The tax bill is poorly written
Here we go again.
Congress is trying to pass a major piece of legislation. They tried to repeal “Obamacare” but failed mainly because they were replacing it with another big government plan. Now Congress wants to pass a huge tax cut bill. It is so complex it won’t do nearly what it could do. Instead of laying out a plan that cuts everyone’s rate of taxation, it cuts the corporate tax rate, and gives a one-year tax forgiveness for corporations to bring their off-shore capitol back to the U.S. After all, what we are trying to do is to get the GDP, Gross Domestic Product, to an average of at least 3 percent.
This will produce more jobs and, therefore, more tax revenue to the U.S. Treasury. But everyone on the Left says the rate reductions will cause huge budget deficits. Many on the Right can’t explain how raising the GDP will generate new tax revenue. So Congress has written a tax-cut bill that will cause a deficit of $1.6 trillion over 10 years, according to the General Accounting Office. The bill is so poorly written that instead of generating large amounts of new revenue, it will probably cause $1.6 trillion in deficits.
I’m thinking that if the politicians did nothing, it would be better than anything they’ve come up with.