Pelosi Congress – “most irresponsible ever”

Geoffrey Lawrence

Cato’s Richard Rahn has a great piece in the Washington Times today regarding federal tax policy and the debate over extending the Bush-era tax cuts.

Specifically, Rahn cites the historical evidence suggesting income and capital gains tax rates above 30 percent begin to generate fewer revenues – not more – because of the disincentive to work created by punitive tax rates. Allowing the Bush tax cuts to expire for the most productive workers – those who pay the bulk of federal taxes – would not increase federal revenues because, when combined with state income taxes, marginal tax rates would be pushed above 50 percent. However, such a change would lead to a less prosperous and less just society.

Rahn goes on to say “the Pelosi Congress has been the most irresponsible – ever,” because of its failure to pass a budget prior to the lame duck session and its failure to act on the Bush tax cuts even though it has had two years to do so. Now, there may not be a vote before the tax cuts even expire, and this uncertainty only exacerbates joblessness as entreprenuers, facing an uncertain cost structure, become reluctant to hire.

Geoffrey Lawrence

Geoffrey Lawrence

Director of Research

Geoffrey Lawrence is director of research at Nevada Policy.

Lawrence has broad experience as a financial executive in the public and private sectors and as a think tank analyst. Lawrence has been Chief Financial Officer of several growth-stage and publicly traded manufacturing companies and managed all financial reporting, internal control, and external compliance efforts with regulatory agencies including the U.S. Securities and Exchange Commission.  Lawrence has also served as the senior appointee to the Nevada State Controller’s Office, where he oversaw the state’s external financial reporting, covering nearly $10 billion in annual transactions. During each year of Lawrence’s tenure, the state received the Certificate of Achievement for Excellence in Financial Reporting Award from the Government Finance Officers’ Association.

From 2008 to 2014, Lawrence was director of research and legislative affairs at Nevada Policy and helped the institute develop its platform of ideas to advance and defend a free society.  Lawrence has also written for the Cato Institute and the Heritage Foundation, with particular expertise in state budgets and labor economics.  He was delighted at the opportunity to return to Nevada Policy in 2022 while concurrently serving as research director at the Reason Foundation.

Lawrence holds an M.A. in international economics from American University in Washington, D.C., an M.S. and a B.S. in accounting from Western Governors University, and a B.A. in international relations from the University of North Carolina at Pembroke.  He lives in Las Vegas with his beautiful wife, Jenna, and their two kids, Carson Hayek and Sage Aynne.