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Abject nonsense

Trump reportedly promised the CEOs he would cut corporate taxes even further and curtail business regulations if elected president.

Trump’s 2017 tax cuts reduced the rate of corporate income taxes from 35% to 21%. That has cost America $1.3tn.

Those tax cuts, along with the tax cuts put in place by George W Bush, are the primary reason that the national debt is rising as a percentage of the economy.

But it’s Bob Reich, so of course it’s nonsense.

The government, the Treasury, is not “America”. So, whatever the cost or the benefit has been to the Treasury’s tax collection is different from whatever the benefit or cost has beemn to America.

Also, corporate income tax is about $400 billion a year. A number that’s held remarkably steady since 2015 in fact. The lowering the rate while widening the base (those foreign proifits are now taxed even if they stay outside the US) hsa led to roughtly the same revenue – agreed, cash terms. But the Treaury really hasn’t lost three whole year’s worth of coproate income tax revenue in these few years.

3 thoughts on “Abject nonsense”

  1. Presumably Reich has no problem with Biden spaffing trillions on ‘green’ snake oil and similar nonsense.

  2. It is useful when people conflate a country with its government. It advertises that they are nasty little fascists, tutti nello stati.

  3. Bob Reich may be too short to go on a rollercoaster, but he’s a giant in chutzpah:

    If they cared about preserving American democracy, they wouldn’t support Trump or any Republican.

    Democracy means one party rule.

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