Tag: Tax cuts

Jim Geraghty of National Review and Greg Corombos of Radio America applaud columnist Ruth Margolis for blasting liberals who demand that parents must immerse kids of all ages in politics and the social justice movement.  They also wince at the evidence Republicans may have lost congressional seats in states like California and New Jersey because they limited how much residents could use their state and local tax bill to reduce their federal tax payments.  And they react to Senate Majority Leader Mitch McConnell urging Arizona Gov. Doug Ducey to appoint defeated Senate candidate Martha McSally to the state’s other Senate seat if Jon Kyl steps down before 2020.

Jim Geraghty of National Review and Greg Corombos of Radio America are not thrilled to see that alleged Russian spy Maria Butina conned Obama administration officials, but they do welcome the evidence that Russia was infiltrating everywhere and not just getting cozy with the GOP. They also sigh as the Tax Foundation concludes that President Trump’s tariffs and the tariffs aimed back at the U.S. will gobble up all of the tax cuts for working families. In addition, they fume as Citizens Against Government Waste shows Republicans in Congress are cranking up the spending through pork barrel earmarks again. And while they love Mike Pompeo’s speech casting Iranian leaders as the mafia for stealing from their own people to fund terrorism, they’re not sure Trump’s all-caps tweet Sunday night was the best move.

Jim Geraghty of National Review with Chad Benson filling in for Greg Corombos of Radio America. Israel’s Prime Minister Benjamin Netanyahu claims to be in possession of tens of thousands of documents that reveal that Iran has been lying about its nuclear weapons program. Marco Rubio expresses skepticism toward the basic tenets of supply side economic theory, suggesting that the recent tax cuts will not help the middle class as promised. Lastly, Twitter is upset about a Chinese dress as claims of cultural appropriation strike prom.

The state of the US economy in two words: “getting better.” That’s the learned opinion of John Taylor, the Hoover Institution’s George P. Shultz Senior Fellow in Economics and the Mary and Robert Raymond Professor of Economics at Stanford University. He forecasts continued growth thanks to the latest round of tax cuts and regulatory reform – and wishes Washington would address another of his proscribed principles of economic well-being: budget reform.

Jim Geraghty of National Review and Greg Corombos of Radio America look at a bunch of new polling that shows America sharply divided on banning “assault weapons,” in large agreement on mental illness needing to be addressed, and a majority now liking the tax cuts.  They also rip the Pennsylvania Supreme Court for redrawing the congressional map of the state, ignoring the will of the people through their elected representatives and making the map much more favorable to their Democratic friends.  And they shudder as fears grow that North Korea may punish their Olympic athletes for failing to medal at the Winter Olympics.

Jim Geraghty of National Review and Greg Corombos of Radio America welcome a new Politico/Morning Consult poll showing more Americans now plan to vote for a Republican congressional candidate than for a Democrat, which is a big swing since in recent weeks.  They also roll their eyes as Democrats and pundits fret that President Trump hasn’t given specific orders for the FBI to thwart Russian attempts to meddle in the midterm elections, when FBI Director Christopher Wray says they are on the case because it is their job after all.  And they look at the Valentine’s Day tradition of columns by liberal women blaming men for their own relationship frustrations and the decline of modern romance.

Jim Geraghty of National Review and Greg Corombos of Radio America see decent prospects for Republicans governors in the 2018 midterms, as they are glad to see the ten most popular governors in the U.S. are all Republicans and that many of the GOP’s least popular governors are not running for re-election.  They also groan as Treasury Department officials project nearly trillion dollar deficits returning this fiscal year.  And they get dizzy trying to follow all the accusations and counter-attacks related to the House Intelligence Committee FISA memo, concluding that the more information that gets released the better – from all sides – so long as sources and methods are not compromised.

Jim Geraghty of National Review and Greg Corombos of Radio America welcome comments from Bank of America Chief Executive Brian Moynihan suggesting the recent tax bill will trigger “massive new investment” in the United States, likely leading to economic growth and more jobs.  They also skewer a plan from two state Democratic lawmakers in California who are pushing a ten percent tax hike on businesses making more than a million dollars to help offset the alleged damage the federal tax plan is doing to the middle class.  They also unload on Pennsylvania Rep. Patrick Meehan, a married Republican lawmaker who used taxpayer dollars to settle a dispute with a female staffer he allegedly made romantic advances towards.  Meehan pathetically insists it was not a romantic overture, just that they were soulmates.

Jim Geraghty of National Review and Greg Corombos of Radio America get a big kick out of Democrats insisting there are no real real benefits for the middle class in the recent tax bill – even as company after company publicly announces higher wages, new jobs, and bonuses.  They also shake their heads as emergency official in Hawaii create a major mess by trying to run a missile alert drill and send out an actual missile alert instead.  And they sigh as convicted military leaker and felon Bradley Manning, who now identifies as a woman named Chelsea, runs for the U.S. Senate in Maryland.

Jim Geraghty of National Review and Greg Corombos of Radio America cheer House and Senate passage of tax cuts and tax reform, noting the vast majority of Americans will see bigger paychecks while the Obamacare individual mandate gets repealed and energy exploration in the Arctic National Wildlife Refuge is given the green light.  They also recoil at reports that Senate Republican leaders may have agreed to Obamacare bailouts and taxpayer-funded abortions in exchange for Sen. Susan Collins voting for the tax bill.  And they discuss Rosie O’Donnell offering two million dollars apiece for Collins and Sen. Jeff Flake to vote against the tax legislation.

Jim Geraghty of National Review and Chad Benson of Radio America raise an important question about the national debt as the GOP approaches the votes needed to pass new tax legislation. They also ponder some possible explanations for the verdict in the Kate Steinle case. And they consider some possible implications for the president in light of Michael Flynn’s guilty plea.

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Republicans in the Senate and President Trump may be about to deliver the tax cuts that they have been promising. All that golfing with Senator Lindsay Graham and lunching with Senate Majority Leader Mitch McConnell looks like it is about to pay off. Even The New York Times is calling this a win for Trump […]

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Does Hillary Really Think the Bush Tax Cuts Caused the Great Recession?


Hillary There were two reality-challenged economies theories presented at last night’s presidential debate. Donald Trump reiterated his theory that the US has been on the skids for 40 years and trade agreements are to blame. It’s more likely most Americans are far better off than they were in the 1970s, and trade is one reason why.

Hillary Clinton had an economic theory of her own. Talking about Trump’s tax cut plan, Clinton said, “Trickle-down did not work. It got us into the mess we were in, in 2008 and 2009. Slashing taxes on the wealthy hasn’t worked.”

This is not a new argument from Clinton, one she mentioned in her presidential announcement speech last year:

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What a contrast to today’s warmed-over Marxist class envy Democrats- whether Obama, Hillary or Sanders. Many of you may have heard this, but if you have not, it is worth listening to and passing on. Obama not only raised taxes, but Obamacare proved to be a massive tax increase, and these huge tax increases are […]

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Why Tax Cuts Are No Longer Popular (And What to Do About It)


shutterstock_264397919In Bloomberg, Megan McArdle recently argued that tax cuts are no longer good politics for Republicans. She asserts that pro-growth politicians have incrementally painted themselves into a corner on this over the last three decades. In order to sell each particular tax cut to the middle class, conservative legislators sweetened each pot by cutting middle-class tax rates more than the tax rates of the rich. Because this has been done for each tax cut iteration, the overall effect has been to make the tax code even more progressive. In the end, the tax cutters had undercut their own message by solving the tax problems of the middle class. As a result, the issue no longer resonates today with them.

To counter McArdle, I suspect pro-growth economists will argue that tax cuts are, nevertheless, still effective at stimulating economic growth, which brings prosperity to all. For this reason, tax cuts are still in the long-term interest of the middle class even if they only directly affect the rich. They can point out that the tax rates of the rich have a much bigger impact on the economy than the tax rates for everybody else. This is because a larger percentage of their income is directed towards productive investment. The more it’s taxed away, the less it’s available for capital investment.

In contrast, poor people invest very little. If they are taxed more, they will definitely feel the pain more acutely, but — because they have no choice but to carry on as best they can — the overall effect of their tax burden would be small. Perversely, this means that the economic benefits of tax cuts have increased because the US tax code has become less hated.

Is the Kansas Tax Cut Experiment Working or Not?


tax_cut_shutterstock_032615So how goes the Great Kansas Supply-Side Tax Cut Experiment? It has been much criticized by liberals and the national media over the past three years. In the new National Review, Henry Olson also argues the growth impact of the tax cuts — the top personal income tax rate was reduced to 4.9% from 6.45% and eliminated for small business owners who file as individuals — has been iffy at best, the deficit impact great: “Fiscally, Kansas’s supply-side experiment has been lots of pain with little or no gain.” (Olsen prefers the more middle-class-centric approach of Governor Scott Walker in Wisconsin.)

But over the weekend, the Wall Street Journal published a note from Andrew Wilson of the St. Louis-based Show-Me Institute that presented a differed take. While Kansas Governor Sam Brownback said the state’s “new pro-growth tax policy” would be “like a shot of adrenaline into the heart of the Kansas economy,” Wilson offers a positive, though subdued, conclusion, “… if Kansas hasn’t exactly catapulted into the front ranks in economic growth and employment, then it has at least moved a long way from the stagnation of recent decades.”

He points out, for instance, that from 1998-2012, “Kansas ranked 38th in private-sector job growth, according to Bureau of Labor Statistics data crunched by the Kansas Policy Institute. In 2013 — the first year after the tax reform — the state climbed to 27th place, and in 2014 it moved to 21st, placing it in the top half of states.” Also: “In the second half of 2014, hourly wages in Kansas grew 3.5%, according to BLS data, far faster than the national average of 1.9%.”

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While I’m aware that many on Ricochet believe this is true: http://weeklyworldnews.com/headlines/53713/chris-christie-officially-becomes-a-democrat/, Christie did in fact make a pro-economic growth speech in New Hampshire in which he offered a three-tier taxation rate, tax cuts (including a 25% corporate rate), and slammed the Democrats’ policies as far left and anti-growth. Preview Open

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