renewed scrutiny, with GOP Sen. Chuck Grassley and Homeland Security Committee chair Ron Johnson sending a letter Thursday night to Attorney General Bill Barr pushing for more information on the matter. President Trump, speaking on Fox News’ “Hannity” Thursday night, responded to this report by accusing Strzok and Page of an attempted “coup.” “They were trying to infiltrate the administration,” he said.

Kim accuses US of acting in ‘bad faith’
North Korean leader Kim Jong Un, fresh off his summit with  Russian President Vladimir Putin, said the U.S. has been acting in “bad faith” since his Hanoi meeting with President Trump over the stalemated issue of North Korean denuclearization. The North Korean leader told the Korean Central News Agency that, “the situation on the Korean Peninsula and the region is now at a standstill and has reached a critical point,” the Straits Times of Singapore reported. Kim warned that the situation “may return to its original state as the U.S. took a unilateral attitude in bad faith at the recent second DPRK-US summit talks,” the Korean Central News Agency added.

NFL Draft 2019: It’s all about defense
The first round of the 2019 NFL Draft saw a run on defensive players, with eight of the top 12 picks in Nashville coming from that side of the ball. After Oklahoma quarterback Kyler Murray was taken first overall by the Arizona Cardinals, the San Francisco 49ers started a run of four straight front-seven players by taking Ohio State defensive end Nick Bosa with the second overall pick — the highest draft slot for any Buckeye since left tackle Orlando Pace went No. 1 overall to the St. Louis Rams in 1997.

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TODAY’S MUST-READS
Fox News’ Ed Henry recalls spending time with Celtics great John Havlicek.
Massachusetts judge accused of helping illegal immigrant evade ICE pleads not guilty.
Rosenstein slams Obama administration for choosing ‘not to publicize full story’ of Russia hacking.
F.H. Buckley: What Democrats have forgotten about citizenship.

MINDING YOUR BUSINESS
Amazon crushes earnings expectations, but revenue growth slows.
Low-tax states among best places to make a living in 2019.
Construction job market booming: These states are hiring.

#TheFlashback
2018: Bill Cosby is convicted of drugging and molesting Temple University employee Andrea Constand at his suburban Philadelphia mansion in 2004; it is the first big celebrity trial of the #MeToo era.
1986: An explosion and fire at the Chernobyl nuclear power plant in Ukraine causes radioactive fallout to spew into the atmosphere. (Dozens of people are killed in the immediate aftermath of the disaster while the long-term death toll from radiation poisoning is believed to number in the thousands.)
1977: Notorious nightclub Studio 54 opens in New York.

SOME PARTING WORDS

Watch the “Special Report” panel take a look at former Vice President Joe Biden’s decision to run for president a third time and the battle for the “soul” of America.

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CLICK HERE to find out what’s on Fox News programming today and over the weekend!

Fox News First is compiled by Fox News’ Bryan Robinson. Thank you for joining us! Have a good day and weekend! We’ll see you in your inbox first thing Monday morning.

Source: Fox News National

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