Perspective: Tax reform same old political game

To get a better take on the matter of the Republican tax reform proposal, I watched CSPAN coverage of the financial committee instead of the usual Sunday football games.

Personally, I lean towards conservative thinking when it comes to fiscal responsibility. I don’t like our government spending money it doesn’t have.

We, the middle class, have to borrow and pay back with tremendous interests rates (approximately $300 billion a year) just so the very wealthy can get a tax break. In a booming economy, like we have had for the last eight years, it is absolutely unnecessary to borrow more money to stimulate the economy which doesn’t need stimulating.

Little doubt that we are being misled, or more charitably, lied to. Why are these so-called conservatives in Congress supporting a proposed tax cut for the wealthy that will reincorporate trickle-down economics by increasing the deficit? They talk about a tax break for the middle class, (oh, ever so slight) and they are lying.

In a booming economy, like we have had for the last eight years, they can reduce the national debt but won’t do it if Congress lowers the corporate rate from 35% to 20%. It’s our country’s only chance to really do something good for the economy and the country. It’s the Republican Party’s chance to do good.

Will the Republicans do the right thing or will they borrow more money then blame the Democrats in a few years for messing up the U.S. economy. Same old political game folks.

They say it is necessary because the US has the highest corporate tax in the world and that we are non-competitive. What they say is very misleading. Yes, the actual corporate tax rate is 35% but what they don’t tell you is that effectively the rate only is 18.6% due to the many varied deductions and write-offs in our current corporate tax code, which makes our country very competitive in the world.

This proposal is nothing more than a trillion dollar tax break for the super wealthy, who own 95% of the corporate wealth in the U.S.

Congress says they make up these tax cuts by borrowing more from the national debt. They will increase the public debt to cover this tax decrease for the wealthy by 1.7 trillion dollars.

All Americans (mostly the middle class) will have to pay it back… plus interest. Just the interest alone is currently costing US taxpayers approximately $300 billion a year.

Those that vote for this farce are supporting the very wealthy and doing a disservice to our country at the expense of all Americans.

I urge all Americans to not to pay attention to the 30 second sound bites of lying politicians who stand to gain political favors from the super-rich, but to really pay attention from various sources to learn the truth.

The proponents say that will make our economy stronger and create more jobs. They tried this before under the W. Bush administration which lead to a near economic collapse. How? We can’t even fill the jobs have now at 4% unemployment and Trump even wants to cut legal immigration in half.

The tax cuts as proposed would add billions to the wealth of the Koch brothers Corporation and even add a billion dollars to the Trump Company for Donald Trump Jr. to enjoy.

Don’t let them feed you any more lies my friends. We must hold our federal representatives accountable.

Dan Barrett
Jasper

12 Responses to Perspective: Tax reform same old political game

  1. Conservative Millennial November 21, 2017 at 10:01 am #

    To say that mostly the middle class will pay back the debt is completely false. You are the one lying now. Anyone who is competent and honest with themselves knows that the wealthy pay the lion’s share of the tax burden. I’m not wealthy, almost exactly in the middle of middle class, and I’m getting a pretty decent tax cut. I have no complaints.

    You sound like a politician, throwing in a few lies in order to get your overall point across. Your overall message about failed Reaganomics may be true but you lose credibility by using lies and exaggerations as your support.

  2. Silent Majority November 21, 2017 at 11:45 am #

    Mr. Barrett, it would seem that you write a “Letter to the Editor” quite often. Do you have too much time on your hands? Maybe you should find a hobby?

    • Just a Millenial November 22, 2017 at 1:31 pm #

      I have thought this every time I come to this section to read. This is a total assumption, but it seems to be the only place that’s willing to publish his posts; no one else seems to want to hear his weekly one-sided tirades.

  3. Daryl Hensley November 21, 2017 at 12:58 pm #

    As I have told you before Dan, more than $250B in annual tax revenue has fled the United States for countries with lower corporate taxes. That ballooning deficit Obama left us was do to the job losses (fewer individual taxes to collect), Companies re-incorporating outside of the U.S. and increased spending on entitlements. Another move by companies is to unincorporate and become pass through companies which pay lower taxes than corporations. Partnerships, LLC’s pay one tax bill. Corporations have to pay two tax bills annually now.

    https://www.forbes.com/sites/beltway/2016/01/26/tyco-tax-inversions-income-shifting-and-lost-revenue/#23435c5744b4

    The link below shows you how much European companies pay in corporate taxes and how much Europeans pay in individual income taxes. Now you can see why companies are re-incorporating their HQ’s in Europe and abroad.

    https://en.wikipedia.org/wiki/Tax_rates_in_Europe

    Since the wealthy pay the lions share of the taxes in the US, the lower tax rates on the rich causes those wealthy Chinese to seek citizenship in the U.S. to pay lower individual taxes and park their money over here.

    https://www.cnbc.com/id/47599766

    Daryl Hensley, Jasper

    • Scott Newton November 21, 2017 at 6:51 pm #

      Daryl,

      U.S. corporations are now sitting on more cash than they’ve had in ten years. But they’re not using it to invest or to expand their operations, much less to increase the wages of their employees. It’s all going to increase dividends, which increases stock price, which prompts corporations to buy up their own stock, which enhances the bank accounts of corporate executives.

      Trump adviser, Gary Cohn, learned this a few weeks ago when he attended a national conference of corporate CEO’s sponsored by the Wall Street Journal. When asked for a show of hands as to how many CEO’s would use the profits gained from the proposed corporate tax cuts to expand their operations, only five hands were raised. Caught on a hot mike, Mr. Cohn blurted out “Where are all the hands?”

      Well, there were no other hands. And this is the hallmark of the Republican tax bill. What make Republicans think that piling additional profits on corporations through tax cuts is going to change their behavior? It won’t.

      Scott Newton

      • Daryl Hensley November 22, 2017 at 12:17 pm #

        Scott you are correct. They are sitting on cash. You can’t expand your operation if you don’t see an increase in sales to invest for. The US lost its global competitiveness by pricing their products out of the market. Our corporate tax system left us uncompetitive as taxes are added to the bottom line of the products. Some are moving their operations back to America. Why because of the stability of the economy here, the security of our country here. Once the tax plan passes you will see the jump back to American and that cash being spent. Cash rich corporations are also looking at making acquisitions and expanding those companies. The invention of the computer made America one of the most competitive countries in the world. The battery operated trucks and cars will do the same for this century. Companies like Tesla and Fisher are about to change the world like Microsoft and Google did.

        Look at the chart on tax rates by corporations by country. We became uncompetitive because our taxes added to the cost of goods. Look at the far right column and you will see a VAT tax column. The rest of the world has a value added tax (sales tax on good purchased). The US is the only country not taxing goods sold on a federal level. Look for the VAt tax to come along down the road. This tax, usually on non consumable goods will even the playing field globally. Those that consume will be charged the VAT tax. Corporations and the rich will be taxed because they are the biggest buyers of goods. Everyone will be taxed fairly based upon consumption of goods bought.

  4. dan barrett November 21, 2017 at 8:47 pm #

    I assume one or two or you saw the same CSPAN debate. So what was your take from corporate tax give always as evidenced by the TV coverage. Some of you sound like RINO’s, maybe even a Liberal plant acting like a conservative. Otherwise, why hide your real identities. Embarrassed maybe? Instead of presenting valid viewpoints which may be good for our country, you desire to call people names, lying, etc.. Respectable and knowledgeable conservatives have been screaming and railing against deficient spending for years. You would know this if you ever watch FOX News. Obviously RINO’s change their mind at the whim of their 30 second fake news infomercials on the socialist TV channels. Not what they professed to believe in the past. Sorry, I don’t bend with that wind. Respectfully wishing all Americans a great Thanksgiving!

    • Conservative Millennial November 22, 2017 at 7:54 am #

      Dan, you spend more time name calling in your articles than anyone. Like you just did in your response instead of addressing your blatant lies that I called out in my first response. If pointing out your lying offends you, thats on you.

      As for RINO’s, I know I sure didn’t sound like one. And again, your name calling to deflect. In fact you can’t even go one sentence without name calling or saying something like “fake new” fox. Reminds me of my 20 year peers trying to debate on twitter.

      Moving past all of that, no, I’m not embarrassed. I just don’t feel like throwing my name out there. SM comment was only rude. I’m trying to add to the discussion because you through out lies to the public.

      Since you seem to hate fake news so much, don’t post any. Then we can have real conversations.

  5. Conservative Millennial November 22, 2017 at 7:58 am #

    And as for the CSPAN debate, I can’t say I watched it. Instead I’ve been following what tax accountants have been reporting on and factoring my taxes compared to the current tax system.

    When I saw liberal commentators say my taxes would go up I had to check for myself. So the brunt fo my research has been figuring out if taxes really went up or not. I can say without a doubt that for me they went down.

  6. dan barrett November 22, 2017 at 1:06 pm #

    Well said Scott. I saw that conference too. Most embarrassing for Mr. Cohn…

    CM: Being a gentleman, I don’t call anyone a liar like some. Misinformed maybe. But if one really beleives someone said something that was incorrect, then why don’t they address it as such, The truth as they see it. By not calling names, one has a chance to explain countering viewpoints in a logical way. In doing so, I hope people would not feel a need to hide their real identity. (Its like the old Lone Ranger TV series, where at the end of the show with the main actors riding off, one would invariable ask, “Who was that masked man?”, then another person would say, “You know who that was? (pause) Why that was the Lone Ranger”. Your are most likely way too young to remember those days…Please feel free to present your respectful viewpoints in a public forum. I don’t think mature, educated people would resort to calling you a liar, just for supporting a position and if I offended you in any way, please excuse me. Hope you have a divine Thanksgiving and thank you for responding to my post. I know I personally have a lot to be thankful for this year.

  7. dan barrett November 26, 2017 at 7:18 am #

    Now after Thanksgiving, I have a chance to defend my previous statement… Yes CM, I said “All Americans (mostly the middle class) will have to pay it back”. I stand by that …You say it “…is completely false. You are the one lying now. Anyone who is competent and honest with themselves knows that the wealthy pay the lion’s share of the tax burden”…Of course I agree on a proportional basis, that the “wealthy pay the lion’s share of the tax burden” ..Obviously, I am talking about the national debt, not income tax. Do The wealthy ever say, IRS please apply my huge tax burden towards paying down the national debt. No and they never will. So the true question I am presenting is do we, the average citizens of this country, really think borrowing 1.7 trillion dollars from places like China, which add to our national debt burden, (I think needlessly) is best for our country?? Like Senator Young said, the national debt is the greatest threat to our economy. Co you agree?

    • Conservative Millennial November 27, 2017 at 8:41 am #

      Dan, I meant to get back with you sooner but after reflecting, I am ashamed of my behavior. The more I read what I put, the more it sounds incredibly immature and inflammatory. I definitely did not decide to start commenting on these threads to be bashing anyone or starting arguments. I apologize for not handling the situation better and am grateful for your advice on how to better handle a situation when I believe someone may be wrong. I hope you had a great Thanksgiving and that in the future we can have constructive conversations.