☕ Adonis Hoffman writes about Jack Kemp, supply-spiders, and tax reform in this piece for The Hill:
The Economic Recovery and Tax Act of 1981 was the successful scion of Senator Bill Roth and Representative Jack Kemp. Kemp – Roth, as it became known, was the centerpiece of tax reform during the Reagan years, and served as a model for how the United States could deliver tax relief to both the business sector and the American people at the same time. It fostered an era of impressive economic growth and prosperity that many pine for today.
But that was long ago in a faraway galaxy. Today’s tax reform mandate, while no less compelling, is far more complicated.
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Of course, Jack Kemp’s brand of statesmanship has been long since absent in the Capitol. He was one of the modern-day leaders who connected the principles of conservatism with caring for the little guy. Nowhere was that more manifest than tax policy, where Kemp went the extra mile to make sure the needs of small businesses were attended. It was a welcomed view among harder-line Reagan Republicans and supply-siders who, up to then, showed little concern for small and minority firms. It should be a welcome view for the businessman-in-chief, as well.
To be sure, the current tax reform debate is a work in process. Before it is over, there will be many fits, starts, twists and turns that will lead – we hope – to a comprehensive, bipartisan tax proposal. We do not know what form that will take, nor who will emerge as the tax reform leader.
Whatever happens along the way, one thing is for sure: if America is to be great again, tax reform must provide a special measure of relief for small and minority business. The future of the nation depends on it.
☕ Hilarious tweet by Dr. John Rutledge. Taxes ALWAYS matter.
☕ This is a great 7-minute discussion between host John Batchelor and supply-siders Larry Kudlow and John Tamny, about the appointment on David Malpass and some general economics.
Supply-siders form Committee to Unleash Prosperity:
If you open your opinion page and see The Krug (as I did this morning), brew some extra bold coffee.
G. Tracy Mehan III writes for The American Spectator about an event that took place in Washington last week featuring supply-siders galore.
Reconciling economics with concerns over inequality.
Last week, at the Heritage Foundation in Washington, CNBC Commentator and economist Larry Kudlow hosted a very lively, even provocative, blue-ribbon panel discussion on the theme, “And Now for a Congressional Growth Agenda.” Besides the supply-side guru, Arthur Laffer, discussants included the impressive Carly Fiorina, former CEO of Hewlett-Packard, unsuccessful California Senate candidate and possible presidential candidate; the astute economic commentator, James (“Jimmy”) Pethokoukis of the American Enterprise Institute; and Stephen Moore, Heritage’s own Chief Economist and former Wall Street Journal editorial board member.
Wow! What an election night!
Kansas Governor Sam Brownback was re-elected Tuesday. Of course, MSNBC can’t understand this, and their shots at all supply-siders start at the top:
With the help of Arthur Laffer, the mind behind supply-side economics, Brownback shaped a far-right economic agenda for Kansas. Slashing taxes and state spending, Brownback cut corners by eliminating government jobs and clamping down on the social safety net. The plan was to kick start growth and get the state’s economy humming.
Larry Kudlow is in today’s Investor’s Business Daily:
I’ve always believed the 1990s were Ronald Reagan’s third term. And while mistakes were made over the years, the U.S. created about 50 million new jobs between 1981 and the onset of the Great Recession in 2007.
Unfortunately, the free-market model has largely been discarded in recent years — not only in the U.S., but around the world — as Keynesian spending, over-regulating, tax-the-rich redistribution, and berserk money have come into vogue. It’s all wrong. The poor results show it.
A Republican victory won’t change this. But the GOP can make an early start on free-market energy reforms, lower corporate tax rates, holding back the regulatory tide and knocking down some ObamaCare tax hikes.
Republicans can also continue the war on overspending. Since the 2010 GOP landslide, government spending as a share of GDP plunged from 24.4% to 20.3%. This has had something of a tax-cut effect, and shows what Congress can do if it has a mind to do it.
It’s election day across America! Get out and vote for the supply-siders!
Ralph Benko continues his “Eichengreen Fallacy” commentary at Forbes.com:
The classical gold standard — an early casualty of the First World War — was not, indeed could not have been, the culprit. There is a subtle yet crucial distinction between the gold-exchange standard, which indeed precipitated the Great Depression, and the classical gold standard, which played no role. There is much to be said for the classical gold standard as a policy conducive to equitable prosperity. It commands respect, even by good faith opponents.
For the discourse to proceed we first must lay to rest the Eichengreen Fallacy (and all that is attendant thereon). Once having dispelled that toxic fallacy let the games begin and let the best monetary policy prescription win.
Also, 90 years ago today Calvin Coolidge was elected President. Matt Lewis interviews Author and historian David Pietrusza, listen to it here: