Tag: taxes

Jim Geraghty of National Review and Greg Corombos of Radio America blast congressional Republicans over their embrace of scrapping the adoption tax credit and for considering an end to the property tax deduction. They also slam the TSA for failing miserably yet again in the latest test designed to see if our blue-shirted friends can actually stop guns, knives and bombs from getting through checkpoints. And they get a kick out of USA Today suggesting you could add a chainsaw bayonet to an AR-15 rifle.

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Richard Epstein reacts to the tax plan released by congressional Republicans and explains what steps are most essential for jumpstarting economic growth.

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Contributor Post Created with Sketch. Are Supply-Siders Losing Their Grip on the Trump GOP?

 

Trump adviser Steve Bannon is supposedly pushing for higher taxes on the rich to pay for middle/working-class tax cuts. As Axios reporter Jonathan Swan reports: “Bannon has told colleagues he wants the top income tax bracket to ‘have a 4 in front of it.’”

Even if the Trump White House proposed raising the top rate just a smidgen to 40% from the current 39.6%, it would be a pretty big deal in a modern GOP built around the “supply-side,” tax-cutting doctrine. (And remember, what’s really key for supply-siders is lowering that top marginal tax rate.) Many conservative Republicans, such as Paul Ryan, deeply believe lower rates are the maximum driver for faster economic growth. The Bannon plan would also be directly opposite from the most recent iteration of the Trump tax plan, which proposes 35% top rate.

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Contributor Post Created with Sketch. Why Can’t the US Use Its Assets Like the UK?

 

If you’re like many Ricochet folks, you get “The Daily Shot” in your inbox every day. (No, I’m not going to scold you if you don’t.)

Wednesday morning’s edition caught my eye because of some talk about Queen Elizabeth II getting a pay raise. As Americans, we’ve occasionally made comparisons between the Royal Family’s expenditures versus our own First Family. This was a relative sport for some, until earlier this year.

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Richard Epstein explains what’s good, what’s bad, and what’s missing in the recent tax reform proposals issued by the Trump Administration.

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We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle. Winston Churchill More

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Contributor Post Created with Sketch. Who Needs Progress Anyway? Not the “Degrowth” Movement

 

Andy Kessler dislikes Bill Gates’s “robot tax” idea about as much as I do and explainS his reasons in the Wall Street Journal. Among them, Kessler doesn’t like how such ideas — particular Gates’s notion that we may want to slow progress so workers can better adjust — feeds into the “degrowth” movement. Yes, “degrowth” is kind of a thing. Kessler:

There is a murmuring movement out of Europe known as “degrowth.” If this sounds to you like a cabal of cave dwellers, you’re not that far off. Degrowth Week in Budapest last summer featured enchanting sessions like this one: “Popular competence building against the Technocracy.” Channeling Ludd, industrial insurgents and sustainability samurais want to keep things the way they are, like the eco-protesters at Standing Rock. The site degrowth.org is clear about the movement’s unproductive goals: Consume less and share more.

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Border Adjustment Tax (BAT) is not a tariff, it is much more complex than a simple tariff. “Border-adjustment would change how those profits are calculated. Accountants could no longer deduct imports—say, goods brought in from China—as costs. And their exports would no longer count as revenues. For tax purposes, “profits” would be domestic sales minus […]

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It’s that time of the year again, folks: tax season. That’s why this week on Oppcast, we reached out to Grover Norquist, president and founder of Americans for Tax Reform, to come onto the show for an episode jam-packed with everything tax-related.

From tax reform in the age of Trump, to the recent COB report on the American Health Care Act, we break down the numbers to get to the meat of the issues. Spoiler alert: get ready for some wonky nerd talk!

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Jim Geraghty of Radio America and Greg Corombos of Radio America discuss MSNBC’s Rachel Maddow turning a supposedly big scoop on Pres. Trump’s tax history into a dud of a story. They also discuss why some in the media are determined to make Chelsea Clinton into some sort of political power player. And they shake their heads as former Maryland Gov. Martin O’Malley starts testing the waters for a presidential run in 2020.

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I just finished reading this article http://www.americanthinker.com/articles/2017/02/its_time_to_scrap_property_taxes.html . I’d like to open some discussion on this topic; the author brings up some interesting points. Anyone? More

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Contributor Post Created with Sketch. The GOP Tax Plan Is in Trouble. Many People Are Saying This.

 

As conservative political reporter Robert Novak once declared, “God put the Republican Party on earth to cut taxes. If they don’t do that, they have no useful function.” Now imagine a new Republican president and Republican Congress — both of whom ran on cutting taxes — not being able to pass a tax cut. It might seem unimaginable. If so, stretch your imagination. Border adjustment is a key element of the GOP tax reform plan. It serves several purposes: raises a trillion bucks, makes it harder for companies to escape US taxes by shifting operations overseas, and gives a protectionist president a perceived win on trade that may help avoid harsher trade measures.

But border adjustment is in deep trouble. Which means tax reform may also be in trouble. Imagine that.

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Victor Davis Hanson examines the early initiatives coming out of the Trump Administration and reflects on whether the new president’s momentum is sustainable over the long run.

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Jim Geraghty of National Review and Greg Corombos of Radio America have all bad news, starting with a federal judge putting a hold on Pres. Trump’s immigration order without citing any law or constitutional provision and Trump’s subsequent tweets attacking the judicial system. We also blast Trump for his moral equivalence in dismissing Vladimir Putin as a killer by saying America’s done a lot of bad things too. And we discuss and debate whether the slower GOP strategy on Obamacare and tax reform is responsible leadership or letting a golden opportunity slip away.

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Victor Davis Hanson explains how political and cultural changes in California have eroded the state’s status as a national leader.

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Recommended by Ricochet Members Created with Sketch. Today’s Sermon: Whose Compassion?

 

Now when you reap the harvest of your land, you shall not reap to the very corners of your field, nor shall you gather the gleanings of your harvest. 10Nor shall you glean your vineyard, Nor shall you gather the fallen fruit of your vineyard; you shall leave them for the needy and for the stranger. I am the LORD your God. (Leviticus 23)

A story: “In the middle of the Great Depression, the mayor of New York City was the five foot tall son of Italian-Jewish immigrants, Fiorello H. LaGuardia. LaGuardia was a seriously energetic little guy. It was not unusual for him to ride with the firefighters, raid with the police, or take field trips with the kids from the city orphanage. On a bitterly cold night in January of 1935, the mayor turned up at a night court that served the poorest ward of the city. LaGuardia dismissed the judge for the evening and took over the bench himself—-something a quirk in New York City law enabled him to do.

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I would never suggest eliminating this deduction because it deprives the government of $70 billion in tax receipts. That argument could be made for just about any part of current tax law. I could say, for example, that because the top bracket is capped at XX % and should be 5% higher, that low ceiling deprives the […]

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Contributor Post Created with Sketch. Yes, It’s Time to Reform the Mortgage Interest Deduction

 

Housing policy should be at the heart of America’s economic policy debates. Housing was a catalyst for the Financial Crisis. Housing costs constrain America’s most productive cities and regions. Housing tax breaks distort the economy and reduce government tax revenues by at least $70 billion annually. If you’re interested in the US economy growing faster in the next decade than it has in the past decade, then smart housing policy would be a key accelerant. Housing reform is a key structural reform to creating sustained fast growth in the decades to come.

Of course given that housing is central to people’s lives, big changes would inevitably mean big political controversy. So I totally get why Hugh Hewitt is concerned that the incoming Trump administration is considering capping the mortgage interest deduction. Hewitt makes a number of arguments in his Wall Street Journal op-ed from the other day: (a) the value of every US home would immediately fall by 10-15%; (b) it’s unfair to change the rules in the middle game; (c) it would be an unfair and shocking surprise since no politician ran on this issue; (d) the political fallout would consume the GOP – especially in high tax states – and destroy its chance to “realign politics” and get more important things done, such as filling judicial vacancies and rebuilding the military.

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Contributor Post Created with Sketch. Time for Tax Cuts? “Trickle-down Economics” vs. “Spillover Effects”

 

My top public policy priority would not be big, fat tax cuts for the superrich. (At the same time, I don’t want to see marginal rates drift ever higher.)

Other sorts of pro-growth policy are more relevant right now, including regulation and education. But what would be the economic case for lower rates for the 0.1%?

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Most of you will remember New York City Mayor Michael Bloomberg’s ill-fated attempt to ban sugary drinks of a certain size in NYC restaurants. The ban was sold as a response to a public health crisis surrounding sugar consumption and obesity. It was eventually struck down by the NYC court of appeals on the grounds […]

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