The Woke Billionaires and Democrat-Loving
Corporations Are on Their Own
Townhall,
by
Kurt Schlichter
Original Article
Posted By: Hazymac,
1/15/2026 8:06:22 PM
Here in California, billionaires are under attack as the Democrats are pushing a referendum that would levy a 5 percent wealth tax on unrealized gains and other assets of these very rich people in the Golden State. In Washington, DC, Donald Trump is telling big financial corporations that he’s going to limit their credit card interest rates to just 10 percent instead of the 20 percent or 30 percent they’ve been charging their customers. On the one hand, these are terrible economic policies. They are the opposite of classical conservatism. It’s ridiculous to tax unrealized gains
Post Reply
Reminder: “WE ARE A SALON AND NOT A SALOON”
Your thoughts, comments, and ideas are always welcome here. But we ask you to please be mindful and respectful. Threatening or crude language doesn't persuade anybody and makes the conversation less enjoyable for fellow L.Dotters.
Reply 1 - Posted by:
JHHolliday 1/15/2026 8:30:39 PM (No. 2055544)
I agree that Trump's 10% cap is a bad decision. Let the market sort this out. If the foolish can't see what those loan shark rates are doing to them they will end up with bad credit or no credit.
Have every HS mandate a financial responsibility class. How to stay away from credit cards. Keep one unused except for an emergency and pay of the off the rest monthly. 19 year olds should not be charging that alluring trip to Italy. How do I know, my daughter took that trip as a graduation present to herself. Took her five years to pay it off. A good lesson but a tough one. One of my sons graduated from college, got his first job and proceeded to buy a new car. Two years of making payments and then saying, "Dad, you would look good in that car. Just pick up the note". It's hard to do for a parent but "Sorry son, you bought it, you pay for it". Another good lesson and now all four of my children are financially stable and comfortable.
13 people like this.
Reply 2 - Posted by:
downnout 1/15/2026 8:48:15 PM (No. 2055550)
The best class I took in college was Personal Finance. It should have been required for a business major but wasn’t - it was an elective….🤔
13 people like this.
10% is actually an outrageously high interest rate for those card holders who use them responsibly. In an actual functioning market there would be multiple companies competing for the business of responsible cardholders with rates at or below 10%. Instead the credit card oligopolies cast the broadest net possible and knowing issue cards to poor credit risks and use the resulting defaults as an excuse to charge astronomical interest rates to the rest of us. President Trump is simply proposing to incentivize them to start behaving like actual capitalists in an actual free market and begin catering to their responsible customers. Let the credit risks gravitate to the high-interest rate sectors like payday lenders which exist to service them and have no incentive little make loans the borrowers can't afford to pay back.
7 people like this.
Reply 4 - Posted by:
YorkieMom 1/15/2026 10:53:24 PM (No. 2055580)
I had no idea what the interest rates were on credit cards. I got my first credit card years ago and pay it off every month no matter how much I have charged. I just always knew I did not want to pay interest.
17 people like this.
Reply 5 - Posted by:
montwoodcliff 1/16/2026 7:48:37 AM (No. 2055660)
When Democrats are in power, the CEO’s think only of protecting their companies. That’s their number one priority. But now in CA, the Democrats have run the place into the ground and refuse to change their policies. So, they go where the money is. Silicon Valley is about to become Gravel Valley. Those guys can go to a Red State and support those guys for a change. They don’t really give a damn whose in control as long as it benefits them.
1 person likes this.
Reply 6 - Posted by:
red1066 1/16/2026 9:23:01 AM (No. 2055694)
I don't have a problem limiting interest rates on credit cards. The credit card companies for the most part are charging loan shark rates. I paid off a card that I use for dental services because they were charging 39% interest. How is this legal? Credit card companies apparently can't control themselves from charging interest rates far above what money costs to them. If the rates were 12 to 15 percent they would still make a huge profit, but since they can't control themselves, somebody has to step in and control them. The free market doesn't work if companies can't control themselves from gouging their customers. I know somebody will come on here and say just pay the card off every month like they do. Well, good for you, but not everybody has that kind of disposable income which is why credit cards are used.
2 people like this.
Reply 7 - Posted by:
NamVet70 1/16/2026 10:12:18 AM (No. 2055717)
"Unrealized gains" is a very nasty approach by the left to tax you for money you don't even have. The claim is that some of your possessions have increased in value so you owe tax on that gain. That should be an unconstitutional taking.
4 people like this.
Reply 8 - Posted by:
cor-vet 1/16/2026 12:35:00 PM (No. 2055821)
So, congress causes inflation, and then taxes you on the 'unrealized' gains caused by the over abundence of devalued, worthless dollars. Got it!
0 people like this.
Reply 9 - Posted by:
zephyrgirl 1/16/2026 1:30:06 PM (No. 2055860)
States used to have usury laws that limited the interest rate companies could charge. Thanks to SCOTUS, the only control on credit card interest is in the state where the card is issued (rather than the state the person using it lives in). Naturally, the credit card companies all migrated to states with no usury laws with the result that there is no limit to credit card interest rates. Congress can fix this problem by passing a Federal law that caps interest rates. Marginal borrowers would not get credit cards. That might be a good thing - keeps them out of debt. I don't have a dog in this fight, because I see both sides of the argument, and pay off my cards every month.
0 people like this.
Below, you will find ...
Most Recent Articles posted by "Hazymac"
and
Most Active Articles (last 48 hours)