All across America Republicans are dancing in the streets, President Obama has finally come around to embrace Reaganomics. The President is proposing legislation that will slash the highest corporate tax rate in the world from 35% down to 28%. Wait, the Republicans don’t seem to be dancing, they’re just tearing at their clothing, gnashing their teeth, and attacking small animals. Oh no, that Chihuahua has turned on them, and he has one of them down. The other Republicans are running, just running away! The humanity!
Why are the Republicans upset over a major tax cut for business? The cut is real, but would only favor small and medium businesses who actually pay the 35% rate. Big businesses that keeps Republicans in seven figure salaries when they leave Congress won’t benefit. Not only that, but they will actually start paying taxes for a change, and you know their servants on Capitol Hill will feel the sting of the lash if this passes.
The smaller corporations that are already starting to bring jobs back from China will also get an additional tax cut in addition to the 7% cut, just for doing their patriotic duty. The non-patriotic trans-national corporations will pay for it. Not only will numerous tax loopholes and corporate welfare giveaways be ended, but they will no longer be able to keep their profits overseas to avoid taxes. The most profitable corporations that make trillions will have to start paying taxes like they, well like they make trillions. (heh, heh, heh, heh) [note from the typing monkeys: prairie2 is rolling on the floor, send help]
The Republican talking points on this are that Obama isn’t making this a priority, so it won’t pass. It’s his fault that the Republican controlled House that must, according to the Constitution originate a bill of this nature, just can’t do its job. They also say it won’t help the economy because it’s revenue neutral, just as much tax will be collected so it won‘t do anything positive. The Bush budget plan, that we are still living with, requires that 40% of the expenditures be paid for with borrowing, but Republicans still want to cut revenue.
In fact the Obama plan would be boon for the US economy, because it puts money in the hands of the kind of businessman who would actually create jobs. But, more importantly it would take away some of the advantages the big transnational companies have that destroy the kind of businesses this plan would help.
Is it really enough? No, not by a long shot, but it‘s a start. To really bring back America, you need to undo every piece of legislation and government regulation the Republicans have pushed through Congress since the Taft - Hartley Act of 1947. Passed over the veto of Harry Truman, it created the Right To Work For Less states. The Do Nothing Congress of 1947 also changed the name of Boulder Dam back to Hoover Dam. This blight on America should be righted as well, along with a placing granite marker at the site of every Hooverville that can identified, Americans died there.
We can have America back again, once Americans realize where it went.