Raise corporate taxes to pay for Biden plan
The Republican Party today does not resemble what it was back when Dwight D. Eisenhower was president. For example, he was for a 90 percent corporate tax rate, “because it creates incentive for big business to spend earnings and expand.
“Better to spend a majority of earnings on expansion than to hoard it and pay Uncle Sam 90 percent of it. It’s not communism, it’s responsible economics.”
Then Ronald Reagan slashed the corporate tax rate and began taxing Social Security to make up for it.
The Reagan Tax Reform Act of 1986 lowered the top tax rate for ordinary income from 50 percent to 28 percent and raised the bottom tax rate from 11 percent to 15 percent. This was the first time in U.S. income tax history that the top tax rate was lowered, and the bottom rate was increased at the same time.
Tax cuts for the wealthy have long drawn support from conservative lawmakers and economists who argue that such measures will “trickle down” and boost jobs and incomes for everyone else. But a new study from the London School of Economics says 50 years of such tax cuts have helped only one group — the rich.
Republicans have no qualms about giving our tax dollars to corporations, but they suddenly become concerned about the debt when it’s time to give us our own money to help survive a crisis made worse by the incompetence of their leader.
Don’t tell me we shouldn’t raise corporate taxes to pay for President Biden’s American Jobs Plan.