She won't be able to raise the rate a lot even if she wants to, so why take the flak for trying? Trump, on the other hand, may be able to shoot for the moon.
Josh, I would love to hear you do a podcast about this topic. You can cover so much material in a long form podcast. I would be very interested in a deep dive on what Trump would actually do, economically, in a 2nd term. I think he is a slight favorite to win and I think the realities of a 2nd term are being under covered.
There could be a cleaner moderate message with policy choices she publicly endorses. They are hurting her more than they are helping, but perhaps I am underestimating the need to also get the base out to vote.
She "muddles through" her moderate message because she's not a moderate - she's a leftist. Anyone claiming otherwise ignores her time in the senate when she was consistently ranked as one of the most and often times THE most far-left senator. She's singing a different tune these days but no one should be fooled.
I'm not convinced she or Trump believe in much of anything beyond personal political ambition. They are both willing to go low and lie. I would never blame anyone for not voting this election, but if you are going to vote, there is one critical difference between the two candidates. Trump actually believes his own BS. This doesn't make him more honest. It makes him more dangerous.
Per your link: "Tax revenue has grown steadily since 1962. It eclipsed $1 trillion for the first time in 1990." Revenue can be deceptive, but If you look carefully at the rise in revenue it actually slowed down during Trump's administration even before Covid.
Federal deficit tells a more horrifying picture of the 2016-2020 years.
Laffer is obviously correct that the revenue maximizing tax rate is not going to mean the highest possible marginal taxes. But the question is where on the Laffer curve we are. And there is good reason to think we are on the wrong side of the Laffer curve.
What’s your take on the correct capital gains tax rate? My recollection is that empirically having capital gains being lower produces more revenue (not saying that it’s correct to have them as low as they are now, but that from a maximizing revenue standpoint they should be lower than ordinary income).
Josh, I would love to hear you do a podcast about this topic. You can cover so much material in a long form podcast. I would be very interested in a deep dive on what Trump would actually do, economically, in a 2nd term. I think he is a slight favorite to win and I think the realities of a 2nd term are being under covered.
Last podcast episode was over a year ago.
There could be a cleaner moderate message with policy choices she publicly endorses. They are hurting her more than they are helping, but perhaps I am underestimating the need to also get the base out to vote.
She "muddles through" her moderate message because she's not a moderate - she's a leftist. Anyone claiming otherwise ignores her time in the senate when she was consistently ranked as one of the most and often times THE most far-left senator. She's singing a different tune these days but no one should be fooled.
I'm not convinced she or Trump believe in much of anything beyond personal political ambition. They are both willing to go low and lie. I would never blame anyone for not voting this election, but if you are going to vote, there is one critical difference between the two candidates. Trump actually believes his own BS. This doesn't make him more honest. It makes him more dangerous.
That very well may be true.
I realize the narrative is the TCJA (Trump tax cuts) were deficit financed. However, the reality is government revenue increased. Spending increased faster still, and the Covid hit and spending went through the roof. Revenue by year: https://www.thebalancemoney.com/current-u-s-federal-government-tax-revenue-3305762. Spending by year: https://ycharts.com/indicators/us_government_spending. Maybe Laffer was right!
Per your link: "Tax revenue has grown steadily since 1962. It eclipsed $1 trillion for the first time in 1990." Revenue can be deceptive, but If you look carefully at the rise in revenue it actually slowed down during Trump's administration even before Covid.
Federal deficit tells a more horrifying picture of the 2016-2020 years.
Laffer is obviously correct that the revenue maximizing tax rate is not going to mean the highest possible marginal taxes. But the question is where on the Laffer curve we are. And there is good reason to think we are on the wrong side of the Laffer curve.
Josh - how about a column updating your previous one on strategic campaign contribution giving?
What’s your take on the correct capital gains tax rate? My recollection is that empirically having capital gains being lower produces more revenue (not saying that it’s correct to have them as low as they are now, but that from a maximizing revenue standpoint they should be lower than ordinary income).