From the additional money to be placed in American wallets, to increasing aid to schools and businesses to open safely, everyone worries about the cost. Where was the GOP outrage at the cost of the 2017 Tax Reform Bill that was pushed. It promised ‘trickle down’ economic business growth. Well, the stock market has done well but not average workers. Sure the top 1% and corporations benefited greatly.
The Treasury Dept says that tax cuts help when the economy is sluggish not when it is doing well. Many corporations said in 2017 that they had trillions of dollars in cash reserves, so when the tax reduction came to them, they did NOT invest in more employees or increasing production or raising wages but paid out dividends to stockholders and bought back stock.
Instead, when the Joint Committee on Taxation (JCT) reviewed the tax cuts, they found that it would increase the deficit by $1 trillion over 10 years. Remember that the 2017 bill put in small tax reform for low/middle class tax payers, but those expire in 2025.
Paying for what Biden proposes should start with repealing the 2017 Tax Reform Plan. Big business can afford the taxes that they should be paying and so can the top 1%. I won’t be sad if the top 1% can’t buy one more overpriced car or mansion. I will be happy if the government gets people more help that they desperately need and maybe the ‘long awaited’ infrastructure project will happen to provide good paying jobs with benefits and add to the positive bipartisan results.
Corporate poor behavior with the gift they got in 2017, should result in rescinding the gift for the benefit of ALL Americans.