Daily Clips: August 23rd, 2016
Tax cuts for the rich aren’t needed in today’s economy: If you are a believer of supply-side economics, you are probably a fan of wealth accumulating at the very top. You probably believe it is best when these “job creators” are unconstrained by the burdens of civilization and are allowed to use their wealth creatively. That economic view, however, is remarkably inept (for a variety of reasons) and borders on sinister, as Bruce Bartlett points out:
When asked about the newly announced Trump tax plan and the deficit, Bartlett told us by email that all Republican tax cuts ‘are designed to lose revenue’ and ‘create deficits,’ despite any statements made to the contrary.
‘Then when deficits emerge, they must always be dealt with only by cutting spending,’ Bartlett writes. ‘If tax increases are necessary they will be in the form of sales taxes paid largely by the poor.’
David Brooks waxes lyrical about spirits or something: Brooks’ reflex for relating any problem to a lack of spiritual or self-awareness is truly mesmerizing. In his latest column, he wonders if American leadership has failed not because of quantifiable outcomes like increased partisanship, but instead because our leaders don’t have a “sense of vocation.” What exactly does that mean? Nothing, really. He does take a swipe at Hillary Clinton though, because, you know, she’s evil. And her opponent isn’t a lunatic who needs to be lambasted.
Oregon collects $25.5 million in marijuana taxes since start of the year. Here is how some of the tax revenue will be spent: “40 percent will go to the state’s Common School Fund, 20 percent to mental health, alcoholism and drug services, 15 percent to Oregon State police, and 10 percent for city law enforcement…”
US new-home sales climb to best level since late 2007: Obamacare is continuing to decimate the American economy.
Tweet of the day:
What do McDonald's, Starbucks, JPMorgan and Nationwide have in common?
All raised the company minimum wage.https://t.co/1UqSTFhYB2— Eric Morath (@EricMorath) August 23, 2016
