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October 12th, 2012
08:42 PM ET
Biden hits Ryan over tax cut comparison: "Oh, now you're Jack Kennedy?"
At last night's vice presidential debate, Paul Ryan used John F. Kennedy's lowered tax rates as an example of how to increase growth. When his opponent vice president Joe Biden said it wasn't mathematically possible, Ryan fired back.
Biden to Ryan: You're Jack Kennedy now?
"It is mathematically possible. It's been done before." Ryan continued after a spirited back and forth, " Jack Kennedy lowered tax rates, increased growth."
OutFront tonight: Fmr. McCain Economic Advisor Doug Holtz-Eakin and Chief Economist for Moody's Analytics Mark Zandi.
To address Mr. Holtz-Eakin's concerns re: the tax liability of businesses, I heard there's an IRS code that says "Basis plus 50% of appreciation can be deducted if inventory or scientific property is contributed which is used by charity in intended purpose." Basically means that if an IT company donates computers to a school, or say a pharma co. donates scientific equipment to a science department, they can help incentivize STEM education + reduce their tax liability significantly at the same time. Even if a manufacturing co. would want to donate office furniture to a 501(c)3, I think that would still work.