Big League Economics
Club for Growth prez blasts Corker-Lankford ‘tax hike trigger’
The president of the Club for Growth, the conservative group that supports free-market candidates in GOP primaries, strongly criticized the proposal by Sen. Robert P. Corker Jr. (R.-Tenn.) and Sen. James P. Lankford (R.-Okla.) that would create an automatic mechanism to raise federal taxes in the Senate’s tax reform bill.
“The idea of a ‘tax hike trigger’ should be rejected on its merits,” stated Club for Growth President David M. McIntosh.
Corker and Lankford successfully included their proposal, which would immediately raise federal taxes if the economy’s growth fell below the growth rate assumed in the economic models used to score the bill’s effect on the federal debt, into the tax bill that was reported out of the Senate Budget Committee Tuesday.
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The Tennessee senator is a member of the Budget Committee and he met with Majority Leader A. Mitchell McConnell (R.-Ky.) before he offered his amendment to the tax bill that passed the committee.
McIntosh said it defied logic that the Congress would raise taxes because the economy is growing too slowly.
“Any senator who understands basic business principles and truly cares about the deficit should understand that this trigger is an automatic tax increase and will actually harm economic growth,” he said.
“It will have harmful impacts on American businesses and undermine any economic growth potential in this tax reform bill because businesses will not invest due to the possibility of a higher tax rate,” he said. “What Senators Lankford and Corker are saying here is that if the deficit gets too large, then they want to tax people more.”
McIntosh said a better solution was to force cuts on the other side of the ledger.
“Here’s an idea. How about cutting spending? Just yesterday Senator Lankford issued 100 wasteful examples of federal spending. But instead of cutting the programs, ironically, Senator Lankford would allow wasteful measures like them to continue to receive funding – through his automatic tax increases no less!” he said.
“If they’re truly worried about the deficit and they want to establish a trigger, then they should limit the size of government. A spending cut trigger would be a far better idea.”
Big League Economics
SHAME: Democrats Are Blocking Stimulus Legislation That Includes Second $1,200 TrumpBux Check
Democrats in Congress are blocking a bipartisan $1.5 trillion stimulus package that includes a second round of $1,200 TrumpBux payments to Americans.
Leading House Democrats are saying the bill isn’t big enough of a giveaway, but they favor stimulus measures that would divert funds away from the pockets of everyday Americans to institutions. They want to bail out Democrat state and local governments, and are willing to block TrumpBux payments to Americans if they aren’t allowed to.
The House passed a $3.4 trillion stimulus package in May that was shot down by Senate Republicans. The latest $1.4 stimulus legislation has been presented as a compromise, after House Democrats in turn rejected a thin $500 billion stimulus package proposed by Republicans last week. That package did not include a second round of $1,200 payments, and Republicans are now willing to sign off on another TrumpBux payment in order to pass another round of stimulus.
The $1.5 trillion stimulus legislation emerged from the Problem Solvers Caucus, a group of 25 Republicans and 25 Democrats who emphasize bipartisanship and common ground. Aside from TrumpBux 2, it features $500 billion for cities and states, unemployment insurance of $600 a week, increased SNAP benefits and rental assistance.
Steny Hoyer and Nancy Pelosi are claiming the legislation doesn’t go far enough and that it “leaves too many needs unmet.”
Pelosi and House Democrats are insisting that Congress will remain in session until a second stimulus agreement is met, but in rejecting the Problem Solvers Caucus legislation they’re already shown they’re not open to a generous compromise.
Try asking everyday working Americans of all stripes and walks of life if they’re willing to wait or even go without a second $1,200 stimulus payment in order to provide a bigger bailout to states and cities that already engage in questionable budgetary practices to begin with. The Democrats are resolutely determined to avoid making people the priority in a stimulus package, and will block stimulus legislation to do so.
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