12/07/2017

A Road Map To Move The Tax Cut Into Law

Betsy McCaughey, New York Post

House and Senate Republicans are racing to hammer out a tax-cut agreement that blends the House bill passed on Nov. 16 with the Senate version that squeaked through at 2 a.m. Saturday with one vote to spare. Failure is not an option. They must deliver a final bill to the president for signing before Christmas.

The stakes are high economically and politically. For too long, America’s uncompetitive corporate-tax rates have suppressed growth and wages, and driven companies to leave the United States.

If Republicans fail on tax reform, they could lose their grip on Congress in the midterm elections. That would leave President Trump without a legislative partner to push through his pro-growth agenda.

Here’s the road map for success: The House should adopt the Senate’s repeal of the ObamaCare penalty, and the Senate should agree to slash corporate taxes as of Jan. 1, 2018, not a year later as the Senate bill currently says. Delaying the corporate tax cuts risks an economic downturn in 2018 and defeat for GOP lawmakers next November.

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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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