Tag Archives: taxes

Lanhee Chen: Warren’s 52 Trillion Dollar Medicare-For-All

$52 trillion dollars. That’s the price-tag for Elizabeth Warren’s plan to bring single-payer, government-run health care to America. And, believe it or not, that number may actually be a conservative estimate for what Medicare-for-all would cost.

Analysts across the political spectrum have panned her plan to pay for all of this. And it’s no surprise, given the details.

For example, she wants the IRS to do better at collecting tax revenue … 65 times better than even the best independent estimates suggest they can do. And even though she’s said the middle class won’t pay more under her plan, she’s calling for $9 trillion in tax hikes on payrolls—an increase that’s sure to affect job prospects and wages for the middle-income Americans.

It’s hard to believe that Elizabeth Warren’s plan stands any chance of being passed into law. But voters are the ones who ultimately have to guarantee that her ridiculous plan gets left on the ash heap of history.

 

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Jerry Bowyer: China Hurts From—and Adjusts to—Tariffs

If the goal of the trade war is to hurt China as we push them to change, it’s working.

China’s economic growth rates are definitely falling. But—as we recently showed on Townhall Finance—the jobs are leaving China, but they’re not coming to the U.S. Jobs are heading to other parts of emerging Asia, often still employed by Chinese-owned companies.

And doesn’t that make sense?

As we slap tariffs on China, markets push supply chains further down the labor scale, not up to high wage America. Markets are highly fluid. Throw a rock in the stream and the water finds its way around it.

For most of human history, China was the world’s economic superpower. The U.S. did not surpass China until we abolished slavery, repealed the war-time income tax and established sound money.

We need to go back to that basic formula, the one that that permitted us to end Chinese dominance in the first place: Universal human dignity, low taxes and sound money.

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Lanhee Chen: Medicare-For-All Myths

This is Lanhee Chen of the Hoover Institution for townhall.com.

Bernie Sanders and his lefty friends are at it again. He’s reintroduced legislation to create a socialist-style takeover of our health care called Medicare-for-all.

Make no mistake: It would do just as much damage to our health care as would previous efforts to install a single-payer system.  Here are the facts:

• First, Medicare-for-all would cost tens of trillions of dollars on top of what the federal government already spends on health care. Even much higher taxes on every American worker wouldn’t pay for the socialist-style system that Sanders envisions.

• Second, Medicare-for-all would mean that many Americans would have to give up the health insurance coverage they currently have.  Like your plan today? Get ready to say goodbye to it.

• Finally, Medicare-for-all could compromise the existing care that our seniors on Medicare already receive by making it harder to gain access to the doctors and hospitals they trust.

Sanders and his allies have a way of making the awful sound great.

Don’t get fooled.

I’m Lanhee Chen.

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Lanhee Chen: After Mueller: A Look at the 2020 Election

President Trump faces a much clearer pathway to reelection in 2020 now that Special Counsel Robert Mueller’s found no evidence that the President or the Trump campaign colluded with Russian efforts to influence the 2016 presidential election.

President Trump’s task ahead is to focus his reelection effort on the reasons why voters should give him a second term in office.  And while Democrats continue to obsess over Trump and his alleged misdeeds, it’s up to the President and his team to focus instead on the ways in which they’ve improved the livelihoods of the American people with tangible policy accomplishments.

The President spearheaded tax cuts that have helped many Americans keep more of their hard-earned money; his Administration has cut regulatory burdens and red tape to spur economic growth; and he has appointed judges to federal courts who respect the rule of law and the Constitution.

If President Trump can keep his rhetoric—and his focus—on touting these accomplishments, he’ll go a long way toward winning four more years in the Oval Office.

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Jerry Bowyer: Economic Growth and American Greatness


It appears that the economy is slowing down and that markets are signaling even further weakening. I’ve been an economic optimist since the Trump election—especially when he made broad-based tax cuts a priority. But I did warn that the effects of the tax cuts would be short-term unless he continued to push in a pro-growth direction.

But after the cuts, the president instead pivoted towards increasing taxes on international trade. Make no mistake: tariffs are taxes. And as such, they choke growth.

And that’s exactly what has been happening.

Economic growth has gone from a sizzling summer of over 4 percent to an average fall at under 3 1/2 percent and the winter looks like it might be cooling down to under 3 percent.

If—in the president’s language—we want to make America great again—and we really want to beat China, growth is the way to do it.

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David Davenport: Questions About Walls


President Trump loves walls—besides a border wall with Mexico, he wants to erect trade walls to protect American steel and aluminum with tariffs of 25 and 10 percent, respectively.

In his famous poem about walls, Robert Frost said, “Something there is that doesn’t love a wall,” adding that before he built one, “I’d ask to know what I was walling in or walling out, and to whom I was likely to give offence.” Those are good questions for Mr. Trump’s policy.

He wants to wall out foreign products that are cheaper than American products. But this will trouble not only nations that produce them, but also American consumers who like to save money.

There’s also a question of constitutionality, since the president’s power to do this is based on national security. And the biggest question:  will tariff walls even work in a global economy?

Many important questions about walls.

 

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