Correction, Please!
Want a Lift? Stop Hindering Business With High Taxation
Item: The proposed tax overhaul, in terms of changing the amount of U.S. corporate taxation, was criticized in a Washington Post column (“Wonkblog”) for September 28, which argued that there are not enough previous applicable time frames to make good comparisons. There has not been a major overhaul for corporate rates in the United States since 1986, said the Post writer. But, said columnist Heather Long, “other countries” have made such changes. And the conclusions of economists about the results “are all over the place.”
“‘There’s just not any evidence that there’s a huge effect on wages or economic growth’ if you cut business taxes, says Len Burman, co-founder of the Tax Policy Center, a think tank, and a former Treasury official under President Bill Clinton. ‘It’s irresponsible to overhype the claims.’”
Item: Reuters reported on October 5 that “Democrats have assailed it [the tax reform plan] as benefiting the wealthiest Americans while raising taxes on the middle class and cutting spending on social programs, including the Medicare and Medicaid healthcare programs for senior citizens, the poor and the disabled…. The Trump tax plan would add about $2.4 trillion to the deficit over the next decade, said the nonpartisan Tax Policy Center, a Washington think tank, at a time when the national debt already exceeds $20 trillion.”
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