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Showing posts from August, 2011

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A POLITICAL ASIDE

Eric Cantor, Republican House Majority Leader, was quoted today in the Wall Street Journal as having said that his Democratic opponents don't believe in capitalism, they believe in the welfare state.

First of all, how do you describe a political party that insists on continuing to provide significant, targeted subsidies to an industry (Big Oil) that collectively pulled in one trillion dollars in profits last year alone? To me, that's not a political party with conservative principles, a political party that espouses capitalism. That's a party that doles out welfare. The amount of corporate welfare that has been incorporated into the tax code would outrage their base if widely publicized, and at this point the Republicans have to take ownership of that lost revenue.

And ending the corporate welfare state does not represent a tax increase. It's tax reform. Tax increases are properly defined as increases in tax rates. Tax reform doesn't increase rates. Tax reform leve…

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