Taxes

Breaking: Tax bill cut taxes

Featured image Under an all caps Merry Christmas Glenn Reynolds alerts us to the Senate GOP tweet that embeds an interesting report from CBS News (below). In the spirit of the day, it carries tidings of good cheer. CBS checked in with three families of varying means to ascertain the effect of the tax bill enacted last week. I was particularly interested in the impressions each of them had. A single mother »

Not the end of the world as we know it, maybe

Featured image Can fans of Bernie Sanders be persuaded to support elements of the GOP tax bill that was just enacted despite the Democrats’ visions of the apocalypse? It seems impossible, but Ami Horowitz may have have opened a few minds of Sandernistas waking the streets of the East Village by creatively ascribing them to Sanders (video below). I’m not sure Ami persuaded anyone on lowering the corporate tax rate from 35 »

What if Americans end up really liking the tax cuts?

Featured image As the Senate was about to pass the tax reform bill earlier this week, protesters interrupted the proceedings with chants like “Kill the bill, don’t kill us.” The protests were so loud that Vice President Pence had to stop the process a few times. Protesters singled out Sen. Jeff Flake, whom they hoped would vote “no.” A protester yelled: “Have you no decency, have you no shame?” This was probably »

Tax Reform is Already Working

Featured image The ink is barely dry on the president’s signature on the tax reform bill, and already positive results are being reported. One of the arguments of economists like my former colleague Kevin Hassett (now chair of the President’s Council of Economic Advisers) is that reducing the corporate tax rate would benefit workers wages. It has started to have this effect—today: AT&T, Comcast giving $1,000 bonuses to hundreds of thousands of »

Germans Fear Tax Cut Will Spur US Investment and Growth

Featured image The Democrats in Congress and the press have frantically tried to convince the American people that cutting businesses taxes won’t do any good. This view is delusional, but we hear it so often it almost begins to sound plausible. Here is a contrary view from a different source, German industry: “Germans fear huge loss of jobs from US tax reform.” German investment in the US is expected to rise by »

Both chambers pass tax reform

Featured image On Tuesday, the House passed the GOP tax reform bill by a vote of 227-203. Then, around midnight, the Senate passed a very similar bill, 51-48. The Senate voted strictly along party lines, with John McCain unable to participate. The Senate bill differs slightly from the House version because the Senate parliamentarian ruled that three provisions of the House version violate the Senate’s Byrd Rule, which governs what types of »

Why Can’t Trump Get Credit?

Featured image Sarah Sanders began her press briefing today by ticking off some of President Trump’s achievements in 2017: As December winds down, I thought this would be a perfect opportunity to look back at what has been, by any measure, a historic year. Nearly 1.7 million new jobs have been created, and the unemployment rate has fallen to 4.1 percent, the lowest rate in 17 years. The stock market reached a »

Tax Reform Angst on the Left

Featured image The final tax cut bill has emerged from conference committee. Let’s see what the reaction is, first from the Philadelphia Inquirer and then The New Yorker: Judging from these headlines, the tax bill must be fantastic! Though I’ll want to wait to hear from Paul Krugman just to be sure. Thanks, liberals, for saving me so much time. What was that John was saying about liberal hysteria? »

GOP Senators unanimous in support for tax bill

Featured image So reports Jibran Khan at NRO’s Corner. Senators Rubio and Scott have fallen into line, having secured an increase in the child tax credit refund. No surprise there. But here’s a surprise, at least to me. Senator Corker says he will vote for the bill, notwithstanding his concern that it will increase the deficit. He opposed the version initially passed by the Senate due to that concern. Corker called the »

GOP reaches compromise on tax bill; vote expected soon

Featured image Party leaders in the House and Senate agreed in principle to tax reform legislation that bridges the gaps between their competing versions. The leaders of the tax-writing committees in the House and the Senate — Rep. Kevin Brady and Sen. Orrin Hatch — say the final bill is “close” to completion. The Senate seems to have made out better than the House. The New York Times reports that “more of »

Europeans Endorse GOP Tax Plan

Featured image Five European finance ministers have objected to the GOP tax plan on the ground that it is too favorable to the United States: Finance ministers from Germany, France, Britain, Italy and Spain say they have ‘significant concerns’ about some of the US President’s tax initiatives and fear they could harm the global economy. In a letter to US Treasury Secretary Steven Mnuchin, the ministers said the tax overhaul could risk »

Tax Cuts and Liberal Hysteria

Featured image Power Line is pleased to welcome Kurt Eichenwald to its readership, though should I be worried or pleased that our most mild of provocations indicates that he keeps a cardiologist fully and anxiously employed? All it took was a nod to this overwrought tweet to provoke a tantrum: One hardly expects an elite journalist to lose all perspective in the manner of a Hollywood star like Patton Oswalt, who offered »

Taxing Times, and That Ol’-Timey Liberal Religion

Featured image I was on the road all this past week with a hectic itinerary on both coasts, so I wasn’t paying especially close attention to the news. Did I miss anything? Ah yes—I see Democrats are in a rage that Republicans have taken Nancy Pelosi’s advice to pass a bill to find out what is in it with the tax reform bill. They’re acting as though Republicans, in wheeling and dealing »

Senate tax bill has votes to pass

Featured image Senate Republicans have locked down the votes they need to pass their tax bill. The necessary votes were secured when Sens. Jeff Flake, Ron Johnson, and Susan Collins announced their support. Reportedly, only Sen. Bob Corker is a “no.” This means there are 51 votes for the measure. Mike Pence won’t have to break a tie. It’s important to remember that this tax bill is tax reform, not a tax »

Kudlow speaks

Featured image Politico Money’s Ben White interviewed Larry Kudlow this week for the podcast embedded below. White noted the interview yesterday in his Morning Money column. In the interview they discussed Kudlow’s role in shaping the Trump tax plan and the wayward course it has taken on the individual side. It is a wide-ranging interview; White also asked Kudlow to recount his struggle to overcome cocaine and alcohol addictions in the early »

Democrats Revive the “Trickle Down” Smear

Featured image In the 1980s, the Democrats reviled President Reagan’s tax cuts as “trickle-down economics”–a phrase they themselves had invented many years before. But the Reagan tax cuts produced the greatest boom in America’s modern history. The results were so sensational that Reagan carried 49 states when he ran for re-election in 1984. That shut the Democrats up for a while, but bad ideas never go away forever. The Democrats are now »

Monkey business at the CBO?

Featured image The mainstream media almost never mentions the Congressional Budget Office without adding the adjective “non-partisan.” But the CBO is staffed by folks who, in real life, are probably partisan. And given the pool from which its staff is drawn, most very likely are partisan Democrats. Are its findings infected by partisan bias? I don’t know. But something funny is going on with the CBO’s assessment of the impact of repealing »