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23.02.2018

A road map to move the tax cut into law.

House and Senate Republicans are racing to hammer out a tax-cut agreement that blends the House bill passed on Nov. 16 with the Senate version that squeaked through at 2 a.m. Saturday with one vote to spare. Failure is not an option. They must deliver a final bill to the president for signing before Christmas....
Time: 19:56     Date: 05.12.2017
Last US News - Opinion: A road map to move the tax cut into law. NY Post 24 - US News

The stakes are high economically and politically. For too long, America’s uncompetitive corporate-tax rates have suppressed growth and wages, and driven companies to leave the United States.

If Republicans fail on tax reform, they could lose their grip on Congress in the midterm elections. That would leave President Trump without a legislative partner to push through his pro-growth agenda.

Here’s the road map for success: The House should adopt the Senate’s repeal of the ObamaCare penalty, and the Senate should agree to slash corporate taxes as of Jan. 1, 2018, not a year later as the Senate bill currently says. Delaying the corporate tax cuts risks an economic downturn in 2018 and defeat for GOP lawmakers next November.

Senators postponed the corporate-tax cut until 2019 in order to pare $127 billion from the cost of tax reform and stay within Senate rules.

But economist Arthur Laffer warns that delaying the cut will encourage companies to defer production and income for a year so that their profits will be taxed at the lower rate. That could tank the economy in 2018, and take the GOP majority in Congress down with it.

A safer bet to keep the cost of the bill within Senate rules is for GOP senators to embrace the House’s proposal for a $1,600 child tax credit, instead of raising it all the way to $2,000. That compromise would cut $150 billion off the cost.

Doubling the child tax credit to $2,000, as the Senate bill does, and paying for it by delaying corporate tax cuts, is a whopping mistake.

“Yes, everybody likes little kids. But not everyone has them. Only a small segment of the population benefits from that credit,” explains economist Larry Kudlow, a chief architect of the Trump tax plan. “Everyone will benefit” from reducing corporate tax rates immediately. It’ll “create an investment boom. There will be no losers.”

What should the House take from the Senate’s version? According to House majority leader Kevin McCarthy, his members are ready to adopt key Senate provisions, including continuing to allow home-buyers to deduct interest on up to a $1 million mortgage. The House plan caps it at $500,000 mortgages.

Democrats, meanwhile, are claiming that eliminating the penalty — in effect, making ObamaCare voluntary — will spell disaster for millions of people with ObamaCare plans. That’s demagoguery. People who want to stay in ObamaCare won’t lose their subsidy or their eligibility.

But abolishing the penalty will be a big tax break for the 6.7 million filers currently getting whacked for not buying ObamaCare-compliant insurance.

Removing the penalty may cause ObamaCare premiums to rise slightly — the Congressional Budget Office speculates about 10 percent — but most buyers get subsidies that insulate them from premium hikes. Those who don’t will finally have the freedom to buy plans without ObamaCare’s costly requirements and save a bundle on insurance.

As the calendar runs out, House and Senate Republicans will have to compromise on a dozen other differences between their tax bills, including the treatment of medical expenses, interest on student loans, the alternative-minimum tax and gains on selling stock.

There will be winners and losers with each decision. But on balance, Americans will get to keep more of what they earn. And businesses will be encouraged to invest, grow and hire.

Tell the prima donnas and fence-sitters in Congress who failed to repeal ObamaCare that it can’t happen again. The nation needs tax cuts now. Betsy McCaughey is a senior fellow at the London Center for Policy Research.

Opinion

Last US News - Opinion: Why the city seems helpless to shut down Harlem’s ‘hate sign’. NY Post 24 - US News
Why the city seems helpless to shut down Harlem’s ‘hate sign’.
In the bitter struggle to force Harlem’s Atlah church to take down a sickeningly gay-bashing, illegal sign, the city’s...
Last US News - Opinion: When it comes to the Parkland teens, one side is horrible — and the other’s tawdry. NY Post 24 - US News
When it comes to the Parkland teens, one side is horrible — and the other’s tawdry.
In the wake of the horrific slaughter in Parkland, Fla., a cadre of energized and understandably traumatized teenagers has...
Last US News - Opinion: The Twitterizing of gun politics, Trudeau’s India disaster and other comments. NY Post 24 - US News
The Twitterizing of gun politics, Trudeau’s India disaster and other comments.
From the right: The Twitterizing of Gun Politics Televised political “town hall” meetings “tend to be awkward, terrible,...
Last US News - Opinion: John Kelly is still the chief of staff Trump needs. NY Post 24 - US News
John Kelly is still the chief of staff Trump needs.
If John Kelly didn’t exist, President Trump would have to invent him, and he wouldn’t be able to. The chief of staff...

Opinion

Last US News - Opinion: Why the city seems helpless to shut down Harlem’s ‘hate sign’. NY Post 24 - US News
Why the city seems helpless to shut down Harlem’s ‘hate sign’.
In the bitter struggle to force Harlem’s Atlah church to take down a sickeningly gay-bashing, illegal sign, the city’s...
Last US News - Opinion: When it comes to the Parkland teens, one side is horrible — and the other’s tawdry. NY Post 24 - US News
When it comes to the Parkland teens, one side is horrible — and the other’s tawdry.
In the wake of the horrific slaughter in Parkland, Fla., a cadre of energized and understandably traumatized teenagers has...
Last US News - Opinion: The Twitterizing of gun politics, Trudeau’s India disaster and other comments. NY Post 24 - US News
The Twitterizing of gun politics, Trudeau’s India disaster and other comments.
From the right: The Twitterizing of Gun Politics Televised political “town hall” meetings “tend to be awkward, terrible,...
Last US News - Opinion: John Kelly is still the chief of staff Trump needs. NY Post 24 - US News
John Kelly is still the chief of staff Trump needs.
If John Kelly didn’t exist, President Trump would have to invent him, and he wouldn’t be able to. The chief of staff...
Last US News - Opinion: Supreme Court poised to reshape New York’s political landscape. NY Post 24 - US News
Supreme Court poised to reshape New York’s political landscape.
On Monday the US Supreme Court hears oral arguments on what’ll likely be one of its most groundbreaking decisions in decades....

Living

US Living News: ‘Doomsday’ seed vault on Arctic island to get $13M upgrade. NY Post 24 - US News
‘Doomsday’ seed vault on Arctic island to get $13M upgrade.
OSLO – Norway plans to spend 100 million Norwegian crowns ($13 million) to upgrade a doomsday seed vault on an Arctic...
US Living News: Stolen Degas painting found in suitcase on bus. NY Post 24 - US News
Stolen Degas painting found in suitcase on bus.
PARIS — French customs officers have found an impressionist painting by Edgar Degas stowed on a bus, more than eight years...
US Living News: NYC’s 9-foot-tall, trippy new art installation. NY Post 24 - US News
NYC’s 9-foot-tall, trippy new art installation.
A new art installation just rolled into the Garment District: six 9-foot-high wheels, which passers-by can crawl into and...
US Living News: ‘Airline’ offers full flying experience without ever taking off. NY Post 24 - US News
‘Airline’ offers full flying experience without ever taking off.
You know what gets me through those long hours of uncomfortable sitting, aching legs, mediocre meals, screaming kids, rude...
US Living News: This crazy new ‘secret’ bar is inside an ice cream shop. NY Post 24 - US News
This crazy new ‘secret’ bar is inside an ice cream shop.
Take a closer look at the neon ice-cream cone lighting up a part of Second Avenue on the Upper East Side. It marks UES.,...
US Living News: Dementia sufferers may benefit from VR trip back in time. NY Post 24 - US News
Dementia sufferers may benefit from VR trip back in time.
HINDHEAD, England – For 93-year-old Daphne Padfield, a dementia sufferer in an English care home, the arrival of a...
US Living News: Airport installs garbage cans for legal marijuana. NY Post 24 - US News
Airport installs garbage cans for legal marijuana.
Tourists leaving Las Vegas can now dispose of their leftover, legally-purchased marijuana at specially designated bins outside...
US Living News: In India, free boob jobs for poor women to boost their confidence. NY Post 24 - US News
In India, free boob jobs for poor women to boost their confidence.
Thousands of women in India’s Tamil Nadu state have been offered free boob jobs because “poor people also have...

Business

Last US Business News: China may be eager to sell Waldorf Astoria after seizing control. NY Post 24 - US News
China may be eager to sell Waldorf Astoria after seizing control.
The Chinese government just took control of the Waldorf Astoria — but it doesn’t seem to be interested in revamping the...
Last US Business News: Wall Street looks for clues from tight-lipped new Fed chair. NY Post 24 - US News
Wall Street looks for clues from tight-lipped new Fed chair.
The biggest riddle on Wall Street is about the man in the middle of it. Investors on Friday scrambled to interpret the first...
Last US Business News: Citi will refund $335M to cardholders it overcharged. NY Post 24 - US News
Citi will refund $335M to cardholders it overcharged.
Citi’s credit-card customers will receive $335 million in refunds after the bank failed to lower their interest rates in...
Last US Business News: Brands ending discounts and benefits for NRA members. NY Post 24 - US News
Brands ending discounts and benefits for NRA members.
Three car rental brands owned by Enterprise Holdings Inc will end discount programs with members of the National Rifle Association...
Last US Business News: China seizes control of Waldorf Astoria’s owner for economic crimes. NY Post 24 - US News
China seizes control of Waldorf Astoria’s owner for economic crimes.
The Chinese government on Friday seized control of insurance giant Anbang – the free-spending owner of New York’s...
Last US Business News: General Mills to buy natural pet food company for $8 billion. NY Post 24 - US News
General Mills to buy natural pet food company for $8 billion.
Cheerios cereal maker General Mills will buy Blue Buffalo Pet Products for nearly $8 billion, seeking to tap burgeoning demand...
Last US Business News: Chinese goverment seizes Anbang, owner of NYC’s Waldorf. NY Post 24 - US News
Chinese goverment seizes Anbang, owner of NYC’s Waldorf.
The Chinese government on Friday seized control of Anbang Insurance Group, one of China’s biggest insurance conglomerates,...
Last US Business News: Redbox wins round against Disney in copyright battle. NY Post 24 - US News
Redbox wins round against Disney in copyright battle.
Redbox can continue to unbundle Disney’s combo packs and rent or sell the movie discs separately, a federal judge has ruled....

Metro

Metro News: Bodega cashier suing NYPD for false arrest loses court case. NY Post 24 - US News
Bodega cashier suing NYPD for false arrest loses court case.
The lowly Brooklyn bodega cashier who tried to take on the NYPD — insisting he had been busted on bogus crack-possession...
Metro News: Judge lets dog owner off easy for leaving pup in freezing car. NY Post 24 - US News
Judge lets dog owner off easy for leaving pup in freezing car.
Hey, Chihuahuas shiver! That’s what a Manhattan lawyer argued in getting a Philadelphia college student off the hook for...
Metro News: Ex-MTA manager heads to prison for $152K bribe scheme. NY Post 24 - US News
Ex-MTA manager heads to prison for $152K bribe scheme.
A former MTA manager is heading to federal prison for almost four years for admittedly pocketing $152,400 in bribes from...
Metro News: Cop accused of tossing machete from domestic violence case into pond. NY Post 24 - US News
Cop accused of tossing machete from domestic violence case into pond.
A Bronx cop is accused of being so lazy that he tossed a key piece of evidence in a domestic-violence case — a machete...
Metro News: Coney Island cop accused of flashing female officers. NY Post 24 - US News
Coney Island cop accused of flashing female officers.
A Coney Island cop is accused of having a perverted secret obsession — flashing female police officers in his own precinct,...
Metro News: Martin Shkreli got buff in prison. NY Post 24 - US News
Martin Shkreli got buff in prison.
He’s not so Shkrawny any more. Notorious “Pharma Bro” Martin Shkreli has bulked up in prison. “He’s got his prison...
Metro News: School district finally settles with family after bullied teen’s suicide. NY Post 24 - US News
School district finally settles with family after bullied teen’s suicide.
MORRISTOWN, N.J. — A school district will pay more than $600,000 to the family of a teenager who took his own life after...
Metro News: Vandal tags NYU building with 4th swastika in past two months. NY Post 24 - US News
Vandal tags NYU building with 4th swastika in past two months.
Cops are on the hunt for a hateful vandal who scratched a swastika into the wall of an NYU building — where the anti-Semitic...

Sport

Last US Sport News: Rex Ryan’s ‘leader’ David Harris retires after 11 season in NFL. NY Post 24 - US News
Rex Ryan’s ‘leader’ David Harris retires after 11 season in NFL.
Rex Ryan was the defensive coordinator of the Ravens in 2007 when David Harris was coming out of Michigan. Ryan loved what...
Last US Sport News: Lonzo Ball makes triumphant return. NY Post 24 - US News
Lonzo Ball makes triumphant return.
LOS ANGELES — Julius Randle had 18 points, 12 rebounds and 10 assists and rookie Lonzo Ball made a triumphant return to...
Last US Sport News: Gleyber Torres passes first test since surgery with flying colors. NY Post 24 - US News
Gleyber Torres passes first test since surgery with flying colors.
TAMPA — You can debate whether Gleyber Torres is going to be the Yankees’ Opening Day second baseman for the next five...
Last US Sport News: The next test for Knicks’ young PG trio? Kyrie Irving. NY Post 24 - US News
The next test for Knicks’ young PG trio? Kyrie Irving.
It’s one thing to do it against guards D.J. Augustin and Shelvin Mack playing for a team that is on pace to win its 40th...
Last US Sport News: Why the simple solution isn’t the answer for deeply flawed NCAA. NY Post 24 - US News
Why the simple solution isn’t the answer for deeply flawed NCAA.
The whole system has been sitting there, festering, waiting for its day of reckoning to come, and it hadn’t yet come. Until...