Tuesday summary: The WSJ on cap gains tax rates; Kudlow on tax increases; Fine on dollar confidence and Bernanke.

The WSJ highlights the positive revenue effects of cutting the capital gains tax.

In The WSJ, Amity Shlaes cites FDR and Coolidge to argue tax policy should focus on competition not fairness.

On The Kudlow Report, Larry opposes raising tax rates:



On RCM, financier Eric Fine argues Ben Bernanke reduces confidence in the dollar by dismissing the gold standard.

From Alhambra Partners, Joseph Calhoun fears economic weakness will spur QE3.

In The Washington Times, Richard Rahn complains about the byzantine tax code.

From ISI, George Gilder debates technology and the prospects for growth:



In The NYT, Bruce Bartlett suggests eliminating income taxes for the lower 75% of earners and replacing the revenue with a 12.5% VAT.

Wednesday summary: The WSJ & Mitchell defend Ryan's budget; Benko on Hubbard; Forbes on the dollar.

The WSJ defends US Rep. Paul Ryan’s (WI) budget plan from the President’s strong attack.

On PBS, Dan Mitchell debates Ryan’s budget but focuses on spending restraint rather than economic growth:



At TGSN, Ralph Benko highlights the sound money writing of Romney advisor Glenn Hubbard.

On GoldSeek, Scott Silva contrasts President Reagan’s economic record with President Obama’s.

In The Boston Globe, Jeff Jacoby criticizes the US tax code.

The Economist reports on Somalia’s bizarre currency situation.

In The Star-Ledger (NJ), Alan Reynolds suggests the federal minimum wage has damaged low skill workers.

From Bloomberg, Steve Forbes discusses the weak dollar’s impact on the economy:



The Chicago Tribune reports failure to pass Mississippi’s tough immigration reform.

American Rhetoric presents Calvin Coolidge’s inaugural speech (h/t: Amity Shlaes).

Wednesday items: Newt proposes gold commission; Domitrovic on Romney at Bain; Jenkins on the financial meltdown.

Big news: The Weekly Standard reports Newt Gingrich advocates a gold commission:



The WSJ argues Mitt Romney should use news of his 15% tax rate to argue for fundamental tax reform.

At Forbes, Brian Domitrovic explains the economic context of Romney’s work at Bain Capital.

On The Kudlow Report, James Pethokoukis discusses Gingrich’s rise in the polls:



At RCM, John Tamny suggests Ben Bernanke was right in 2006 for wanting the Federal Reserve to let the mortgage market unwind.

In The WSJ, Holman Jenkins examines the causes of the 2008-09 financial meltdown, but omits Robert Mundell’s claim that the rapid 30% dollar appreciation in summer 2008 was the central factor.

On The Daily Beast, David Frum defends the 15% capital gains rate.

Futureofcapitalism rebuts The NYT on the capital gains tax rate.

On The Mike Rosen Show, Cato’s Alan Reynolds critiques Ronald McKinnon’s call for a wealth tax.



At IBD, Walter Williams notes the inequality of wealth creation as opposed to income.

From Fox News, David Pietrusza cites Calvin Coolidge on marginal tax rates:

If we had a tax whereby on the first working day the Government took 5 per cent of your wages, on the second day 10 per cent, on the third day 20 per cent, on the fourth day 30 per cent, on the fifth day 50 per cent, and on the sixth day 60 per cent, how many of you would continue to work on the last two days of the week?

From Alhambra Partner, Joe Calhoun worries at bullish sentiments.

At TGSN, Ralph Benko argues mismanagement of the gold standard led to the Great Depression.

On NRO, Jim Manzi considers how to cut marginal tax rates on the poor.

In The WSJ, actor Rick Moranis satirizes modern economic theories.

Monday items: Bell on gold; Tamny on the euro; Moore on Gingrich.

From Roll Call, Jeff Bell argues the gold standard will lead to political success for candidates that advocate it.

The NY Sun suggests US Rep. Ron Paul (TX) has important points to make on monetary policy and foreign policy.

At Forbes, John Tamny explains that even if Greece left the eurozone, its debt would still be in euros.

On The WSJ, Stephen Moore discusses proposals to increase internet taxes:

 

From The WSJ, Moore notes Newt Gingrich’s rise.

The WSJ reports a huge drop in US visa applicants.

At International Liberty, Dan Mitchell responds to Alan Blinder’s flat tax criticism.

In The WSJ, Mary O’Grady notes international advice for Costa Rica to raise taxes:

Since January, the government of President Laura Chinchilla of the National Liberation Party (PLN) has been pushing a package of sharp tax increases to fund a spike in government spending.

The IDB [Inter-American Development Bank] seems to approve. A statement released from its country representative on Friday said that the bank "does not advocate a specific tax burden or tax policy." But IDB tax expert Alberto Barreix has twice visited the country this year to endorse the Chinchilla plan, calling it "a heck of a tax reform." He has also said that Costa Rica needs a tax burden similar to Argentina's.

At The American, James Pethokoukis features two depressing charts on unemployment.

From the archives, GI Joe presents a relevant tale of monetary destruction with gold as a replacement:

 

On Slate, David Greenberg explores the Republican obsession with Calvin Coolidge.

Thursday items: The WSJ reports the dollar's rise; Woodhill on the auto industry; Pento sees gold emerging as the world reserve asset.

The WSJ reports the dollar is beginning to rise.

At Forbes, Louis Woodhill explains how regulation and dollar volatility has hurt US automakers.

In The WSJ, Sen. Rob Portman (OH) advocates dollar-for-dollar deficit reduction for every debt ceiling increase. 

On The Kudlow Report, David Malpass discusses Italy’s possible default and its effect on world markets:




At Forbes, Bill Frezza discusses the end of Bretton Woods with George Shultz.

From the archive, Jude Wanniski explains why Nixon left gold.

On Forbes, Michael Pento suggests the current crisis calls for a return to gold as the international reserve currency.

In The WSJ, Charles C. Johnson notes President Coolidge beat recession with tax and spending cuts.

But "nothing" seemed to work. With the tax cuts in place, luxuries of the rich quickly became middle-class, as affordable cars and radios rolled off the assembly line. Industrial titans (and Coolidge-backers) like Harvey Firestone and Henry Ford made unheard-of fortunes. Real annual per-capita income rose 37%, to $716 from $522.

The "Coolidge prosperity," denounced as ephemeral after the 1929 crash, was real for those who experienced it. Coolidge knew this well, telling reporters that "If you can base the economic conditions of the people on their appearance, the way they are dressed, [and] the general appearance of prosperity, I should say it was very good . . . I noticed most of the ladies had on silk dresses and I thought I saw a rather general display of silk stockings."

On RCM, John Tamny reviews Bryan Caplan’s Selfish Reasons to Have More Kids.

In IBD, Mark McKinnon reports the President’s allies hope to spur a third party challenge from Ron Paul in order to split anti-Obama votes.

At The Atlantic, Keynesian Jared Bernstein blames supply-side economics and laissez-faire policies for recent economic troubles but omits the dollar from his analysis.

Weekend round up.

In a must-read WSJ piece, Judy Shelton interviews supply-side founder Robert Mundell. The Atlas Sound Money Project features the full text:

“Are you thinking,” I venture, “that maybe it’s time to start figuring out the design for a new international monetary order? Should the U.S. offer new proposals regarding exchange rates and monetary policy?”

Mr. Mundell, who is Canadian, looks troubled. “I don’t think the U.S. has any ideas, they don’t have strong leadership on the international economic side,” he replies. “There hasn’t been anyone in the administration for a long time who really knows much about the international monetary system.”…

“The U.S. berates China for its exchange rate policy, which Washington doesn’t like,” Mr. Mundell says, noting that discriminatory tariffs against China might not be legal under the treaty provisions of the World Trade Organization. “But one-sided pressure on China to change its exchange rate is misplaced.”

Shaking his head, Mr. Mundell asserts: “The issue should not be treated as a bilateral dispute between the U.S. and China. It’s a multilateral issue because the U.S. deficit itself is a multilateral issue that is connected with the international role of the dollar.”

He goes on to explain that the dollar bloc includes China and other Asian countries—except Japan—but that the euro now constitutes the rest of the world.

“The euro today is the counter-dollar,” he says. “The most important initiative you could take to improve the world economy would be to stabilize the dollar-euro rate.”

The WSJ editorializes on Fed Chairman Bernanke’s lack of attention to the falling dollar.

We were more struck by what Mr. Bernanke didn't say. In a nearly 4,000-word speech about inflation, the Fed chief never once mentioned the value of the dollar. He never mentioned exchange rates, despite the turmoil in world currency markets as the dollar has fallen in anticipation of further Fed easing. He never mentioned rising commodity prices or soaring gold, and his only reference to the recent increase in the price of oil was by way of dismissing it in the context of overall low inflation.

On Fox, Steve Forbes suggests the mortgage market has been nationalized:



At Bloomberg TV, David Malpass calls the U.S. a currency manipulator and says the current administration is following GW Bush’s weak dollar policy. Interestingly, he suggests the weak dollar since 2004 has driven investment capital overseas, contributing to a rising trade deficit, the opposite of the mainstream view. He also predicts the Bush tax cuts will not be extended.

Seeking Alpha summarizes a recent presentation on the economy by Dr. Victor Canto.

On CNN, Stephen Moore debates economic policy:



Foreign Policy analyzes the power struggle among China’s rulers.

Cato’s Dan Mitchell suggests Calvin Coolidge was the best President of the last 100 years.