Letter: Splitting economic hairs
Originally published Wednesday, October 10, 2018 at 09:09p.m.
Courier columnist Tom Cantlon made several erroneous statements concerning the tax cuts under President Trump.
First of all, there are tax cuts for each of the tax rate levels. Just compare the tax rate tables for 2016 to the present 2018 tax rate table. Cantlon’s statement of “tax cuts went directly to the wealthiest people and corporations and stayed there,” is not totally correct.
Yes, the corporation tax cut was reduced from 35 percent to 21 percent to compete with the rest of the first world corporations’ tax rates of 15 percent to 21 percent. Why should the US corporations be penalized with a 90 percent higher tax rate? This is the reason several corporations moved their businesses to other countries.
His statement that “Congress enacted a tax law that is disastrous for workers, middle-class families, small businesses, and our economy” is totally wrong! Just look at the present economic stats.
The DOW only grew by 12.5 percent over eight years under President Obama. His disastrous regulations, Obamacare, and high corporation tax rates choked our economy. Since the Trump tax cuts, the DOW has grown by 39 percent in 1.5 years. People have more money, unemployment is the lowest in 40 years, and people on food stamps have been greatly reduced. Seems like Cantlon and the Nuns should be pleased with this.
Cantlon’s statement, “Tax rates should be progressive and everyone should pay their fair share,” is nothing more than an oxymoron. The definition of “fair” from the dictionary is, “Equitable to all parties.” Therefore, a flat tax is a fair tax and a progressive tax is not a fair tax.