Politicians same as pro wrestlers
Watching politicians debate taxes is as entertaining as Worldwide Wrestling. Divisive rhetoric hides the truth.
Either party could embrace the current tax reform bill if they were the ones in power.
Here’s what’s proposed. The standard deduction for income taxes will be nearly doubled — a boon for lower income filers, something a Democrat would normally embrace.
The Republican House bill also raises income taxes on some of the “filthy rich,” another thing a Democrat should love but not a single House Democrat voted for.
This is also not a massive tax cut as some Republicans claim. There are tax cuts for some, and deduction losses for others.
The overall reduction in taxes from this proposal is only 2 to 3 percent — no massive tax cut.
So rhetoric aside, this is a bill most Democrats should embrace.
But is this reform a good idea?
Well, up to $2 trillion coming home from overseas is good. Because our corporate tax rate of 39.2 percent (with state taxes added) is more than 10 percent higher than the worldwide average, the number of U.S. jobs at major multinational corporations from 2000 to 2009 shrank by 2.9 million while 2.4 million jobs were created abroad.
Because the proposed tax reform lowers the U.S. corporate tax rate to 20 percent, we will no longer be at a competitive disadvantage and jobs will come home to the USA.
In less divisive times the current tax reform bill would have been passed overwhelmingly by both Democrats and Republicans but today’s politicians must always engage in divisive rhetoric like a thriller on Worldwide Wrestling. Too bad.