Quote:
Originally Posted by 2MuchMark
Question for everyone about this new Tax bill:
With the new Tax bill, Corporations will pay less taxes, and regular people will pay more.
Regular people will have less money to spend. Won't this mean less money in the economy? And with tighter wallets, doesn't this mean even less interest in buying locally produced goods? And won't this force companies to outsource even more? And isn't there a tax incentive in the new bill that gives a credit to companies who outsource?
Why not:
- Increase taxes on corporations
- Increase taxes on the rich
- Remove write-offs for Personal Jet and Golf Club Owners
- Lower Taxes for the working class and middle class
- Give companies incentives to produce locally, hire locally
- Slap companies that outsource, and give incentives to companies to return to the US?
- Tax all imports, and provide incentive to buy local?
Wouldn't this
- Create more local Jobs?
- Put more money in the hands of the working and middle class?
- Encourage spending?
- Encourage sales of locally sourced goods?
- Make America great again?
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I agree with all of the things you want to do, but not what you believe the end result would be.
If we increase taxes on corporations, increase taxes on the rich, remove write offs for the rich, lower taxes for the middle class, give companies incentives to hire locally, etc.... None of these things is going to create more jobs or put more money into the hands of the middle class (except for perhaps lowering taxes on the middle class).
For example, increasing taxes on corporations and the rich will not create more local jobs or put money in the hands of the working class.
If you want to move the economy, you lower taxes for the middle class. If you tell my you will lower my tax bill by 20% I'll have 20% more to spend and I will buy a new TV and fridge. However, if you raise taxes for the rich by 20% they will still buy the same amount of TVs and fridges. Meaning... If I make $100k a year and I have an extra $10k reduced by my taxes, I'm going on vacation or buying a new TV. On the other hand if someone who makes $10 million a year has to pay an extra $1 million in taxes, they will still go on vacations, buy TVs, and buy fridges, etc.