Sunday October 22, 2017
There are those who say the Republican tax plan will create jobs. The Nation magazine reports, "42.3 percent of corporations with at least $10 million in assets paid no federal income tax in 2012, according to the Government Accountability Office." If those corporations weren't creating U.S. jobs while paying $0 federal income tax, why would anyone think they are going to create jobs paying the proposed 20 percent corporate rate? That is assuming all loopholes will be closed. The reality is that, from The Nation, "every loophole and tax dodge has a deep-pocketed special interest mobilizing to defend it."
Selling this plan as a jobs creator is nothing less than smoke and mirrors. In addition, the GOP plan proposes eliminating both the estate tax and the alternative minimum tax. Simply put, this tax plan gives caviar to the very wealthy and a few crumbs to the rest of us. Meaningful tax reform will only happen when both parties sit down and get serious about simplifying the Internal Revenue Code.
Republican tax plan won't create jobs