So we have some of the highest corporate taxes in the world.
As a result, most corporations who can do it have fled the country or moved assests overseas.
Estimates are of trillions of dollars parked overseas because of our stupid corporate tax policy.
So, we change that, tens of millions of people benefit in this country, including nearly all who have retirement funds or any other investment in the market.
But you say this is a tax on the middle class?
Who do you think owns those corporations? Most are owned by the middle class, through retirement funds and 401Ks and the like.
But bargaining for a permanent tax increase in the hopes that the stock prices go higher ad infinitum is a fools wager.
The Moment Gary Cohn Realized His Entire Economic Policy Is A Disaster
An eventual consequence of taking the generous SALT deductions from the Blue states will be that BS citizens will be screaming bloody murder for tax relief from their state. The Dems wont give it but new tax cutters will look much more attractive. This may give conservatives a chance in many areas. Wont happen overnight but their will be an effect. Migrations will pick up too with other consequences.
Good points!
First it was corporations leaving high tax states for lower tax states, then leaving the country altogether.
Furthermore, who works for these corporations?
Us!
Who has money invested in 401K and equities pegged to the
success of these corporations?
Guess who!
So who needs corporations to be profitable
and incented to expand and hire?
You tell me!
Agree with your post. Not happy All that much, but as a pragmatist , I’ll take what I can get. And I just lost my abilility to write off my high California taxes on my fed returns. Whatever. That’s my state’s fault, not the feds. I’ll take this. It is worth the corporate income tax relief, which will funnel down to all of us.