Thursday, May 08, 2003

Price Gives His Side of the Story

Notice his misuse of the pronoun "myself." This is real Yankee talk to use "myself" instead of "I."

Tuesday, May 06, 2003

Adminstration Would Be Well Advised to Listen to Thomas

President George W. Bush seems determined to stick to his plan to eliminate individual taxes on corporate dividends -- even if it means he passes on a broader, simpler tax cut that could do more for the economy. It is unclear whether this position is simple stubbornness or an inability to grasp the big picture, but the White House is misplaying its hand.

House Republicans are gathering around a plan to cut the tax on both dividends (currently taxed at individual tax rates as high as 38 percent as ordinary income) and capital gains (currently with a top rate of 20 percent) at a new, lower 15 percent rate. Lower-income taxpayers who now pay 10 percent cap gains taxes would see that halved to 5 percent.

Cutting the capital gains tax should give a jolt to all businesses, not just those who pay out dividends. And unlike plans to phase in the president's dividend cut, a simple cut in the marginal rate is much easier to implement and comply with, requiring no army of accountants to figure out.

In all, a cut in the capital gains rate would appear to be easier play for the White House, so much so that current opposition to it may just be so much posturing.

Monday, May 05, 2003

Robert Novak: Saved by Bill Thomas

Novak writes that Ways and Means Chairman, Bill Thomas, is using his tax-cut bill, which includes capital gains tax cuts, to bail out the administration's moribund tax cut plan. I suspect that some sort of dividend tax relief will find its way back in the House plan as finally adopted. Then the administration will dare the Senate Democrats to kill it and hurt their elderly constituents. These guys will take the dare.
Let My Teenager Drink (

T.R. Reid laments the prohibitionism which pervades the issue of teen-age drinking and parental authority. Most of the world would be absoulutely astounded to learn that it is a crime in this country for a father to go into a restaurant with his 19 or 20 year old son (or daughter) and buy him glass of beer. These are people who are considered adults by state law but who are denied the legal rights of adults concerning the use of alcohol.