Agree with everything said. I argue with my fellow conservative friends daily that taxes aren’t actually higher currently.

But,

You can’t discount the “pending” legislation that Frum basically glosses over. These pending taxes and regulatory changes are by no means small, and I believe it’s a reason that so many corporations are collecting cash and being cautious. That’s why I argued that even if you fully believed in “Obamacare” 100%, it was the wrong time to pass it.

I read trades and listen to investor conference calls routinely, and every CEO echoes the same sentiment- there is too much future uncertainty to get bullish on investments and capital allocations.