20 Oct
2020

GOP tax plan all about wishful thinking

first_imgTo secure these small economic gains and that tiny revenue bump, Republicans would cut taxes by well over a trillion dollars, leaving a massive hole in the budget. Over time, the negative consequences of higher federal borrowing would be a serious drag on the economy. The bill Republicans present this week will look somewhat different than the older framework the Tax Policy Center’s experts assessed.But the warning should still shake Republicans who claimed to be deficit hawks when Barack Obama was president. Tax reform could be worthwhile, but only if it is paid for.Republicans such as Portman used to understand as much.The country faces a huge funding squeeze as the Baby Boomers retire, raising pension and health-care costs.The Treasury will need ample revenue merely to maintain investments in everything else – roads, college aid, national parks, scientific research.A tax plan based on hopes, prayers and fiction puts all of that at risk.More from The Daily Gazette:EDITORIAL: Beware of voter intimidationEDITORIAL: Urgent: Today is the last day to complete the censusEDITORIAL: Thruway tax unfair to working motoristsEDITORIAL: Find a way to get family members into nursing homesFoss: Should main downtown branch of the Schenectady County Public Library reopen? In a sentence, Portman erased much of the credibility he developed while decrying deficits during the Obama years or running the White House Office of Management and Budget during the George W. Bush presidency.Sen. Susan Collins, R-Maine, one of the few moderate Republicans left in Congress, was hardly more responsible.“If we have just four-tenths of 1 percent increase in our [gross domestic product], which is entirely realistic, it will cover the cost of the tax reform package,” she claimed.In fact, those growth numbers cannot be assumed, and betting the federal budget on hopes of loads of new revenue is highly risky.Just a couple days earlier, an independent report on the Republicans’ most recent tax-reform framework found that the plan would wallop the federal budget, even when effects on economic growth are considered. The Tax Policy Center concluded that cutting the corporate tax rate, encouraging business investment and enhancing incentives to work would each encourage economic expansion – modestly.The extra growth would result in maybe $50 billion in new federal revenue over 10 years. Categories: Editorial, OpinionThe following editorial appeared in The Washington Post:Republicans aim to unveil Wednesday a long-awaited tax plan, premised on the fanciful idea that slashing taxes by $1.5 trillion over 10 years will somehow leave the federal budget better off.And it is not just the GOP’s most blinkered ideologues who have bought into this wishful thinking. “I think at the end of the day this will actually be reducing the deficit because it’s going to finally get this economy moving,”Sen. Rob Portman, R-Ohio, said Sunday on “Meet the Press.”last_img read more

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21 Sep
2020

Foxes keen on Cambiasso

first_img The Foxes are in negotiations with the 33-year-old former Real Madrid and Inter Milan player, who is a free agent after leaving the Italian giants at the end of last season. Manager Nigel Pearson had been hoping to keep any deal secret until an agreement could be reached but news of the potential signing was leaked last week to a national newspaper, much to Pearson’s annoyance. Leicester are trying to sign Argentina midfielder Esteban Cambiasso ahead of their Barclays Premier League return against Everton. “I think it’s dangerous to set your targets too low,” he said. “It’s very difficult to have a definitive answer to what might constitute a successful season. “From a business point of view – and purely on a business level – survival would be an achievement. But, of course, I can’t preach that as that would be under-selling what we have the potential to do. “I feel we have a good squad with a good mix of experience and young players who, if they are brought through and nurtured in the right way and given time, will see us do very well in the Premier League. “Our biggest strength is our team and group ethic. Alone, that’s not enough, but we have a lot of quality in our side too. “But the Premier League and the Championship are very different. L ast season was a great success, but it’s in the past. We’re all very proud of what we achieved but it’s about moving on and being a success in the Premier League now. Jamie Vardy (thigh) and summer signing Marc Albrighton (groin) are likely to miss the visit of Everton but French winger Anthony Knockaert, who has been nursing an ankle problem, is expected to be fit. Pearson said: “Marc may not make the weekend but Anthony has trained fully. Jamie Vardy is unlikely to be available. It is frustrating when you pick up one or two knocks up in pre-season, we’ve been a bit unfortunate. “If one player misses someone else has got an opportunity. But however we shape up at the weekend we will be very capable.” But he insists a deal – which would be a major coup for the club – is still possible. “I don’t know about Cambiasso,” said Pearson. “I don’t take too much notice of the air waves. I’ve not denied our interest. It’s something we will continue to work at. “Whether deals can be done or not it will be based on a number of criteria. We’ll work really hard to do the deals. I can’t account for other circumstances intervening. “We have an interest yeah. But my view on talking on other people’s players [is] I don’t. I don’t have a track record of talking about speculation.” Leicester, back in the Premier League after a decade-long absence, begin their campaign against Everton at the King Power Stadium on Saturday. The Foxes enjoyed a hugely successful campaign last season, in which they secured promotion with six matches to spare before clinching the Championship title with an away win at Bolton on April 22. It was the club’s first ever Football League title, achieved with 31 victories and 102 points – both club records. The Premier League is a very different animal but Pearson believes his squad is capable of thriving in the top flight. Press Associationlast_img read more

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16 Aug
2020

B&H Tennis Player: Damir Džumhur Qualified for the Australian Open

first_imgYoung B&H tennis player Damir Džumhur managed to qualify for the main tournament at the Australian Open, after he won the third round of qualification and defeated Ruben Bemelmans from Belgium, with a result 2:0.Džumhur achieved the biggest success in his carrier by qualifying for the final tournament of Australian Open.He defeated Dustin Brown from Germany in the first round of qualifications with the result 2:0. He passed into second round by winning against Niels Desein from Belguim. In the third round of qualification he defeated another Belgium, Bemelmans.Džumhur arrived into finals without dropping a set.Džumhur won the first set against Bemelmans in the tie-break, with the result 7:1.Džumhur in the second set dominated and won. After he won 3:3 in break, B&H tennis player did not miss the chance and finished the match with victory.(Source: Klix.ba)last_img read more

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