The Senate’s latest tax plan would see the government subsidize lower taxes for the rich with less healthcare support for the poor, asserts Philip Bump of The Washington Post. Undoing the Affordable Care Act’s individual mandate would cut spending on healthcare subsidies for the Middle Class. Meanwhile, most taxpayers who earn under $75,000 a year would see their taxes go up by 2027. People that earn more than this are the real beneficiaries of the Senate’s plan. The economy is already doing well, and wealthy American’s don’t need more tax cuts. Republicans’ claims that their plan would benefit the country are unfounded.
The Republican effort to change our tax system would support big and small American businesses, growing the economy by 3-4% over the next decade, write nine economic experts in the Wall Street Journal. Cutting taxes as proposed would lower costs for corporations in ways that would further their growth and raise salaries and future tax revenues. Furthermore, it would encourage investment by American and multinational companies. They would also have less of an incentive to stash their cash abroad, which would directly lead to higher tax revenues for the government. This tax plan is good economic policy.