Most bloggers recognize these compilations of thoughts for what they are – not enough subject for a post, but something to touch on. In this spirit, a few thoughts for the week.
I want to commend the White House for having a briefing for all 100 Senators over the troubling issue of North Korea. This is a sobering topic and it deserves sober review. I would encourage more of the same on topics of national security.
With that said, I am hopeful that cooler and more knowledgeable heads will be advising the President and he will heed their advice. We do not need the President doing what he is prone to do which is running off at the mouth and letting his ego make decisions.
One of several examples of this is the White House staff being careful not to endorse the recent Turkey election results which gave more power to President Erdogan. The election results have been called into question and are being reviewed by a third party, who Erdogan is making fun of. Of course, our President did not get the memo and fired off congratulations to Erdogan for gaining even more power.
The devil is in the details, but the President has outlined his Tax Reform plan. Several things need to be highlighted therein, especially after hearing Mnuchin and Mulvaney talk about it. Several nonpartisan tax measurement groups have noted the tax cuts will raise the debt from $2 to $6 trillion over the next ten years, a 10% to 30% increase. The M boys – Treasury Secretary Mnuchin and Budget Director Mulvaney – have said the common refrain that the “tax cuts will pay for themselves through growth.” While tax cuts have some economic effect, the data from these nonpartisan tax measurement groups said they have historically fallen well short of paying for themselves.
Then, we must look at who benefits. While everyone seems to benefit, the folks who make the most benefit the most. In addition to the individual tax rate cut proposed, the estate tax and the Alternative Minimum Tax rate are eliminated, both which help the wealthy. Adding to this the reduction in corporate tax rate, which has a few interesting twists, plus repealing the ACA additional tax on higher paid people, the folks who “have” will have more which will increase the income disparity.
On top of this, Mnuchin said the President has no intention of releasing his tax returns. Mulvaney said people do not care. So, I guess the more than 2/3 of Americans who said they want to see the tax returns do not matter. For those keeping score, this becomes an official broken campaign promise and to me is firm indication our President has something to hide.
I wish I could talk about other things, but this man dominates the news which is the way he wants it.