Quote:
Originally Posted by StandinStraight
Why do I have to explain everything to you you numb skull, try turning on any news channel other than Fox and you will hear discussions of everything I said. That’s all economists are talking about, the tax scam and the damage it will do to our economy, there is nothing good about it, it’s a disaster.
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Listen, you quack - I'm an economist, and I say you're full of shit! And I'm not alone, you ignorant fuck!
An open letter to Congress signed by 137 economists supporting GOP tax reform bill
Economic growth will accelerate if the Tax Cuts and Jobs Act passes, leading to more jobs, higher wages, and a better standard of living for the American people.
We firmly believe that a competitive corporate rate is the key to an economic engine driven by greater investment, capital stock, business formation, and productivity – all of which will yield more jobs and higher wages.
Published 11:10 AM ET Wed, 29 Nov 2017
CNBC.com
Dear Senators and Representatives:
"Ask five economists," as the Edgar Fiedler adage goes, "and you'll get five different answers."
Yet, when it comes to the tax reform package aimed at fixing our broken system,
the undersigned have but one shared perspective: Economic growth will accelerate if the Tax Cuts and Jobs Act passes, leading to more jobs, higher wages, and a better standard of living for the American people. If, however, the bill fails, the United States risks continued economic underperformance.
In today's globalized economy, capital is mobile in its pursuit of lower tax jurisdictions. Yet, in that worldwide race for job-creating investment, America is not economically competitive.
Here's why: Left virtually untouched for the last 31 years,
our chart-topping corporate tax rate is the highest in the industrialized world and a full fifteen percentage points above the OECD average. As a result of forfeiting our competitive edge, we forfeited 4,700 companies from 2004 to 2016 to cheaper shores abroad. As a result of sitting idly by while the rest of the world took steps to lower their corporate rates, we lowered our own workers' wages by thousands of dollars a year.
"The enactment of a comprehensive overhaul – complete with a lower corporate tax rate – will ignite our economy with levels of growth not seen in generations."
Our colleagues from across the ideological spectrum – regardless of whether they ultimately support or oppose the current plan – recognize the record-setting rate at which the United States taxes job-creating businesses is, either significantly or entirely, a burden borne by the workers they employ. The question isn't whether American workers are hurt by our country's corporate tax rate – it's how badly. As such,
the question isn't whether workers will be helped by a corporate tax rate reduction – it's how much.
The enactment of a comprehensive overhaul – complete with a lower corporate tax rate – will ignite our economy with levels of growth not seen in generations. A twenty percent statutory rate on a permanent basis would, per the Council of Economic Advisers, help produce a GDP boost "by between 3 and 5 percent." As the debate delves into deficit implications, it is critical to consider that
$1 trillion in new revenue for the federal government can be generated by four-tenths of a percentage in GDP growth.
Sophisticated economic models show the macroeconomic feedback generated by the TCJA will exceed that amount – more than enough to compensate for the static revenue loss.
We firmly believe that a competitive corporate rate is the key to an economic engine driven by greater investment, capital stock, business formation, and productivity – all of which will yield more jobs and higher wages. Your vote throughout the weeks ahead will therefore put more money in the pockets of more workers.
Supporting the Tax Cuts and Jobs Act will ensure that those workers – those beneficiaries – are American.
Sincerely,
James C. Miller III, Former OMB Director, 1985-88
Douglas Holtz-Eakin, American Action Forum
Alexander Katkov, Johnson & Wales University
Ali M. Reza, San Jose State U (Emeritus)
Ann E. Sherman, DePaul University
Anthony B. Sanders, George Mason University
Anthony Negbenebor, Gardner-Webb University
Arthur Havenner, University of California, Davis
Austin J. Jaffe, Penn State University
Barry W. Poulson, University of Colorado
Boyd D, Collier, Tarleton State University, Texas A&M University System (Emeritus)
Brian Stuart Wesbury, Joint Economic Committee
Carlisle E. Moody, College of William and Mary
Charles W. Calomiris, Columbia University
Christine P. Ries, Georgia Institute of Technology
Christopher C. Barnekov, FCC (Retired)
Christopher Lingle Universidad Francisco Marroquin
Clifford F. Thies, Shenandoah University
Daniel Fernandez Universidad Francisco Marroquin
Daniel Houser, George Mason University
David H. Resler, Chief US Economist, Nomura (Retired)
David Ranson, HCWE & Co.
Dennis E. Logue Steven Roth Professor, (Emeritus) Tuck School, Dartmouth Colleges
Derek Tittle, Georgia Institute of Technology
DeVon L. Yoho, Economist Ball State University (Retired)
Donald J. Oswald California State University, Bakersfield (Retired)
Donald Koch, Koch Investments
Donald L. Alexander, Western Michigan University
Donald Luskin, TrendMacro
Douglas C Frechtling, George Washington University
Douglas Kahl, The University of Akron
Douglas O. Cook, The University of Alabama
Kingdon Hurlock Jr., Calvert Investment Counsel
Edward M. Scahill, University of Scranton
Eleanor Craig, University of Delaware
Owen Irvine Michigan State University (Emeritus)
Farhad Rassekh, University of Hartford
Francis Ahking, University of Connecticut
Frank Falero, California State University (Emeritus)
Gary R. Skoog, Legal Econometrics, Inc.
Gary Wolfram, Hillsdale College
Gene Simpson, NPTC, Auburn University
George Langelett, South Dakota State University
Gerald P. Dwyer, Clemson University
Gil Sylvia, University of Georgia
H Daniel Foster, HDFCO
Hugo J. Faria, University of Miami
Inayat Mangla, Western Michigan University
Edward Graham, UNC Wilmington
Jagdish Bhagwati, Columbia University
James B Kau, University of Georgia
James C.W. Ahiakpor California State University, East Bay
James D. Adams, Rensselaer Polytechnic Institute
James D. Miller, Smith College
James F. Smith, EconForecaster, LLC
James Keeler, Kenyon College
James M. Mulcahy SUNY - Buffalo economics department
James Moncur, University of Hawaii at Manoa
Jeffrey Dorfman, University of Georgia
Jerold Zimmerman, University of Rochester
Jody Lipford, Presbyterian College
John A. Baden, Chm., Foundation for Research on Economics and the Environment (FREE)
John C. Moorhouse Wake Forest University (Emeritus)
John D. Johnson, Utah State University
John H McDermott, University of South Carolina
John McArthur, Wofford College
John P. Eleazarian, American Economic Association
John Ruggiero, University of Dayton
John Semmens, Laissez Faire Institute
Joseph A. Giacalone, St. John's University, NY
Joseph Haslag University of Missouri- Columbia
Joseph S. DeSalvo University of South Florida - Tampa
Joseph Zoric Franciscan University of Steubenville
Kathleen B. Cooper, SMU's John Tower Center for Politico Science
Kenneth V. Greene Binghamton University (Emeritus)
Lawrence Benveniste Goizueta Business School, Emory University
Lawrence R. Cima, John Carroll University
Leon Wegge, University of California, Davis
Lloyd Cohen, Scalia Law School
Lucjan Orlowski, Sacred Heart University
Lydia Ortega, San Jose State University
Northrup Buechner, St. John's University, New York
Maurice MacDonald, Kansas State University
Michael A. Morrisey, Texas A&M University
Michael Connolly, University of Miami
Michael D Brendler Louisiana State University Shreveport.
Michael L. Marlow, Cal Poly, San Luis Obispo
Moheb A. Ghali, Western Washington University
Nancy Roberts, Arizona State University
Nasser Duella, California State University, Fullerton
Nicolas Sanchez, College of the Holy Cross, Worcester, MA (Emeritus,)
Norman Lefton, Southern Illinois University, Edwardsville
Paul H Rubin, Emory University
Pavel Yakovlev, Duquesne University
Pedro Piffaut, Columbia University
Peter E. Kretzmer, Bank of America
Peter S. Yun, UVAWISE (Emeritus)
Phillip J. Bryson Brigham Young University (Emeritus)
Ashley Lyman, University of Idaho
L. Promboin, University of Maryland University College (former)
Richard J. Cebula, Jacksonville University
Richard Kilmer, University of Florida
Richard Timberlake, Prof. of Econ., Univ. of Ga. (Retired)
Richard Vedder, Ohio University
Robert B Helms, American Enterprise Institute (Retired)
Robert F Stauffer, Roanoke College , (Emeritus)
Robert H. Topel, University of Chicago Booth School of Business
Robert Heller, Former Governor, Federal Reserve Board
Robert Sauer, Royal Holloway University
Robert Tamura, Clemson University
Roger Meiners, University of Texas-Arlington
Sanjai Bhagat, University of Colorado Boulder
Scott Hein, Texas Tech University
Seth Bied, New York State Tax Department
Stan Liebowitz, University of Texas
Stephen Happel, Arizona State University
Craig Tapley, University of Florida
Thomas H. Mayor, University of Houston
Thomas J Kniesner, Claremont Graduate University
Thomas M. Stoker, MIT (retired)
Thomas Saving, Texas A&M University
Timothy Mathews, Kennesaw State University
Tomi Ovaska, Youngstown State University
Tony Lima, California State University, East Bay
Victor a Canto, La Jolla economics
Vijay Singal, Navrang Inc
Wallace Hendricks, University of Illinois
Ward S. Curran Trinity College Hartford Connecticut (Emeritus)
Wayne T. Brough, FreedomWorks Foundation
William B. Fairley, Analysis & Inference, Inc.
William Buchanan, Valdosta State University
William McKillop, Resource Economics (Emeritus)
William R. Allen UCLA Department of Economics
William S. Peirce Case Western Reserve University
Wim Vijverberg, CUNY Graduate Center
Xuepeng Liu, Kennesaw State University
Yuri N. Maltsev, A.W. Clausen Center for World Business, Carthage College
https://www.cnbc.com/2017/11/29/137-...ommentary.html
