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There’s a huge disconnect between one of the biggest parts of the liberal narrative against the GOP tax cuts and reality. I don’t blame them for pushing it. I blame people for buying into it. All it takes is a little critical thinking to realize the narrative is completely false.
Let me start by saying I’m not a fan of the tax plan. We need tax reform, not cuts on an abysmal progressive system. These cuts are temporary and until we truly reform the system altogether, we’re always going to be stuck in the political ups and downs on taxes. The system is used as a tool to help members of the two big parties to win elections. This makes it practically arbitrary, but now’s not the time to discuss the problems with the plan. Let’s discuss what’s NOT a problem with the plan.
The left is painting the massive corporate tax cuts as a way to enrich the rich. That’s ludicrous for multiple reasons, but rather than go into a boring diatribe about economics, let’s just use common sense. If a company pays more in taxes, do they really pay more? They may be delivering more money to the government on a quarterly basis, but in most cases when a company is involved in buying or selling products or services, they’re not really paying more. Their customers are.
Business math works backwards. They don’t set a price (in most circumstances) and then fit the costs to match the price. Businesses determine costs, including taxes, and then set their prices based upon what’s happening in the market, demand, and potential profits. If a business pays more in taxes, they rarely take that out of profits. They simply raise the prices to match. Who ends up paying the higher taxes as a result? Yep, us.
Obviously it’s more complicated than that, particularly when we look at businesses that don’t have fluctuating prices or consumer needs. There’s also the loss of loopholes that should be considered. I haven’t done the math myself or seen case studies, but we can assume a small percentage of corporations will actually be paying more under the GOP plan. That’s going to happen any time you make changes. Some will win and some will lose. The key is to make more winners than losers while making sure the losers don’t get hurt too badly.
The corporate tax cuts are arguably the most defensible aspect of the GOP’s plan because it’s the component most likely to actually improve the economy. For the left to be using that as their big complaint about the plan is only effective on those who don’t think it through. Unfortunately, that’s actually quite a large block of the voting population. That’s why the left is sticking with it.
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