House Minority Leader Nancy Pelosi and Weekly Standard editor Bill Kristol are sharing talking points this week in attacks on the tax alterations Republicans finally managed to pass in December.
The Tax Cuts and Jobs Act cuts rates for most tax brackets, substantially reduces business taxes, increases the standard deduction, and eliminates many tax loopholes and deductions.
Just like their House colleagues, it seems GOP senators are incapable of putting out a clean and principled bill. Every good idea they present is usually followed by a couple of bad ones.
The assumption that business and workers can only benefit in a tax overhaul at the expense of one another belies real-world experience.
The idea that we must rob from Peter to pay Paul has led to historic levels of taxation in this country and helped stifle economic growth for decades.
These two changes would transfer workers’ share of the corporate tax onto American investors, who are so far the disproportionate beneficiaries of globalization.
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