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« Reply #1 on: April 30, 2017, 05:37:50 PM » |
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The Patriot Post Digest 4-27-2017
From The Federalist Patriot
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The Washington Post, for example, lamented27 that Trump wants the rate cut “even if it swells the national debt.” The Post reports that “independent budget experts say [the reduction] could cost the federal government $2.4 trillion over a decade.”
Let’s step back for a minute. First, we’re glad the Post was such a budget hawk during Barack Obama’s tenure, too (you can stop laughing now). Second, letting corporations keep more of what they earn is going to cost the government? Talk about Common Core math. Further, remember when Obama came into office and spent a trillion dollars on that smashing failure of an economic “stimulus” package? Oh, and recall how much of that money went to the administration’s cronies28? The Leftmedia was just fine with that.
Never mind ObamaCare’s impact on the debt.
Under Obama, the deficit quadrupled to $1.6 trillion in one year. Naturally, he blamed George W. Bush. Yet, the Post is hyperventilating that Trump’s plan will supposedly “cost” $2.4 trillion over a decade.
That’s assuming the projection is anywhere close to true. The forecast predicts lost tax revenue based on a static analysis — i.e., deliberately not accounting for economic growth created by lower rates. Yet Investor’s Business Daily reports29, “Back in 2015, the nonpartisan Tax Foundation ran the numbers and concluded that cutting the corporate rate to 15% would boost GDP by 3.7% and actually increase federal revenues by 0.3%.” It’s tough to measure how much of a boost the economy would receive from companies keeping 20 percentage points more of their revenue. They could hire more, pay employees more, create more products, buy more office space, spend on better research and development, and the list goes on. It’s certainly a reason to hope for GDP growth of better than 3%, which is something Obama never ushered in.
Furthermore, The Wall Street Journal notes30, “Trump would make small businesses like S corporations and other pass-throughs that now pay through the individual tax code eligible for the 15% rate. Tax parity among all companies is a useful goal, not least because owner-operated companies are an engine of hiring and growth.” Many of those small businesses pay the top 39.6% individual rate.
Finally, as leftists discovered just this week31, tariffs cost consumers money, not corporations. The same is true of corporate taxes. The Cato Institute’s Michael Tanner explains32, “We should understand that corporations are largely collectors of taxes, rather than payers. The vast majority of corporate taxes are simply passed through, ultimately paid by investors, consumers, or employees.”
All told, this kind of thinking is foreign to the Left, as their government-control-freak mentality can’t even grasp that corporations will do a better job of economic growth than Washington. But if history (not to mention logic) is any indicator — they will. Oh, they certainly will.
Of course, to unleash private sector growth, the tax cut must make it through Congress. The House GOP has called for cutting the corporate rate from 35% to 20%, so obviously compromise is going to have to happen on the numbers. And the preference of House Speaker Paul Ryan and other Republicans is for any reform to be revenue neutral. We’d prefer deficit neutral — that tax reform would be followed by spending reform. Unfortunately, Trump isn’t interested in that, and there are too many special interests dictating things to Congress. That leaves starving the beast with “unpaid for” tax cuts.
Still, here’s the bottom line: For eight years, corporations (that aren’t perfect) were scapegoated as the root of all evil. And leftists bask in this class warfare rhetoric that lets them avoid facing their own policies' abject failures. Now, for the first time in a while, momentum is on the side of entrepreneurs and job creators. And the Left is scared witless at the threat this poses to their agenda.
MORE ANALYSIS FROM THE PATRIOT POST
Selling Out America for a Deal With Iran33 — Obama lied about the Iranians he released — they were much more dangerous than he wanted us to know.
Hypocritical UN Lectures America on Health Care34 — Of the UN, Trump says “there is such tremendous potential, but it is not living up.” No kidding.
BEST OF RIGHT OPINION
Gary Bauer: Robed Radicals35
Hans von Spakovsky: Why Judge Orrick’s Ruling Won’t Block Federal Action on Sanctuary Cities36
Victor Davis Hanson: Will 2020 Be Another 1972 for Democrats?37
For more, visit Right Opinion38.
OPINION IN BRIEF
Hans von Spakovsky: “It seems that [Judge William Orrick] has issued an injunction against his own imaginary view that the government would use Section 9(a) to cut off a broad range of federal entitlement funding, instead of simply the discretionary grant programs at the Justice Department and the Department of Homeland Security. Thus, the exception to the injunction described by Orrick seems to allow the Trump administration to go ahead with what it has actually been planning to do all along: cut off eligibility to grant programs like the two specifically mentioned by the inspector general in his 2016 memorandum that already require compliance with Section 1373. So while this injunction order has been painted as a big loss for the administration, it actually doesn’t seem to fit that definition. Sanctuary cities are still going to suffer the consequences of their lawless behavior. They’ll lose some federal discretionary funds from the Justice Department and the Department of Homeland Security.
SHORT CUTS
For the record: "Bill Nye isn’t interested in a scientific debate about global warming — how much is occurring, the measurement techniques at issue, the sensitivity of the climate to carbon emissions, the range of factors that affect the climate. He wants you to accept his version of the truth — not just that global warming is happening, but that massive government intervention is necessary in order to avert imminent global catastrophe.” —Ben Shapiro
Dezinformatsiya: “[John Wayne] stands tall at the National Rifle Association’s National Firearms Museum — true, only as a cardboard cutout of himself. But the cardboard fantasy of the good guy gunning down the bad guy is what makes the museum work as an enjoyable escape from the life-and-death reality of American gun carnage. There are thousands of ingenious, gleaming rifles and handguns in displays about America’s gun-rich history of colonialism, immigration, expansionism and vigilante justice. But it is the gallery devoted to Hollywood and its guns and good-guy shooters that best illustrates the power of fantasy now driving the modern gun rights debate.” —New York Times' Francis X. Clines
Friendly fire: “I think we got to be accepting. It looks judgmental to people. It looks like we know better. We got to be open and we can’t eliminate a large swath of the country because they want to be with us on these other issues.” —Democrat Rep. Tim Ryan on the intra-party abortion rift39
Non Compos Mentis: “We received a bit of good news — not just for Democrats but for the country — that the president is easing off his demands for a border wall in the government funding bill. The money is better used elsewhere. If the wall is $50 billion dollars, you could use that money to give just about every American broadband.” —Chuck Schumer
Demo-gogues: “Republicans should not want to shut down the government, and they are the only ones who have the power to shut down the government. And you do not want to shut down the government of the most powerful nation on earth. Think of the humiliation of the United States throughout the world if you Republicans shut down the government.” —Sen. Patrick Leahy
And last… “The problem in America is not that the rich earn too much. The problem is that there aren’t enough of them to pay for all the government the Left wants.” —Gary Bauer
Semper Vigilans Fortis Paratus et Fidelis
Managing Editor Nate Jackson
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