Would like to see Would not like to see tax cut
end tax cut
How many times have you heard a tax cut
described as a "subsidy?"
He tells us that on his first day in office -- after approving the Keystone XL pipeline -- he will introduce tax cuts
"that reward job creators not punish them." The one idea that is almost certain not to jump-start this economy is a tax cut
Conservatives obfuscate such facts by saying that their tax cut
proposal would help small businesses.
Now that the president has struck a deal to extend all of the tax cuts
, in addition to an extension of unemployment benefits and an expanded payroll tax cut
for the middle class, Mr.
The tax cut
packages of 2001 and 2003 -- heavily skewed to high earners -- cut taxes by $1.65 trillion.
Eventually, 58 senators--including 12 Democrats, one being Blanche Lincoln--voted in favor of the 2001 tax cut
. (And two Republicans, including John McCain, voted against it.) The Jobs & Growth Tax Relief Reconciliation Act of 2003, which was similarly passed using the reconciliation process, accelerated the original tax cuts
, but also put in place new tax cuts
for dividends and capital gains.
The result that spending does not fall following a tax cut
raises an obvious question: how then does the government budget adjust in response to the cut?
Of course, we all knew Trump's tax cut
was really about slashing business taxes and easing taxes for high income individuals.
Also, if one doesn't pay federal taxes, why should he be happy about a tax cut
? In fact, those with no skin in the game might see tax cuts
as a threat to their handout programs.
President Trump touts the Republican tax cut
as a great deal for everyone but himself and his wealthy friends.