Heard on the Street Recap: Wild Quarter
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Wall Street Journal
17 minutes ago
- Wall Street Journal
The Great Budget Baseline Con
The Senate on Monday began its 'vote-a-rama' on amendments to the tax bill, and it was scheduled to go deep in the night. But before we see the final product, it's worth rehearsing one more time one of the greatest distortions of this budget debate—to wit, that the Senate bill is a fiscal blowout because it will increase the federal deficit by $3.3 trillion over 10 years. That's the official Congressional Budget Office 'score' of the bill, but it's only true if you assume that Congress was going to tolerate a $4.5 trillion tax increase. That would be the result if the 2017 tax reform expired at the end of this year, as most of the individual tax provisions are scheduled to do. Congress was never going to allow that. Even Democrats support extending most of the 2017 individual cuts except the lower 37% top marginal rate. Senate Republicans correctly argue that the bill's cost should be measured against a more realistic baseline, which assumes that existing tax rates and policy continue. In any rational world, changes in the law would be scored against current policy. But in Washington they are scored against CBO's current-law 'baseline,' which assumes that the 2017 tax cuts will expire. Voila, $3.3 trillion in new deficits over 10 years.
Bloomberg
18 minutes ago
- Bloomberg
How Millennials Can Handle a Midlife Crisis
Opinion As millennials approach middle age, this 1970s bestseller may be the book they need, explains Bloomberg Opinion columnist Stephen Mihm. (Source: Bloomberg)
Bloomberg
18 minutes ago
- Bloomberg
Constellation Earnings Falter on Softer Demand for Wine, Spirits
Constellation Brands Inc. profit trailed expectations in the first quarter due to weaker consumer demand for alcoholic beverages and higher costs from aluminum tariffs. Earnings excluding some items were $3.22 a share in the period, missing the average analyst estimate by 10 cents. The company's beer margins were hit by President Donald Trump's 25% tariff on imported aluminum cans — a key packaging material for its Mexican-made beers such as Modelo and Corona.
