Hugh Hewitt talks with Oklahoma Senator James Lankford about his efforts to halt government shutdowns due to budget impasses.Read More »
Bloomberg News and CNBC report that the Trump administration is seriously considering a rule change which would stop the IRS from taxing investors based on phantom gains from inflation.
Let’s say you buy an investment for a hundred dollars and sell it a few years later for 105 dollars, but inflation was 5 percent. You didn’t really make any money. In real purchasing power, you just broke even.
The way the system works now, you’d have to pay taxes on that five dollars. That’s not taxing income; that’s confiscating wealth.
Larry Kudlow, now the president’s chief economic advisor has long been a champion of the idea, and it looks like the president is on board. And: It looks like the president can do this without buy-in from Congress.
We should hope the president embraces this idea and moves forward with it.
It’s good economics—and it would be good politics as well.Read More »
I’m sure I’m not alone in knowing several families that are prosperous, hard-working and deeply religious and yet lose children to the world of drugs, out-of-wedlock birth, welfare dependence and hopelessness.
It’s also increasingly common to see solidly middle-class couples who, after 20 or 30 years of seemingly successful marriage, suddenly break up, causing pain to themselves, their children and even their grandchildren. In spite of a booming economy and increased opportunity, so-called “deaths of despair”—through suicide, alcoholism or drug overdoses—have reached unprecedented levels.
This explains the seeming disconnect between our prevailing prosperity and the big majorities who believe America’s on the wrong track for our future.
The essential problem involves the collapse of family life, and with neither liberals nor conservatives addressing the issue in meaningful ways, our politics seems to offer only a sideshow rather than a solution.Read More »
President Trump scored a big win last week after his weeks-long confrontation with Mexico over our neighbor’s lax enforcement of its southern border, and it’s left his critics sputtering.
They’re scrambling to find some way of containing what is a clear Trump triumph—and their flailing about denies the obvious: Trump played high-stakes poker and won a big round with Mexico on border security.
Media elites, well, many just deny it.
The voters, though— and I don’t mean the “Twitter Democrats,” but voters of all ages and ideologies—are a pretty smart bunch. They know, generally, that tariffs are a lousy idea in terms of economic growth. They know too that tariffs can be a blunt instrument of national power in confrontations unrelated to economic growth.
Trump’s record may be mixed, but not last week. Last week, he won big.
He should resume in full his push for immigration reform and border security talks with Democrats right now.
It might actually work.Read More »
The leftward lurch of the Democratic contenders for the presidency continues. The latest idea? California Senator Kamala Harris has called for repeal of the Trump tax cuts. Not some of them. Or just the “tax cuts for the rich.” But all of them.
Millions of middle-income families have benefited from these tax cuts. And our economy is zooming, while unemployment is low and wages are rising. Repealing the Trump tax cuts would imperil the economic progress that we’ve made over the last several years, slowing job creation and threatening to put us back into economic malaise.
Democrats want to raise taxes to pay for their costly social spending plans, like free college tuition and government-run health care. But the tax hikes they are proposing won’t pay for even a fraction of their plans. And their policy proposals look a lot less attractive when you dig beneath the surface.
It’s up to all of us, the voters, to hold them accountable.Read More »
By now you have all heard about the Green New Deal. It doesn’t take a very long memory to know that this sort of massive spending plan will collapse the economy.
You see, the European debt crisis was triggered in part by plans very much like those recommended in the Green New Deal: Heavy subsidies for so-called green tech, utopian timelines for alternative energy usage, and punitive treatment on the kinds of energy which our economy actually depends on. The result? Greece and Spain and Italy triggered a crisis that jeopardized the future of the entire European Union.
If eight years ago is ancient history for AOC and her zealots, how about three months? France instituted a tiny version of the same thing—and even France abandoned it. Experience is a great tutor, but her tuition can be very expensive for those who refuse to learn from the failures of others.Read More »
The Trump tax cuts have done great things for our economy, but—as I’ve warned—the economy is slowing down somewhat. The new GDP report shows the growth rate last quarter dropped from an above average 3.4 to a below average 2.6 percent. Overall, 2018 was a good year for the economy, but at the end it lost some steam, but we can get it back.
First, get out of the trade war. It’s made trade deficits higher and hitting farmers particularly hard. We’ve already created the conditions for American economic preeminence with the tax cuts, let them do their thing and let’s not seize defeat out of the jaws of victory.
Second, stabilize the dollar. America became the envy of the world when the dollar was stable in terms of gold and the currencies of other trading partners.
With just a few changes, we can unleash the American economy.Read More »