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If business tax breaks don't work to increase growth then why is Biden pushing a global leveling of business taxes?
6 Answers
- Andrew SmithLv 71 day ago
When wealth is concentrated in limited hands the economy degrades. Britain learned this in the industrial revolution. It faltered and nearly failed until they discovered that providing benefits for the consumers of products increased the demand for those products and reduced the cost of providing them. Yet the USA has concentrated wealth and power in so few hands that they have forgotten this valuable lesson. They try to prop up profits by moving companies overseas. But this lessons the consumer base so over time the country falters.
What Biden would be after is an increase in costs in our competitor countries to make it less advantageous to move business offshore and thus force Capitalism to work FOR America not against it.
- FoofaLv 71 day ago
Wonder why you assume the same cabal that blames growth for climate change would even want growth to begin with.
- Anonymous1 day ago
The logic here is dead simple. (1) Trump's business tax breaks did nothing for growth. (2) Trump's business tax breaks reduced tax revenues.
So the inevitable conclusion, (3) is that REVERSING (1) will increase tax revenues without hurting growth. Like I said, dead simple.
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- Mr. SmartypantsLv 71 day ago
Big tax cuts for corporations and investors is the Republican Party's universal prescription for ANY financial/economic situation. Things are going well? Good! We can give corps a big tax cut! Things are rotten? We can fix things by giving tax corps another big tax cut.
Since Reagan, Republicans have had really no economic tool EXCEPT big tax cuts for corporations and their big investors. And there's precious little evidence they've had any real effect except to mushroom the national debt. Ronald Reagan's use of the Laffer Curve tripled our national debt, while all along Reagan cheerfully predicted revenues would grow to outstrip debt. But the amount of growth in the Reagan economy didn't even pay the INTEREST on the new debt.
All Reagan, the Bushes, and Trump really proved was that anyone can live high off the hog for a little while if they don't mind going deeply into debt.
If we were to claw back just the Trump tax cuts, rich people would still be rich, but we'd have hundreds of billions of dollars a year for things people actually need. Like infrastructure, health care, education, etc.etc.
- Anonymous1 day ago
Lowering the taxes on the middle class and poor increases growth since they are the biggest consumers, which in turn makes the business booming for business. REAL growth, not just lining the pockets of the rich.