I would like to pose a question to those who think that President Donald Trump’s tax plan will only benefit the rich.
Why are you so afraid of economic growth for the United States?
There were three major tax cuts in American history. In all cases the result was growth in the economy, middle class upward mobility and an increase of tax dollars to the U.S. Treasury.
It may surprise some readers that the U.S. presidents at the time were: Calvin Coolidge, John F. Kennedy and Ronald Reagan.
One of the erroneous current arguments is that “corporations” will get rich and the working class will get nothing under the Trump plan.
If we take a step back into reality there are only three things that a corporation can do with increased savings from tax cuts:
• Invest in new plant and equipment
• Pay workers more or hire more
• Pay money back to shareholders.
No one can argue that major U.S. corporations preferred to do business overseas due to favorable tax treatment abroad. The tax cuts will make the United States “the place to be” reducing tax-base erosion. The tax cut will in effect help all Americans.
I also find it curious when the opposition argues that the national deficit will grow because of the Trump tax cut when the national debt went from $10.7 trillion to $19.6 trillion during the previous administration.