I am disgusted by all the propaganda directed against the new tax bill.
Silliest is the assertion that it is a tax increase because the individual cuts will expire in a few years and taxes will go back up. Why not just accept the tax cuts for now, and see if the congress that is in office when the cuts expire want to raise your taxes then.
The second silliest assertion is that it is a tax cut for “the rich.” Although taxes will increase for some rich people, such as those living in high-tax states with a mortgage on a multi-million dollar house, the greatest amount of tax reduction will go to the rich simply because the rich pay nearly all of the income taxes. Low-income people, like me, pay little or no tax. I expect some tax reduction, due to the increase in the standard deduction, but it won’t be much.
I am glad to see rich people spending more of their own money. It is nearly impossible for them to spend it without benefit to the rest of us. The left-wingers call this “trickle-down economics.” They want you to believe that it is demeaning to benefit from economic activity generated by the good fortune of others.
We should avoid doing stupid self-defeating things out of spite. We can do without the highest corporate income tax in the civilized world. We don’t have to double-tax the foreign earnings of corporations or individuals.
Those rich people who are discomfited by having to spend more of their own money should initiate profit-sharing plans, or simply increase the salaries of those working for them. They should also know that there are charities of many different kinds that can spend money more efficiently than the U.S. government and do great good here and in the rest of the world.