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Thursday, September 10, 2015

Jeb Tells us the Secret of 4% GDP: His Brother's Tax Cuts on Sterioids

Jeb! the name of his campaign kind of says it all. Both in what it witholds-his last name which is the same last name as the still very unpopular last Republican President-and the exlamation point.

On Stephen Colbert's debut on David Letterman's show Jeb explained why the exlamation point: it 'connotes excitemnt'-his exact words. Wish I was kidding.

http://wonkette.com/593730/jeb-bush-explains-how-fun-works

When you need an exclamation point to 'connote excitement' you have a problem. That's why Trump's new video that shows the woman who fell asleep at one of his speeches hits close the bone-there is the African-American saying that Only the truth hurts. 

When you have to explain, worse, connote that you're fun, well... You're not exactly fun.

So Jeb! who isn't a Bush but is exciting has a foreign policy team with most of the usual suspects from his brother's foreign policy team back.

http://lastmenandovermen.blogspot.com/2015/09/jeb-brings-back-his-brothers-tax-cuts.html

His tax cut plan is just W but on steroids.

"If you liked the Bush tax cuts, good news. They're back, just with more exclamation points."

"That's what Jeb—or, as his campaign calls him, Jeb!—is running on as the centerpiece of his plan to get the economy growing near the 4 percent pace that it didn't quite manage during either the Reagan or Clinton booms. To that end, Jeb Bush wants to cut the top individual tax rate from 39.6 to 28 percent, cut the corporate tax rate from 35 to 20 percent, cut the capital gains tax rate from 23.8 to 20 percent, get rid of the estate and alternative minimum taxes, strictly limit deductions other than for charitable giving, allow businesses to immediately expense their capital investments, double the standard deduction and expand the Earned Income Tax Credit. The result would be as much a $3.4 trillion tax cut over 10 years that would sharply lower taxes for people at the top, eliminate taxes for more people at the bottom, and slash taxes for businesses."

"That's a lot of tax-cutting, but there isn't a lot of reason to think it'd help the economy that much. That's because, as William Gale of the nonpartisan Tax Policy Center puts it, "major changes in tax policy have had negligible impacts on the economy." Indeed, the economy took off after Bill Clinton raised taxes in 1993, but didn't after George W. Bush reduced them in 2001. Now, that's not to say that tax policy doesn't matter at the margin—it does—but just that the margin isn't that big. Even Ronald Reagan's 1986 tax reform, which sliced the top rate from 50 to 28 percent and axed a whole host of deductions, didn't, according to to economists Alan Auerbach and Joel Slemrod, do that much for growth."

http://www.washingtonpost.com/news/wonkblog/wp/2015/09/10/the-bush-tax-cuts-are-back-just-with-more-exclamation-points/

Meanwhile they will like his brother's tax cuts explode the deficit. How does he propose to pay for it? By cutting the healthcare of millions through repealing Obamacare. So even if he will increase the EITC whcih will help poor people who is going to abolish their healthcare.

"Bush's plan isn't different enough that growth should be that different. He would cut taxes by $3.4 trillion and hope that his plan would make the economy grow so fast that $2.2 trillion of his tax cuts would pay for themselves. The rest would be paid for by cutting entitlements and repealing Obamacare. If history is any guide, though, this would add up to a lot of red ink, and nothing close to 4 percent growth. But no matter. Bush's advisersclaim they'd add 0.5 percentage points to growth a year, three times more than the most aggressive estimates for the Camp plan. And Bush even credits tax cuts for Florida's booming economy during his governorship, rather than the historic housing bubble that popped right after he left office."
Then there's the fact that Obamacare has actually cut the deficit-and spending on healthcare-so repeal may have the effect of increasing the deficit further. 
So Jeb! may not want to talk about his brother but he does want to bring back his brother's tax cuts and his foreign policy. 
If you liked W, you're going to love Jeb!


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