Monday, November 20, 2017 6:34:51 AM
Why a Republican owner of a booming business says he wants a tax cut (and what it says about the GOP’s biggest goal)
"Corporate tax: the great incidence hoax"
Douglass Henry’s factory in Lebanon, Pa., is about a mile from the historic downtown, just past
a “help wanted” sign at a KFC and a “welder needed” sign outside a state office.
(Mark Makela/for The Washington Post)
By Todd C. Frankel November 19 at 7:27 PM
[...]
Republican lawmakers argue that U.S. companies need encouragement to spend more and generate additional economic growth. But business has been good across America, where corporate profits sit near record highs and unemployment near record lows. And although GOP lawmakers say they are focused on delivering benefits to the middle class, Congress’s official scorekeeper says the bulk of the benefits of the proposed legislation flow to the wealthy and to corporations.
The bill features “a very top-heavy distribution,” said Edward Kleinbard, a former chief of staff for Congress’s nonpartisan Joint Committee on Taxation and now a law professor at the University of Southern California. The markets “are awash in capital today, and there’s not a sign of needing more investment.”
But for the GOP, the success of the effort to overhaul the tax code has become nearly synonymous with the question of whether Republicans can accomplish anything substantial during a rare moment of unified control of the federal government. The party is acutely aware that an inability to deliver would upset the business interests that have long been a key part of the Republican base.
https://www.washingtonpost.com/business/economy/now-is-the-opportunity-business-is-good-but-owners-of-firms-say-a-tax-cut-could-make-it-better/2017/11/19/13a0a2ee-cade-11e7-aa96-54417592cf72_story.html?utm_term=.44ed1bf35090
See also:
THE HOUSE TAX BILL UNLEASHES A DANGEROUS AVALANCHE OF CAMPAIGN CASH
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=136309351
"Corporate tax: the great incidence hoax"
Douglass Henry’s factory in Lebanon, Pa., is about a mile from the historic downtown, just past
a “help wanted” sign at a KFC and a “welder needed” sign outside a state office.
(Mark Makela/for The Washington Post)
By Todd C. Frankel November 19 at 7:27 PM
[...]
Republican lawmakers argue that U.S. companies need encouragement to spend more and generate additional economic growth. But business has been good across America, where corporate profits sit near record highs and unemployment near record lows. And although GOP lawmakers say they are focused on delivering benefits to the middle class, Congress’s official scorekeeper says the bulk of the benefits of the proposed legislation flow to the wealthy and to corporations.
The bill features “a very top-heavy distribution,” said Edward Kleinbard, a former chief of staff for Congress’s nonpartisan Joint Committee on Taxation and now a law professor at the University of Southern California. The markets “are awash in capital today, and there’s not a sign of needing more investment.”
But for the GOP, the success of the effort to overhaul the tax code has become nearly synonymous with the question of whether Republicans can accomplish anything substantial during a rare moment of unified control of the federal government. The party is acutely aware that an inability to deliver would upset the business interests that have long been a key part of the Republican base.
https://www.washingtonpost.com/business/economy/now-is-the-opportunity-business-is-good-but-owners-of-firms-say-a-tax-cut-could-make-it-better/2017/11/19/13a0a2ee-cade-11e7-aa96-54417592cf72_story.html?utm_term=.44ed1bf35090
See also:
THE HOUSE TAX BILL UNLEASHES A DANGEROUS AVALANCHE OF CAMPAIGN CASH
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=136309351
It was Plato who said, “He, O men, is the wisest, who like Socrates, knows that his wisdom is in truth worth nothing”
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
