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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.

Call me old fashioned by I just got into social media recently. Yes, I'm that gal you see at the real coffee shop (aka not Starbucks) with an actual book. Returning to my roots in journalism now that technology allows me to do so from the comfort of my own gazebo.

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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

The #SchumerShutdown will deliver 2018 GOP victories if they stick to their guns

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The SchumerShutdown will deliver 2018 GOP victories if they stick to their guns

The current scenario makes it likely there will be a government shutdown. I’ll edit this if it ends up being averted, but if it is, it will be because the Republicans buckled to Chuck Schumer’s demands in whole or in part. Either way, this article is relevant.

In one set of scenarios, Republicans will be given all the ammunition they need to coast to major victories in the 2018 midterm elections. Instead of simply retaining their majorities, as is the hope for most in the GOP, they may actually end up making gains. The President called for such an event today:

It should be noted that I am not a Republican who is simply cheering them on. I’m a Federalist, so my analysis is not guided by hope or propaganda. Both parties promote big government policies. The only difference is which topics they focus upon, which means the ebb and flow of control by the two-party system will incessantly grow DC’s overreach… but that’s all for another article.

Assuming there’s a shutdown, both sides will continue to point fingers at the other in hopes of making their version of the narrative stick. The reality should be crystal clear to anyone other than the liberally indoctrinated or mainstream media: this is 100% on the Democrats. We’re talking about a spending bill. The fact that they’re holding it up to score points with Dreamers and their supporters is despicable.

Let’s look at the two types of people affected the most by this. The first are obviously those working for the government. They will not be getting paid. Some will have to work despite not getting paid for it. The effects of the Democrats’ actions will impact them immediately. These are American citizens.

The second people “affected” by this would be the Dreamers. They will almost certainly have some form of amnesty before March 5 when the DACA executive order officially runs out. If Schumer’s Shutdown is averted without a DACA protection element, what will happen to these people? Exactly what would happen to them with a DACA protection element included. Their lives will not be affected by the outcome of the continuing resolution, but even if there were small differences, those wouldn’t be felt until March. These are not American citizens.

The Democrats are posturing for one reason and one reason only: They want the credit for saving Dreamers. As it stands, they will not get that credit if a bipartisan bill is signed by the President in February or March. Today, they have the opportunity to stamp a big letter “D” on the DACA fight and they’re willing to harm American citizens to do it.

I am opposed to a government shutdown because Americans will get hurt by it. We need to curtail spending dramatically, but shutting down the government is not the “wakeup call” many conservatives are promoting it as. Address budgets, reform entitlements, and cut the billions in wasteful spending that gets pumped out of our wallets and into the ether, but keep the government running in the meantime.

To do this, the Republicans may buckle. By the time you’re reading this, they may have done so already. However, their path to victory in 2018 will be paved by first keeping DACA out of the CR and then fixing DACA before March 5. If they do this, they can point to the fact the President and Republican leaders promised a fix and delivered, but the Democrats shut down the government in an effort to claim credit. That message is true and can resonate if they blast it out there loud enough during election season. That means they can’t buckle now and they must deliver later.

I’m not a proponent for “fixing” DACA, but since it’s almost certainly going to happen, this is the path the GOP must take in order to keep their majorities.

This whole shutdown debacle is a parade of conflicting buffoonery. Democrats are marching down the street clothed in false righteousness. Republicans are following behind them wearing the clown outfits of incompetence. America may deserve a government shutdown for keeping the two-party system intact for so long.

Update – The Democrats do not have the people on their side and even CNN is forced to report it:

CNN poll: DACA not worth a shutdown, except to Democrats

http://www.cnn.com/2018/01/19/politics/cnn-poll-shutdown-trump-immigration-daca/index.htmlWashington (CNN)With hours to go before a midnight deadline for Congress to fund the government or shut it down, most Americans say avoiding a shutdown is more important than passing a bill to maintain the program allowing people brought to the US illegally as children to stay, according to a new CNN poll conducted by SSRS.

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Economy

From 2015: Walter Williams talks about free market capitalism

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From 2015 Walter Williams talks about free market capitalism

You have to love Walter Williams. He is one of the few African-Americans (only with Thomas Sowell) who understands what our free market capitalism is all about. In his Prager U video that he did back in 2015, he truly breaks it down in a language people can understand but yet it does take some critical thinking to understand what Williams is trying to convey.

If you don’t believe that free markets don’t punish corporations (unless our government steps in and saves a few like GM and Chrysler), think again. Whatever happened to TG&Y, ALCO Stores, Montgomery Ward, Circuit City just to name a few. All of them went under, although Circuit City and Wards have poised to make comebacks in as online and very brick and mortar of some kind. Currently in 2018, Toys R Us and KMart have been on the ropes and are likely to go under themselves.

Don’t listen to a media that is more interested in pushing Marxism and ushering it in America. The result of that will be the same in other nations. A Fabulous Disaster.

One store I miss personally is the Warner Bros. Studio Store.

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Economy

Jobless claims hit 45-year low, and mainstream media is silent

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Jobless claims hit 45-year low and mainstream media is silent

The last thing mainstream media wants you to know is the country is doing very well economically. Stock prices are up. Lower tax rates means 164 major companies and rising have given back to their employees in the form of raises and bonuses. Jobless claims just hit a 45-year low.

Wait, you didn’t hear about that last item? That’s because mainstream media is virtually silent. They’re too busy talking about the President’s Tweets to spend any time reporting actual news.

U.S. Jobless Claims Plunge to Lowest Weekly Tally Since 1973

https://www.bloomberg.com/news/articles/2018-01-18/jobless-claims-in-u-s-plunge-to-lowest-weekly-tally-since-1973U.S. filings for unemployment benefits plummeted to the lowest level in almost 45 years in a sign the job market will tighten further in 2018, Labor Department figures showed Thursday.

The drop in claims shows that companies are increasingly holding on to their employees amid a shortage of skilled labor. Businesses are struggling to find workers to fill positions, particularly in manufacturing and construction, as cited in some anecdotes for the Federal Reserve’s Beige Book released Wednesday.

The most important factor during elections is the economy. More specifically, people vote based upon how well or poorly they and their families are doing financially. Unfortunately, mainstream media knows it’s not as simple as people checking their bank statements and counting their blessings. They can still be manipulated into believing they’re not doing as well as they really are or that the nation is on the verge of fiscal collapse based upon actions by the GOP and/or the President.

As a Federalist, I can say these things knowing I’m not spinning it in favor of the GOP. I’m not a Republican fanboy, but when things are going well based upon actions they are the Democrats take, it’s okay to give kudos. My allegiance is to the nation and the truth.

In this election year, the Democrats will utilize their puppets in the media to try to make as many people as possible believe things are really bad. It doesn’t matter that the economy is looking great. Perception trumps reality and mainstream media wants to change as many people’s perceptions as possible. We have to fight against that. Share news like this with as many people as you can. They need to know the truth to fight against the bias mainstream media tries to slap on them.

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