So President Trump reveals his big tax plan. Like his other big plan, it is long on bluster and short on details. In the end, it seems he is sticking to the failed Republican don’t-tax-the-rich plan first foisted on us by Ronald Reagan. It has been repeatedly shown that “trickle-down economics” is so much stinky voodoo.
It may be repeatedly shown that the periods when America was most prosperous (for everyone) coincided with periods of high taxation. Cutting corporate taxes never results in job creation or lower prices, just as raising the minimum wage has never cost an existing job. George W. Bush famously cut taxes on corporations; Result? Companies left anyway, going “offshore” and taking their jobs with them.
Cutting corporate taxes doesn’t work because two-thirds of corporations already pay no business taxes. Some of the largest corporations not only pay no tax, they get money back! The so-called “death tax” has never caused a family farm or business to fail.
There are just 400 fortunes in the entire country that are impacted, and many of them have no problem spending millions on lobbying and rigging elections because they’re worth billions.
Daniel Lea, Fresno