Tuesday, April 18, 2017

New Tax Cuts For Rich And Corporations Are Not Needed

Trump and his Republican cohorts in Congress would have you believe that Americans are overtaxed -- especially the rich and the corporations. Both Speaker Ryan and Trump have come up with plans to cut taxes -- planes that would have massive cuts for those making over $250,000 a year and for corporations. This is in spite of the fact that the rich currently pay one of the lowest top tax rates since World War II, and many corporations (thanks to subsidies and loopholes) pay no taxes at all.

The Republicans want you to believe that the United States has the highest taxes in the developed world. That is simply not true. The chart above, from the Tax Policy Center, shows the percentage of each nation's GDP that is gathered in taxes each year. Note that the U.S. percentage is not just below the average of all developed nations, but is below that of every developed nation but three (S. Korea, Chile, and Mexico).

We don't need new tax cuts, unless those cuts are strictly for the middle and working classes. What we need is to close the loopholes and eliminate the subsidies that allow corporations to avoid paying taxes (and the rich to do the same). We need to make sure everyone is paying their fair share.

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