Monday, December 29, 2014

When It Comes To The Failure of Trickle-Down Economics, Is Our Republicans Learning?

As we recently discussed, Kansas Governor, Sam Brownback subjected his constituents to his ultra right-wing economic policies upon the promise that they would transform the Sunflower State into an economic powerhouse. This was a promise that, unfortunately for Brownback, didn't exactly pan out.

But as bad as ruining Kansas' finances might appear, according to a report from Politico, Brownback's real major sin might be that he's ruining things for other Republican governors:
Ohio Gov. John Kasich will roll out “responsible” tax plans that protect against revenue gaps. Wisconsin Gov. Scott Walker and Arizona’s new Republican governor are delaying big dreams of nixing the income tax as they face budget shortfalls. And Missouri Republicans, once jealous of their neighbor Kansas’ massive cuts, are thankful they trimmed less.

Call it the Brownback effect.
Because of the catastrophic result in Kansas, Republicans in other states are either scaling back or even scrapping similar tax cut plans.
“It’s a cautionary tale on a national scale … Many of us felt that [Kansas] had been too aggressive,” said Indiana Senate Majority Leader and tax committee chairman Brandt Hershman, who helped GOP Gov. Mike Pence cut corporate taxes last spring. “We all like low taxes … but we have to ensure the stability of a revenue stream to provide basic services that our citizens expect.”
 But don't get the wrong idea. Republicans still believe in supply-side magic. It just needs to be done with the right rituals:

Of course, Republicans aren’t ditching supply-side economic theory or tax cuts. But they’re considering ways to avoid Kansas’ troubles. Their takeaways include smaller cuts over extended periods of time, stopgaps to protect revenues — and avoiding overpromising.

It’s making for an odd dynamic in which some Republicans now proudly say their tax plans will be “incremental” or “evolutionary” instead of “revolutionary.”

“Kansas did too much too fast, so at this point we’re continuing to look at our tax policy to make sure it’s competitive. But we’re not jumping — not following Kansas,” said Missouri state Sen. Will Kraus, a GOP tax writer who in 2013 pointed to Kansas as the reason tax cuts were needed in the Show Me State.
Well, that's a novel defense. Usually the excuse when SSE fails is that we didn't cut taxes enough.

However, the following has to be the most hilariously unrealistic plan Republicans have come upon with:

Republicans say they learned another lesson from Brownback: Don’t overpromise that tax cuts are going to spur job and revenue growth right away — be realistic.

“You can’t promise that everything is going to change overnight,” said Jonathan Williams, top tax adviser at the conservative policy group American Legislative Exchange Council, which lobbies states. Williams believes Brownback’s tax plan will pan out eventually, but he said messaging is key. “It’s going to be a change of incentives over several months and years.”

He said Republicans should tell constituents that “not all tax cuts pay for themselves” and warn about potential revenue shortfalls.
Oh yeah, that's definitely going to work out. How does anyone think Republicans get these terrible policies passed to begin with? They always say that it's perfectly okay to cut taxes because the revenue generated from the freedom fairy will make up for any potential losses from the tax cuts. This gives people the impression that they can have their cake and eat it too. '
But imagine if some Republican politician went up to some old lady and asked if they'd be willing to pay for a tax cut going to someone like Donald Trump by having it come out of their social security and medicare. I would presume she, and most of the populace, wouldn't be too keen on the idea. A republican cautioning that tax cuts might deplete revenue is like a diet pill peddler cautioning an obese person that they might still remain fat afterwards.

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