Mnuchin vows ‘biggest tax cut’ in US history, confirms plan to slash corporate rate
As we’ve said many times, practically any tax cut is a good tax cut. More money should stay within the private sector where it’s most productive and can do the most collective good.
People (or companies) can- save, which lowers capital costs. They can invest, which creates jobs and capital (potentially). They can spend, which encourages jobs and economic activity generally. Or people (and companies) can pay taxes, which we all must, but which take vitality OUT of the overall economy.
Of course tax cuts should also include spending cuts, and the current proposal looks light on that which is a big problem. A $20 trillion debt is a serious thing.
But the corporate rate in this country is completely unreasonable. Yes, the effective rate is often lower than the official rate for companies year to year, but the official rate, which at the top is the 3rd highest in the world (35%) is not business friendly. It’s not economy friendly. It’s not jobs friendly.
And just an aside – tax cuts don’t “cost” anything. Cutting taxes just means people get to keep their own money.
(From FOX News)
“This is going to be the biggest tax cut and the largest tax reform in the history of our country,” Mnuchin said, as administration officials prepare to outline Wednesday afternoon what he described as “principles” of their tax plan.
Mnuchin, speaking at a Washington forum hosted by The Hill, would not reveal many specifics but confirmed that they want to lower the corporate rate to 15 percent, from 35 percent.
“I will confirm that the business tax is going to be 15 percent,” he said. “[Trump] thinks that’s absolutely critical to drive growth.”
http://www.againstcronycapitalism.org/
Source: http://www.againstcronycapitalism.org/2017/04/mnuchin-vows-biggest-tax-cut-in-us-history-confirms-plan-to-slash-corporate-rate/
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