"Yesterday the Republican controlled U.S. Senate passed a gigantic tax bill. The House will today agree to it and Trump will sign it as soon as possible.
The bill lowers the corporate tax rate from 35% to 21%. It lowers the top tax bracket from 39.6% to 37%. It will burden at least half of the poor people. It is wholesale looting:
When fully-phased in, the bill will give 83 percent of its benefits to the top 1 percent. Incredibly, it raises taxes on half of working families.
Republicans always argue along the fraudulent theory of supply side economics. They claim that higher income for companies will allow them to invest more and to thereby increase economic activity. It is a stupid argument. There is no empirical data to support it and no real social scientist takes it seriously. Most companies do not lack money. They can also borrow at record low rates. No company holds back on investing if there is additional profitable demand for its products. Without additional demand there is simply no justification for any additional investment."
For more of this article click the link (below). Moon of Alabama is one of my favorite authors and he covers lots of interesting topics.
http://www.moonofalabama.org/2017/12/republican-tax-bill-is-a-prelude-to-higher-taxes.html#comments