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b"Everybody Joins the Party
\\nAll 3 of the major U.S stock indexes closed out the week at new record highs as it became apparent that the new tax cut deal was pretty much done. Marco Rubio, who had been a hold-out, caved and even Corker, the one Republican who was going to vote against the bill becase it was going to increase the deficit, decided to join the party as well.\\xa0 He's now a yes, so the bill is going to pass.
\\nPlan Riddled with Loopholes
\\nWe didn't get the compromise details until later Friday afternoon so I am recording this podcast Saturday morning.\\xa0 The new top rate: 37%, bottom rate: 10%.\\xa0 But of course, that 37% rate is probably not going to be paid by nearly as many people as the government thinks, because this plan is riddled with loopholes.\\xa0 In fact, I believe, if this plan passes, we will have a tax code that is more game-able where more people are doing more things to rig the system or exploit the loopholes\\xa0 - not that there's anything wrong with\\xa0 that - that's every American is going to do. No American is under obligation to pay more taxes than what is owed. And to the extent that you can re-arrange your affairs, such that you pay the lowest possible tax, that's what everybody is going to do.
\\nReduced Deficit Projections is Nonsense
\\nAnd that is why the Republican projections that this is going to add just $1.5 trillion to the deficit over next 10 years are a bunch of nonsense.\\xa0 I'm sure that it will add more than twice as much over the next 10 years above how much the deficit is going to grow anyway during those 10 years.\\xa0 Now, the Republicans try to claim that even though on paper this bill will add $1.5 trillion to the deficit, it won't really be that big, because these tax cuts are going to create all this extra economic growth, which will result in additional tax revenue.\\xa0 So if you factor in that additional revenue, some kind of dynamic scoring, then the impact will not be as large. That is all a bunch of nonsense.
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