Monday, December 3, 2012

House Republicans Make Counter-Offer to Obama in Debt Talks

The slow dance that will result in higher taxes has picked up speed. The Republican counter-proposal calls for $800 billion in new tax revenue. It will be much higher before this is over.

The leaders delivered the offer to the White House on Monday with a three-page letter signed by Speaker John Boehner (R-Ohio), Majority Leader Eric Cantor (R-Va.), and four other senior Republicans, including Rep. Paul Ryan (R-Wis.).

How do the Republicans propose to increase tax revenue:
"...through pro-growth tax reform that closes special interest loopholes and deductions while lowering rates."

Points to consider:

A. There is no such thing as "pro-growth tax reform." Joe Salerno put it best: if there existed an optimal pattern of coercive redistribution of income from productive, private  taxpayers to parasitic, political tax-consumers that was neutral to the market.
B. Loopholes are good for the economy, or as Ludwig von Mises put it, “Capitalism breathes through those loopholes.”  The last thing you want to do is close loopholes, if you have any appreciation of the fact that taxes suffocate the economy.


  1. When they say "...through pro-growth tax reform that closes special interest loopholes and deductions while lowering rates." they don't say for whom it is pro-growth. It will in fact aid the growth of big, unconstitutional, government.

  2. The best solution would be to repeal the 16th amendment and eliminate the income tax. Frank Chodorov in his great book: "The Income Tax: Root of All Evil" states that the income tax vitrually eliminated private property rights and gave the government the right to tell producers how much of their income belongs to the government.

  3. Now i am getting geared up to kick off round 3 of P90X and
    find it hard to wait. Although I believe that I'll have to advance to something else immediately after this. (Have not actually made an attempt to try P90X2 although) I've been told P90X2
    definitely is vastly different as compared to the original.
    Oh well. Reckon it really is time for a change! ;)

    Have a look at my weblog ... what equipment do you need for p90x