Reagan Budget Direct Stockman Slams GOP Tax Bill as ‘Ideological Imposter’ of ‘81 Bill
RUSH EXCERPT:
CAVUTO: “Thank you very, very much. David Stockman, best-selling author at what he makes of this. Your concern is whether spending on programs or tax cuts, getting deeper in debt appears.”
STOCKMAN: “Well, that's true. One point by a trillion bill added they get their target. They're already a 2 trillion by the time the bidding is over, in other words get rid of the loophole closures and member benefits to the middle class, which aren't in the current bill, we will be deep, deep in red. That is not a good thing to do with 20 trillion in public that over the next decade before this. My argument is this is an economic.com a political landmine and ideological impostor per rating as a reaganesque supply-side tax cut when it's nothing like that. It's a wish list of business on Wall Street. By definition at the heart of supply-side is marginal rate cut. This is the top rate stays 39.6. He goes to 46% above the million. Second, no individual cutting here. If you set aside the business, which I have a different critique of, 450 billion over 10 years of individual rate cuts. That is tiny. Individuals will pay 22 trillion over that period. This is to .2%. “
CAVUTO: “You don't think it's enough to move the needle?”
STOCKMAN: “I don't think it will move the needle. This is not a middle-class tax cut either. If you take the middle-class, 55,000 to 95,000, a third of them get a tax increase of 1000 a year. Two thirds get a decrease of a thousand. Trade your averaging over 10 years. That they can make. It's fully effective. If you take the middle-class, their average tax cut is $6 a week, one cappuccino coming to cappuccinos, that's all they're getting. All of this –“
CAVUTO: “One of the things I said is the argument for this feeling I've gotten into this before a something is better than nothing. I don't concur with that because if you give something that feels like it's nothing, we'll come back to hot you. I don't know something is better than nothing.”
STOCKMAN: “I think it's worse because if you look at this, for big regressions caused for .7 million, they will add to that ip is 200 billion is the estate tax relief for 5000 double not help the economy even if there is equity. 600 billion is for getting rid of the minimum tax. I pay appeared on not going to do anything different except that won't accomplish anything. The other 2 trillion is for business cuts in the thing we have to emphasize here is that workers don't pay the corporate tax rate in the business shareholders and owners do. So, they are set by the world market. Wages are set by the world market. These corporate rate cut will go into share buybacks and dividends another returns to capital.”
CAVUTO: “You have very little faith.”
STOCKMAN: “I think not at all. Number one -- Neil: Are competitive instincts feedback, that they would almost after they've gotten ballad sheets in order they would be compelled to out did the other guy and a declining pool of talent available?”
