Larry Lindsey’s Folly

by Karl Denninger

So Larry Lindsey, former FOMC member and a man with a long pedigree in Washington economic policy, is out with his “grades” on the various candidate’s tax policies — and he likes Cruz’s.

With one problem — he doesn’t like Cruz’s rates, and says he needs to “tweak” them. Oh, and not downward either, up, in the case of the individual rates Cruz is talking about, by a full 50%.

Now of course Cruz will probably tout the “high grade.” He won’t mention the qualifier; that to obtain the revenue Cruz claims he’d have to increase the individual tax rate by 50%, which means for those who are currently under the 15% threshold (and that’s a lot of people) their taxes would go up by half instead of down!

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