Your apples are ripe. It is time to harvest them. What is the best way to harvest those apples . Do you pick them from the tree or do you chop down the tree . Apples are income. The trees are capital. The reason we want a socalled, consumptionbased tax because we dont want to mistreat capital. But to understand why it is so foolish, dont think about marxism, socialism, free market theories think about it this way, if you chop down the tree or more accurately what the current tax system does if you harvest apples by sawing off branches of the tree, what does that do for your longrun prosperity, your longrun income . You obviously will have fewer apples next year. It doesnt make sense to quadruple and triple tax capital. On this issue marxists and socialists are right they agree with sensible economist. You need capital for long run growth. We should have a tax system treats all income equally. No longer tax income saved and invested. You want neutrality in getting rid of all the loophol
Be militarily defeated without being treated in the homebase and so this fight eventually has to go over the iraqi border not odd. [inaudible] you dont really expect to defeat them . But there are ground forces. [inaudible] we have are the spoken about playing the role and im not suggesting that we have an optimally configured ground force in the region but im equally clear that injecting western boots on the ground would not be the solution. That would not deliver the solution. Try as they may leave lead us on to this. Thank you, mr. Chairman on this point. This analysis is being done with whatever you hope to achieve with airstrikes. And of course we are talking about this in recent years and so what are your plans for this situation . It also remains to be seen as far as a political transition in the regime to a government which has legitimately. [inaudible] at the outcome that we see is not going to be it easy to deliver and we recognize that. In the meantime it is easy to challeng
Of these tax changes. So no net cost to the government over time. And you have peoples income up about 10 and additional jobs so more people are working. Now that is close to a free lunch as you can get. And thats the damage done by the current tax system. All the neutral tax systems are a means of getting the three layers of tax. Some are collected at business level. Some collected only at retail. Now my favorite, the personal expenditure tax is put down your income subtract your savings pay tax and whats left . That way each year you sit down and fill out a form and you say, they took what . And then you dont vote for them again. Where laz the retail sales tax might be nickelled and dimed and you may not save all your sales receipts and realize what has happened to you. But there are conveniences of doing it one way or the other. We have to take a look at those. These are all efforts to get away from the horrible horrible effects of the income tax and moving to a more sensible neutra
Prosperity. And you heard alvin just say over and over again, consumption based tax. My job on the panel is to try to explain why thats important. Its important because the current tax system treats income that you sai and invest much much worse than the income you can consume. Think about it in this very simple fashion. You make some money. You pay tax on that money. Whats left . Disposable income. Aftertax income. You have two choices of what to do tw the aftertax income. You can consume it right away, or you can consume it in the future. Whats consuming in the future . Its saving and investing. Now, lets think about how the federal tax system theets though two choices. If you consume your aftertax income right away, the federal government, by and large leaves you alone. Yeah we have a federal excise tax on gasoline. We have a federal excise tax on bows and arkansas rowrows, but theres really no federal tax on your income. What happens if you save and invest your income instead . Bet
Specifically blamed mcconnell for his push not being successful. The truth is if the majority leader hadnt opposed us we could have insisted that iran recognizes israels right to exist and released its hostages before any sanctions are lifted. He told reporters. More now on whats in store for the senate from a capitol hill reporter. Good morning to you. Good morning. Explain this criticism and where it came from . Has this been long simmering between senator ted cruz and the Majority Leader Mitch Mcconnell . Yes, to answer you briefly. Cruz is running a campaign that is essentially running against republicans in washington and trying to showcase himself as the conservative leading the charge against what he considers the washington cartel. They have been fighting over strategy ranging over the budget conference in 2013. The Government Shutdown in 2014. There was a fight over immigration at the end of last year. We have numerous tactical battles. This is the latest example of that. They