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3/28/2008
Democrats are becoming supply siders??
The New York Times this week raised the now-ancient (!) specter of supply-side economics, suggesting it will have a major place in presidential campaign rhetoric – should we ever get to the general election campaign. The article reinforces the thought that many Republicans favor- and believe - in supply-side, Laffer Curve and all of that, while Democrats continue to refute the theory out of the gate.
The Heritage Foundation refutes some of the Times’ verbage and celebrates the value of lower taxes to the prospect of raising tax revenues. Great article. Great debate.
Last week, while talking with Rep. Steve Kagen (I sat in for Jerry on the Jerry Bader Show, WTAQ 1360 am, Green Bay), I asked if pay-as-you-go (PayGo) was waived for the “Economic Stimulus Package.”
The good congressman answered in the affirmative – and when I asked him to explain, I swear, he became Arthur Laffer in the flesh; my mouth dropped open at his answer.
Nancy Pelosi claimed the original House proposal satisfied the provision; I can’t confirm that indeed the final compromise Economic Stimulus Package complied with PayGo, but must assume Rep. Kagen knows of what he speaks.
So here’s the shocker. According to Kagen, the Package satisfies PayGo via the tax cuts for small business (doubling depreciation allowances, making more businesses eligible and speeding up bonus depreciation provisions).
Your first reaction is - wait a minute – tax cuts mean less revenue for the IRS…
But no, that’s what the Laffer curve and supply-siders are all about. And Kagen explained it all last week on 'TAQ.
Our 8th District U.S. Rep actually said that because small business people in the 8th district would save taxes (never passing up a chance to do campaign-speak), small businesses would sell more, and as a result, federal tax revenues would increase. I absolutely could not believe it.
Wow. You heard it here first.
COMMENTS
Jo: Wondeful news on Rep Kagen and "Supply side economics". Maybe I'm WRONG and he is not the "liberal" I thought he was. (My impressions were formed listening to him at a Union Hall Rally during the Campaign and, while attending a HOV Chamber Candidate Forum).
Time will tell!
G L Schilling (Fri Mar 28 10:02:06 2008)
We hosted Rep. Kagen at the Brown County Taxpayers Association meeting in February and he spoke RINO with the best of them. That is a sarcastic remark, but I have little quarter for those who speak one way and vote another, for those who support the tax code manipulation but may slide another small condition into the final bill.
All talk, no walk. Jo, did he bring his Eastern handlers with him? Nice guy; he's working his tail off to get re-elected and may well do that. His opponent better quit the RINO talk and speak like a real conservative,that is AFTER he confesses his RINO sins. Conservatives will forgive the repentant, once...
Notice! No reference made to Republican.
Richard Parins (Fri Mar 28 14:03:08 2008)
Dr. Kagen also said that the increased taxes he supports would not affect anyone listening to the program. The Doctor must be psychic or perhaps he doesn't feel that the need to be factual.
Hear hear. JE
Lee Murray (Mon Mar 31 10:40:10 2008)
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