Saturday, September 30, 2017

Money Matters

“I’m doing the right thing, and it’s not good for me. Believe me.”

Rule of thumb: every time Tr*mp says, "Believe me," he's lying.  The Republican tax plan, whatever it turns out to be, will be great for him.

At the moment, the tax and budget proposals are too vague for fiscal analysis — a big plus from the Republican perspective because that makes it impossible for the CBO or anybody else to estimate their real impact.  What is clear is that they depend on the same supply-side fairy tale that has failed to produce a happy ending since Arthur Laffer first drew his magical Laffer Curve back in 1974.

Despite the threat of immense budget deficits, the "deficit hawks" are silent — predictable, since they never really cared about deficits.  What really bothers them is the thought of government spending on anybody not already a multimillionaire.

Some proposals, like ending the inheritance tax, probably are included as "giveaways" to be "sacrificed" in order to get the big-ticket items, like the hyper-expensive tax cut for "pass-through" income.  Hopefully, though, there will be ample fractiousness among mega-rich factions to ensure that nothing at all gets done.  Fingers crossed.

1 comment:

Pkorman1 said...

Not all deficit Hawks. Thought I'd never say this but Thank You Sen. Rand Paul and the rest of the Tea/Freedom Party. They will never OK this bill. Not only does it blow up the deficit but it is too soft on the lower and middle class.