Democrat Mary Peltola’s Economic Math Ain’t Mathing

Alaska Democrat Senate candidate Mary Peltola has responded to Alaskans’ economic concerns by floating a platform that has little to do with addressing the problems residents are facing.

Peltola’s plan is more of the same among progressive Democrats: Tax the wealthy and things will magically get better for ordinary Americans.

From Alaska Beacon:

The leading challenger to Republican incumbent U.S. Sen. Dan Sullivan is proposing to eliminate income taxes for Alaskans earning less than $92,000 per year, the state’s median household income.

Democratic candidate Mary Peltola introduced the idea Monday as part of a newly expanded platform of campaign ideas.

Among some of the other ideas: a federally subsidized “Essential Freight Service” for air cargo to small communities, a renewal of the federal Expanded Child Tax Credit, tax credits for renters and child care facilities, and price controls and limits on corporate mergers.

There are relatively few seats in the U.S. Senate that could be won by either a Republican or a Democrat this year. In a recent analysis, NPR dubbed Alaska’s seat the “majority maker.” National Democrats are hoping that Peltola can beat Sullivan and help them take control of the Senate, which currently has a 53-47 Republican edge, including two independents who caucus with Democrats.

To that end, they’ve donated millions of dollars to her campaign.

There are multiple problems with Peltola’s proposal. For starters, she is blatantly lying about eliminating federal income taxes for any Alaskans. The very thought of cutting taxes gives Democrats hives.

But even if Peltola were telling the truth, hiking taxes on the wealthy would benefit ordinary Americans like vegan plate at a BBQ. It’s been shown on many occasions that even if the government swiped 100 percent of wealthy Americans’ income, it would be less than a drop in the ocean.

From the Cato Institute:

The IRS data show that for the $500,000 and above group, there is $2 trillion in taxable income above the $500,000 threshold. These high-income taxpayers pay an average income tax rate of 25 percent, so they already paid roughly $500 billion in taxes on their above-threshold income. Thus, only about $1.5 trillion remains after taxes (and is available for additional taxes), across all taxpayers earning more than $500,000.

If Congress confiscated every dollar earned by individuals and businesses past their first $500,000, it would still be about $200 billion short of covering the cost of next year’s projected $1.7 trillion deficit—unrealistically assuming no behavioral or other economic effects from taxing 100 percent of earnings.

It’s also worth noting that Peltola’s record shows how she really feels about taxes on all Americans. When she served in Alaska’s legislature she voted in 2002 to reinstate the state income tax amid a fiscal crisis, according to The Daily Signal.

Republican National Committee spokesman Nick Poche slammed Peltola’s ridiculous economic policy proposals, saying she “has the same seriousness as a student body president promising more recess just to get elected.”

He added, “If Peltola was seriously interested in cutting taxes, she would’ve backed the Working Families Tax Cuts.”

An Alaska Survey Research poll conducted early in August showed Peltola leading Sullivan 51 percent to 49 percent.

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