Pence abandons Reaganomics

[HAB911]

“The free market has been sorting it out and America’s been losing”

In an interview with The New York Times, the leaders of the GOP reveal a shift away from free-market capitalism

http://www.nytimes.com/2016/12/01/business/economy/trump-carrier-pence-jobs.html

http://www.salon.com/2016/12/02/mike-pence-abandons-reaganomics-the-free-market-has-been-sorting-it-out-and-americas-been-losing/

Langone to Trump: "the US is a free economy"

Republican billionaire businessman Ken Langone told CNBC on Friday that Donald Trump should not make a habit of pressuring companies to keep jobs in the United States.

"Trump has to understand, and he will no doubt about it, ... we don't have a managed economy. We don't say to companies you can't go and you won't go. That's scary,"

http://www.cnbc.com/2016/12/02/ken-langone-to-trump-the-us-is-not-a-managed-economy.html

[TheBlackAdder]

1. Did he sign that stupid taxpayer pledge that most Republicans signed?

[Tanuki]

4. Yes, and it gets worse

http://www.taxjusticeblog.org/archive/2016/07/vp_nominee_mike_pence_is_a_lon.php#.WEHghn0kJVd

..."Whether in his current position as governor of Indiana or as a member of the House of Representatives for more than a decade, Pence (who is a devotee of Arthur Laffer and has signed Grover Norquist’s no tax pledge) has fought time and again to enact extremely regressive and unaffordable tax cuts.
......

As a member of the House of Representatives from 2001-2012, Pence advocated and voted for a series of unaffordable tax cuts for the wealthy. For example, Pence earned an “F” on CTJ’s 2006 congressional tax policy scorecard for his votes for the extremely costly and regressive Bush tax cuts as well as an additional measure that would have repealed the very progressive federal estate tax.
Building on this, when the Bush tax cuts expired in 2010 and at the end of 2012, Pence fought to have those tax cuts fully extended, even though they would be twice as costly in the second decade as they were in the first. When pressed about the huge unpaid for cost of the tax cuts, Pence resorted to supply-side rhetoric saying that revenue would in fact expand as the economy expands due to the tax cuts. Unfortunately, Pence and congressional Republicans largely got their way in 2013 when Congress passed a tax deal that made 85 percent of the Bush tax cuts permanent. In other words, Pence not only advocated for tax cuts for the rich, he was part of a majority of representatives who passed them into law.
..........
Besides his support for the Bush tax cuts, Pence also supported a series of other extremely regressive tax cuts. Mostly strikingly, Pence repeatedly co-sponsored the radically regressive “Fair Tax Act,” a bill that would replace the entire federal tax system with a national sales tax. According to an analysis of this plan by the Institute on Taxation and Economic Policy (ITEP), a national sales tax would raise taxes on the bottom 80 percent of taxpayers by an average of $3,200 a year, while cutting taxes by an average of $225,000 annually for the top 1 percent.

In addition, Pence has been a vocal opponent of the capital gains tax, which is overwhelmingly paid by the wealthiest Americans. To this end, Pence was the lead sponsor of legislation in 2003 that would have cut the capital gains tax from its already low rate of 15 percent at the time to 10 percent. A few years later, Pence sponsored another piece of legislation that would have allowed a partial exemption for capital gains income based on inflation that had taken place since the asset’s purchase."....

[octoberlib]

8. Republicans only care about the deficit when a Democrat is in office.

James Pethokoukis ‏@JimPethokoukis 6h6 hours ago
Goldman Sachs sees Republican tax-cut plans causing trillion-dollar budget deficit by 2020. 📶




:large

[pbmus]

2. Banana republic ....

[Squinch]

3. LOL! Langone probably poured millions into get crooked donald elected. In the midst of the carnage,

there are going to be silver linings.

[JI7]

5. he will be happy as long as lgbt and women are denied rights

[Grey Lemercier]

6. and PoC

[Fast Walker 52]

7. so, fascism then?

fuck shit fuck shit fuck

[nikto]

9. Only Democratic Party Deficits matter

GOP deficits.... No problem!

Fagetaboutit.