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Economy

Ben Stein on lobbyists influencing the new tax law

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Ben Stein on lobbyists influencing the new tax law

Economist Ben Stein went on Trish Regan’s Fox Business show on Thursday to discuss something only the two of them have chirped about on the right since the tax plan was first proposed. They’re two voices trying to break through the cacophony of people on the right saying the tax code is so great.

Here’s the problem. While there are plenty of good things about it as any tax cut is bound to have, the thing Stein and Regan have been attacking is a carried interest loophole that clearly stayed in the bill as a result of lobbyists. There’s no other reason for the President and much of the GOP to ignore it despite claims on the campaign trail that they’d address it. Stein was very blunt in his assessment:

“It’s insane what you can buy in politics in terms of the tax code.”

Source: Mediaite

Trish Regan And Ben Stein Take a Wrecking Ball to the GOP Tax Bill: ‘Disgraceful’

https://www.mediaite.com/online/trish-regan-and-ben-stein-take-a-wrecking-ball-to-the-gop-tax-bill-disgraceful/Fox Business Network’s Trish Regan has been merciless in her criticism of the Republican tax bill — recently signed into law by President Donald Trump. Her position hasn’t gotten much support on the Fox News or Fox Business airwaves. But on Thursday, she found an unlikely ally.

Appearing on The Intelligence Report, conservative economist Ben Stein joined Regan to denounce the new laws. Specifically, the two teed off on carried interest — a loophole in which private equity firms and hedge funds have their profits taxed at approximately half the rate of regular income tax. It’s a provision that Trump repeatedly promised to kill on the campaign trail. Regan blasted the president for breaking his promise.

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1 Comment

1 Comment

  1. Alpha

    December 29, 2017 at 7:35 pm

    Actually Trump strongly opposed the carried interest loophole. In the end, it was reinserted as a deal to win over the votes to get tax reform pass. That is how legislation happens. The Perfect is the enemy of the good. With no leeway in terms of votes, individual Senators had the leverage to help their friends. Unfortunate. But in the long run, no big deal, it was a very important and impactful tax reform program.

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Democrats

PragerU: What’s wrong with government-run healthcare?

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PragerU Whats wrong with government-run healthcare

This latest video from PragerU details how another vote-buying pipe dream from the Left can never work.

A new video from PragerU features policy expert Lanhee Chen from the Hoover Institution at Stanford, who explains how ‘Free Healthcare’ can never work in the real world. As is the case with most Leftist vote-buying schemes, the ‘The Medicare for all’ fiction is long on promises and short on how it will be funded. The tax burden for such a scheme would destroy the economy and would have to be levied on almost everyone. This kind of national socialized healthcare would also take away the incentive for innovation, which has made for the best healthcare system in the states and the rest of the world.

One often suspects that these assurances of freebies are never meant to operate as promised. Witness the much vaunted Obamacare that was supposed to eliminate the uninsured, but did nothing of the sort. Such is also the case with their push for Liberty control, since it never works as advertised.  In most cases, it should be apparent that the Left doesn’t care if their schemes will work or not. If they did actually care, they would try something else, something that actually works.

For the Left, their ‘Ends justifies the means’ mantra extends to most of their agenda. It doesn’t matter if their system of societal slavery works or not, only that it brings them the power they crave.

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Economy

Wayne Dupree on cutting entitlement programs

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Wayne Dupree on cutting entitlement programs

When the truth goes against the narrative, it’s hard for many to swallow. Entitlement reform, which has been on the Republican platform for decades, has been in the perpetual state of always getting promised but never getting delivered. The reason it keeps getting kicked down the road is because it’s simply too hard to take away things that millions have gotten used to receiving.

At least President Trump was honest enough to say from the beginning that he wasn’t touching entitlements.

What Democrats don’t want you to know and what Republicans only want you to remember on election day is that entitlements are crippling the economy. We can no longer say they’re going to hurt our children and grandchildren. It’s now to the point that we can’t make fiscal decisions as a country without considering the huge chunk that encompasses entitlements.

Conservative Radio Host Wayne Dupree has been fighting this battle for a while. He rightly contends that the pain we’d feel today if entitlements were cut is small compared to the pain we’ll feel in the near future and beyond if they’re not cut.

Yes, it’s hard to make cuts to something that supports millions of Americans, but there are ways to reform the system and still protect the most vulnerable. Kudos to Wayne Dupree for fighting this unpopular battle.

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Economy

Trump’s best fiscal move yet: Telling his cabinet to shave 5% off their budgets

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Trumps best fiscal move yet Telling his cabinet to shave 5 off their budgets

I’ve been harsh towards the President when it comes to budgets and deficits. At times he has seemed more like President Obama, albeit reluctantly, with outrageous budgets signed and deficits that would make Democrats blush. His latest move is one that I can support wholeheartedly.

He just told his cabinet to shave off 5% from their 2020 budgets.

Trump asked members of his cabinet to figure out how to cut 5 percent of their budgets

https://www.theblaze.com/news/2018/10/17/trump-asked-members-of-his-cabinet-to-figure-out-how-to-cut-5-percent-of-their-budgetsI’m going to be ask each of you to come back with a 5 percent budget cut from your various departments, whether it’s a secretary or administrator, whatever. I’m going to ask everybody to come back with a 5 percent cut for our next meeting. I think you’ll all be able to do it. There may be a special exemption, perhaps. I don’t know who that exemption would be. If you can do more than five, some of you will say ‘hey, I can do much more than 5.’

Most conservatives would point to last year’s tax cuts as his best fiscal move, but it was really an action by Congress. The White House gave input and helped sell it to the people, of course, but it wasn’t really a “move” made by Trump. We’ll give him some credit for it, but most of the heavy lifting was done on Capitol Hill.

Telling his cabinet to cut 5% across the board is a Presidential move and by far his best fiscal decision to date. The key to this will be follow-up; if he doesn’t hold his team accountable, then it was simply a soundbite. If he holds their feet to the fire and dishes out repercussions to those who don’t comply, then this will represent a seismic shift in the way the White House operates.

It’s a business move made by a businessman who has had to make this move many times in the past. He brought several things to the table shifting from the boardroom to the Oval Office. Second only to his deal-making skills are his skills in operating a sound financial operation. This is indicative of his experience.

To be fair, this is more of a campaign move than an expression of conservative fiscal values, but we’ll take it no matter what motivated the move. 2020, the target for these cuts, is his reelection year. Hitting the stump and talking about how he forced every agency and department to cut their budgets by 5% will go a long way towards wooing conservatives.

One of the biggest reasons Americans put Donald Trump in the White House is because of his business acumen. This move exemplifies why millions trusted him to sit in the Oval Office. With budgets where they are, DC must cut, cut, and cut some more.

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