Tag: Tax cuts

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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 […]

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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 […]

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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, […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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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According to Steve Bannon, it was the revenge of the “rubes” in Alabama as voters sent Trump the hero they wanted, not necessarily the one Trump needed. Of course the GOP tax reforms are going to “cut taxes for the rich.” They’re the ones who PAY taxes. More

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They can’t repeal and replace Obamacare after tons of election promises since 2010. They probably won’t be able to get significant tax cuts passed this year either. But they do have time for this: http://www.reuters.com/article/us-usa-selfdriving-idUSKCN1BB2BT More

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Contributor Post Created with Sketch. 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.”

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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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Promoted from the Ricochet Member Feed by Editors Created with Sketch. 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.

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Contributor Post Created with Sketch. 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.”

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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. More

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