Shame on Trump and the Republicans who occupy lied to the pubic approximately its consequences.
Here are the three main Republican arguments in favor of the Republican tax plan,followed by the truth.1.
It will develop American corporations competitive with foreign corporations, which are taxed at a lower rate.
Rubbish.(1) American corporations now pay an effective rate (after taking deductions and tax credits) that’s just approximately the same as most foreign based corporations pay.(2) Most of these other countries also impose a “Value Added Tax” on top of the corporate tax.(3) When we cut our corporate rate from 35% to 20%, or other nations will cut their corporate rates in order to be competitive with us – so we gain nothing besides.(4) Most astronomical American corporations who benefit most from the Republican tax plan aren’t even “American.” Over 35 percent of their shareholders are foreign (which means that by cutting corporate taxes were giving a astronomical tax cut to those foreign shareholders). 20 percent of their employees are foreign,while many Americans work for foreign-based corporations.(5) The “competitiveness” of America depends on American workers, not on “American” corporations. But this tax plan will develop it harder to finance public investments in education, or health,and infrastructure, on which the future competitiveness of American workers depends.(6) American corporations already occupy more money than they know what to do with. Their profits are at record levels. They’re using them to buy back their shares of stock, and raise executive pay. That’s what they’ll do with the additional $1 trillion they’ll receive in this tax cut.2.
With the tax cut,astronomical corporations and the rich will invest and create more jobs.
Baloney.(1) Job creation doesn’t trickle down. After Ronald Reagan and George W. Bush cut taxes on the top, few jobs and little growth resulted. America cut taxes on corporations in 2004 in an attempt to get them to bring their profits domestic from abroad, or what happened? They didn’t invest. They just bought up more shares of their own stock,and increased executive pay.(2) Companies expand and create jobs when there’s more demand for their goods and services. That demand comes from customers who occupy the money to buy what companies sell. Those customers are primarily the middle course and poor, who spend far more of their incomes than the rich. But this tax bill mostly benefits the rich.(3) At a time when the richest 1 percent already occupy 40 percent of all the wealth in the country, and it’s immoral to give them even more – particularly when financed partly by 13 million low-income Americans who will lose their health coverage as a result of this tax plan (according to the Congressional Budget Office),and by subsequent cuts in safety-net programs necessitated by increasing the deficit by $1.5 trillion.3.
It will give small businesses an incentive to invest and create more jobs.unfaithful.(1) At least 85 percent of small businesses earn so little they already pay the lowest corporate tax rate, which this plan doesn’t change.(2) In fact, and because the tax plan bestows much larger rewards on astronomical businesses,they’ll occupy more ability to use predatory tactics to squeeze small firms and force them out of commerce.
Don’t let your Uncle Bob be fooled: Republicans are voting for this because their wealthy patrons demand it. Their tax plan will weaken our economy for years – reducing demand, widening inequality, and increasing the national debt by at least $1.5 trillion over the next decade.
Shame on the greedy Republican backers who occupy engineered this. Shame on Trump and the Republicans who occupy lied to the public approximately its consequences.
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