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Happy Hour Roundup

When Kansas Gov. Sam Brownback passed enormous tax cuts, he said it would cause an explosion of growth. Instead, the state’s revenue tanked, and all manner of services had to be cut. And as Rachael Bade reports, now other Republicans are taking notice: Ohio Gov. John Kasich will roll out “responsible” tax plans that protect […]

First Order Of Business For New GOP-Led Congress: Cook The Books

Republicans are readying their plans for their new majority, but first they have some tweaks to make in order to cook the books a bit with the CBO. They call it "dynamic scoring", but it's really a way to make tax cuts look awesome while...Show More Summary

Why Conservatives Learned Nothing From Sam Brownback's Failure

Kansas governor Sam Brownback had a plan when he got elected in 2010, and it was a plan that could only be enacted in a place like Kansas: Pass huge tax cuts, then watch the state transform into a kind of economic heaven on earth. Brownback...Show More Summary

Sam Brownback is sorry he predicted his tax cuts would work

Kansas governor says he spoke "inartfully" when predicting tax cuts would be major boon to economy

Sorry, GOP, tax cuts don't pay for themselves

As they prepare to take control of Congress, Republicans are looking to change the rules of the game. To lend budget-busting tax cuts the illusion of fiscal responsibility, conservatives would codify the notion that these cuts pay for themselves into congressional accounting rules. Show More Summary

This Wasn't Supposed To Happen: 7 In 10 Americans To Save, Spend Gas "Tax Cut" On Bills Not Gifts

The lower-gas-price-tax-cut is "unequivocally good" meme is becoming more and more full of holes by the day. All that extra disposable income means moar iPhones, moar dining-out, and moar GDP... right? Wrong! As CBS reports, a new poll finds 73% of Americans will not use any extra cash from lower gas prices to buy additional gifts. Show More Summary

The Fracturing Energy Bubble Is the New Housing Crash

Submitted by David Stockman via Contra Corner blog, Let’s see. Between July 2007 and January 2009, the median US residential housing price plunged from $230k to $165k or by 30%. That must have been some kind of super “tax cut”. In fact,...Show More Summary

US Manufacturing PMI Plunges To 11 Month Lows, Misses By Most On Record

But what about the massive cajillion-dollar tax cut for American manufacturers from the oil-drop? US Manufacturing PMI collapsed to 53.7 in December, missing expectations of a rebound to 55.2 by the most on record and falling to its lowest since January 2014 - the middle of the Polar Vortex. Show More Summary

The Senate Keeps Working…

Still on deck in the Senate: It is expected this week to renew dozens of expired tax breaks, including tax cuts for business research, wind power, and foreign profits. It’s worth remembering that if a $42 billion package like this gets passed every year, the federal deficit could grow by $800 billion over ten years. Show More Summary

The truth about the New Republic: Kinsley, Krauthammer, Oliver North and a liberal magazine’s demented war on liberalism

TNR spent the '80s in bed with Reagan and Ollie North, backing tax cuts, proxy wars -- and screwing liberalism hard

U.S. Stocks Tumble to Cap Dow's Worst Week Since 2011

``More than $1 trillion was erased from the value of global equities this week as oil prices tumbled, raising concern over the strength of the global economy'' -- But but but what happened to the "tax cut for consumers" narrative??? Perhaps, at the end of the day, this is about liquidation emanating from the leveraged energy financing complex. Show More Summary

Evil Booze Deflation Got Your Keynesian Spirits Down? Then Rejoice In The Biggest Surge In Beef Prices Since 2003

Remember: deflation is bad, evil, horrible... except when it involves tumbling crude oil prices: then it is "unambiguously good" for the consumer and a "tax cut." Which is why we are moritifed to report that for the second month in a row, alcohol prices have dropped, and are down 0.1% from a year ago. Show More Summary

Car-Buying Surge Sparks Best Retail Sales Rise Since April

``The driver of all this exuberance: Vehicle sales which surged once again +1.7% MoM courtesy of an overabundance of subprime loans. Oddly, for all those prognosticators looking for windfall tax cuts from the oil price plunge, gasoline...Show More Summary

Lower Gas Prices Like Huge Tax Cut for Middle Class

Falling prices at the pump will free up billions of dollars for consumers to spend next year—and the middle class will see most of the benefit.

GOP May Force CBO to Use Special GOP Math

TPM: Top Republicans, eyeing full control of Congress next year, are considering changing the rules of the budget process so as to make tax cuts appear less harmful to the deficit. They want to adopt a method called "dynamic scoring,"...Show More Summary

Why Does Congress Pay For Some Tax Cuts and Not Others?

Can somebody explain to me why the House agreed last week to restore 50+ tax subsidies without paying for them (and thus adding $42 billion to the deficit) and 10 minutes later approved a new tax subsidy that it insisted on paying for? It can’t be the merits of the recipients. Show More Summary

Alaska Is Learning The Hard Way That Oil Tax Cuts Aren’t Always A Boon

The state gets most of its revenue from taxes on the oil industry, which it cut in 2013 to spur economic activity. But the boom in production hasn't materialized, and now dropping oil prices have left the state with a massive budget hole. The post Alaska Is Learning The Hard Way That Oil Tax Cuts Aren’t Always A Boon appeared first on ThinkProgress.

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