kudlow-pawlenty 1400This week, Larry Kudlow and Tim Pawlenty bat around the President’s new proposal to raise taxes on the rich and cut them for the middle class. Spoiler Alert: they don’t like it. As Larry says, “it’s all about the growth.” Also,  the argument for corporate tax reform and the curious lengths the Obama administration goes to not use the phrase “Islamic terrorism.”

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  1. Ricochet Inactive
    Ricochet
    @PleatedPantsForever

    LK and Gov. P – thanks for another podcast.

    In typical Ricochet hair splitting here is my feedback for what it is worth.

    The whole they want to raise taxes on the “rich” and our side calls it class warfare thing is not working. Here is my suggestion…..frame it not as two sides (rich and not rich), frame it as three sides (billionaires, small businesses, and working families). What is happening is the billionaires want to pass taxes they can loophole out of but hit the small businesses which will hit working families.

    Do not fall into their trap of talking about capital gains taxes in isolation. It is a losing battle where one looks like he/she is defending the wealthy. Talk about capital gains tax cuts only with income tax cuts.

    You had a lot of good conversation on how simple tax cuts are better than more goodies. We need more talk on why there are goodies. It seems to me that the reason the tax code is made so complicated is that it allows for little one off handouts to special interests. This is how we should frame up simplifying the tax code. Meaning, it is complicated to favor insiders and hand them goodies. Simplification would end this practice.

    • #1
  2. SParker Member
    SParker
    @SParker

    Love you both madly, but I woke up in a fault-finding mood.  I chafe.  I carp.

    Mr. Kudlow:  The EITC is a rational alternative to minimum wage laws.   It’s a way for common sense to quit fighting with Card and Krueger and just get the damned job done.  Besides avoiding any possible ill-effects on entry-level employment, it keeps the government from getting crossways in a private contract, which you’d think would be a good principle to observe in a free society.  Making it universal for adults (as I gather Paul Ryan wants to do) and tying it to W-2s (as I believe I heard Dave Camp say sotto voce last year) would go a long way to cutting down on the cheating.

    Governor Pawlenty:  You’ve been outwitted by a middle-schooler.  You failed to notice the jog his argument took and say:

    A dollar saved is at least as good for economic growth as a dollar spent.  Only a  dollar hoarded (whether in a mattress or Scrooge McDuck’s swimming pool or maybe William DeVane’s home safe) is to be avoided.

    Surprising lapse.  It’s entirely possible you’ve been hoodooed by Robert Reich.  If the lad had a beard and a faint smell of sulfur, that would be the answer.

    Mr. Kudlow:  How could you let the above happen to the Governor?  Or avoid saying, “A dollar saved is BETTER than a dollar spent.”

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