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Archive for August 9th, 2012

I appeared on CNBC a couple of days ago to discuss a new report which claims that some big U.S. companies “only” paid 9 percent of their income to the government.

While I’m a bit skeptical of the numbers (did it include the taxes paid to foreign governments, for instance, which can be substantial for multinational firms?), I confess I didn’t read the report.

So I focused on the best way of getting rid of corrupt loopholes while simultaneously boosting the competitiveness of America companies.

In other words, I said we should rip up the wretched internal revenue code and implement a simple and fair flat tax.

As is my habit, allow me to emphasize a few points from the interview.

  1. It’s good to keep money in the productive sector of the economy because we shouldn’t feed the spending addiction in DC.
  2. If tax rates are low, there’s much less incentive for companies to lobby for loopholes.
  3. The only feasible and desirable tax reform is to simultaneously eliminate tax breaks while lowering tax rates.
  4. The marginal tax rate is what determines incentives for new investment and job creation, which is why America’s highest-in-the-world 35 percent corporate tax rate is a major problem even if average tax rates are much lower.

Sadly, I’m not holding my breath expecting improvements.

Even though tax reform should appeal to well-meaning liberals, Obama seems committed to the class-warfare approach . Romney, meanwhile, mostly wants to tinker with the current system (when he’s not saying worrisome things about a value-added tax).

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Venturing into R-rated territory, I zinged Romney a few days ago.

Now it’s time to hit Obama. This bit of satire is very clever, largely because it’s true (and I say that as someone who agrees that he shouldn’t be blamed for the first year or so of his  tenure).

Sort of reminds me of this Socialism-for-Kids poster.

But I actually prefer this Obama-modified Bill of Rights since perhaps some honest leftists will realize it’s time to get worried about what this Administration is doing.

P.S. I have no idea who put this together the funny image above. All I know is that it showed up in my inbox, which is the case for much of the humor I share. But feel free to assign (or take) credit in the comments if you know any details.

P.P.S. To close with a serious point, Obama did inherit a mess from Bush, who got the country in trouble with too much government spending and too much government intervention. The indictment against Obama is that he doubled down on that approach, further expanding the burden of government spending and further expanding the web of government regulation, even though he promised hope and change.

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