
06-26-2018, 03:42 PM
|
|
Banned
Join Date: Apr 2013
Posts: 2,791
|
|
Quote:
Want to Expand the Economy? Tax the Rich!
Altogether, corporate America has announced more than 140,000 job cuts since the 2017 Republican Tax Act passed—nearly 87,000 shed by Fortune 500 companies alone—while sharing just 9 percent of its $76 billion tax windfall in the form of wage hikes and one-time bonuses. But to quibble over jobs and wages would be to entirely miss the point. Wealthy shareholders like me? We’re doing great, thanks to an astonishing $480 billion (and counting!) in stock buybacks announced since the Tax Act’s passage—more than 68 times the return to workers. By that metric, the tax cuts are working exactly as intended.
Of course, nearly everyone knew the Republican tax plan was just another trickle-down scam—a massive and destructive financial giveaway masquerading as pro-growth tax reform. But as disreputable as the trickle-down brand has become, its economic narrative remains so deeply rooted in our national politics that Republicans can still run and expect to win on tax cuts, despite the predictably dismal results.
....
As a venture capitalist and serial entrepreneur who’s made a personal fortune founding or funding more than 30 companies, I can tell you firsthand that this classic trickle-down narrative represents more than just a fundamental misunderstanding of how market capitalism works; it is in fact a con job and a threat—an intimidation tactic posing as a theory of growth. The con works like this: If we can get you to believe these three things—that if you raise taxes on the rich, we’ll refuse to invest; that if you regulate corporations, they’ll be less competitive; and that if you raise the minimum wage, we’ll hire fewer workers—then you will accede, to some degree or another, to a 1 percent–enriching trickle-down agenda of tax cuts for the wealthy, deregulation of the powerful, and wage suppression for everyone else. Yet despite these claims, what you’ll never get from trickle-down is faster growth and better jobs. Because economic growth doesn’t come from making the rich richer; it comes from making the middle class and working people generally stronger.
|
But the media would rather us talk about a fucking Mexican restaurant. Giving a chance to lionize some Democrat-whos-name-I-already-forgot.
|
|
|
|