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Townhall Review — March 10, 2018
President Trump cracks down on a growing epidemic, opioids. Andrew Sullivan sits in with Michael Medved to discuss the deadly depths of this powerful and all too available drug. Hugh Hewitt invites Ohio Senator Rob Portman about the STOP Act, a Congressional effort to address this life-ending menace. Heritage Foundation economist and presidential advisor Stephen Moore sits in with Larry Elder to talk about the trade dangers of the steel and aluminum tariffs that President Trump wants to implement. Pat Buchanan sits in with Mike Gallagher to share how the tarrifs actually are very pro-American. Dennis Prager discusses the Antifa demonstrations surrounding Christina Hoff Sommers at Louis and Clark Law School. Hugh Hewitt speaks with South Carolina Senator Lindsey Graham about tariffs, FISA, and North Korea Denuclearization. Michael Medved shares new research from the Gallup organization on money and happiness.Read More »
The Senate version of tax reform has a hidden problem which needs to be addressed. It would greatly increase the tax burden on companies which are in debt. When a company expands operations, by say, building a factory, they usually borrow money to do it.
The tax code has always allowed business to take the cost of that borrowing into account when they calculate their profit for the sensible reason that it is a cost of doing business. Tax reform is cutting that back, and the Senate version is cutting it back severely, especially for companies that own a lot of heavy equipment such as miners and manufacturers, exactly the type of companies that we’re trying to revive as part of the Trump growth agenda.
If we get this wrong, during the next downturn, we may well see an epidemic of high growth and heavy equipment companies driven into bankruptcy by their inability to pay their old debt and their new taxes on it at the same time.