Re: US tax cuts confuse me .....

Posted by Jay Liedman on December 22, 2017 at 06:48:35 from (184.60.51.222):

In Reply to: US tax cuts confuse me ..... posted by Crazy Horse on December 21, 2017 at 07:56:32:

I generally think the new tax bill is a good thing--not perfect by far--but a good thing. Anytime something changes, there are winners and losers. It looks to me like most Federal income taxpayers will benefit from this bill, at least for the next decade (I would have preferred the provisions ad been permanent rather than having expiration dates). My own annual taxable income is well under $100,000, and the doubling of the standard deduction is going to benefit my family considerably.
People are too prone to be envious of others. It does NOT harm me if some other company or individual makes more money. It is a good thing if such entities are doing well, as that is how wealth is created, and it tends to get spread around eventually. If someone is making a lot of money in a capitalistic economy, it means they are producing goods or services people really want. I may personally disagree with the real value of such a good or service, but the overall market has spoken. The USA has had the highest corporate tax rates in the world, and that encourages companies to move (and take the jobs) to other places. I do understand that the very high corporate tax rates are mitigated somewhat by numerous deductions, but I think it is better to have a lower tax rate with fewer deductions, as that makes for a more honest system with less game playing and manipulation. Accountants and tax lawyers at the main people who benefit from having such a complex system of deductions, exclusions, credits, etc. A fundamental law of economics is that when you tax something, you get less of it, and when you subsidize it, you get more of it. In other words high taxes on business activity will discourage it, while paying unemployment compensation tends to prolong the period of joblessness.
It is likely true that this tax bill will let the richer people retain more dollars than poorer people, but that is because the wealthy pay so much more in income taxes than poorer people. Right now, the bottom half of the population pay nearly nothing in federal income taxes, so it stands to reason an income tax cut is not going to help someone that is already not paying any.

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