12/07/2017

Cut Corporate Taxes Now, Not In A Year

Deroy Murdock, National Review

Yes, we can have a 20 percent corporate tax — starting next month!

Eureka!

Betsy McCaughey, the Republican former lieutenant governor of New York, has discovered the formula for delivering a 20 percent corporate-tax rate in January 2018, as the U.S. House of Representatives wishes, not 2019, as the Senate voted, in an act that flirts with GOP political suicide.

McCaughey, a senior fellow with the London Center for Policy Research (as am I), offers a delightfully simple plan in today’s New York Post: “This beautiful committee,” as President Trump dubbed the House-Senate panel that will reconcile the two chambers’ competing bills, should accept the House’s January 1, 2018, effective date for the corporate tax to plunge from today’s 35 percent rate to the new, paradigm-shifting, highly competitive 20 percent rate. (That’s a reduction of 43 percent.)

And how would conferees “pay for” this massive, history-making tax relief to American business, one year earlier than the Senate wants?

The conference committee should adopt the House’s $1,600-per-child tax credit, rather than the Senate’s $2,000-per-child credit. As McCaughey explains, the ensuing $150 billion savings would cover more than the roughly $127 billion one-year “cost” to make U.S. companies globally tax-competitive — and next month, to boot.

 

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In Search Of History

4,000 Years Of Price Control

Tablets, said to be 200 years older than the Babylonian Code of Hammurabi ... show that the ancient kingdom of Eshnunna had wage control and price control. The news ought not to have come as a surprise. For the code of Hammurabi itself (unearthed in 1902), which was promulgated earlier than 2000 B.C., fixed prices, wages, interest rates, and fees. This makes price control at least about 4,000 years old. ...

 

Ironically, it is those who now wish to return to this ancient totalitarian device who are fondest of calling themselves “progressives.” They are also fond of saying that those who believe in economic liberty “are living in the nineteenth century.” These controlists have yet to learn that they themselves are still living, as the discoveries in Babylonia attest, in the nineteenth century—B.C.!

-- Henry Hazlitt,

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  • Unemployment:
    FreeMarket Central BLS: 4.05%
    FreeMarket Central Shadow Stats: 21.5%
  • Inflation:
    FreeMarket Central June Year-to-Year: 2.80% (CPI-U*)
    FreeMarket Central Shadow Stats: 9.9%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]

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