The GOP’s effort to create economic growth with its latest tax plan is deeply flawed and will have a negative impact, holds Jonathan Chait of New York Mag. Having often talked about balancing the budget to ensure that tax cuts are being paid for, Republicans have gone and done the exact opposite. Removing the estate tax and alternative minimum tax, which almost exclusively benefit America’s wealthy, is not being evened out with revenue elsewhere. This tax overhaul will increase the already high national debt even more. Not only is this bad prioritizing of where to apply tax cuts, but it’s simply poor governing that will hurt the country, particularly in the long run.
The recent Republican tax plan is a carefully thought-out strategy to maximize the success of American companies while removing punitive taxes that hit too many people, argues Grover Norquist of Fox News. US companies are having a hard time competing on the global market against British or Chinese companies that face significantly lower taxes. Lowering the corporate tax rate will make them far more successful around the world, which will bring higher revenues back to America. Manufacturing is one area that would be able to provide much-needed jobs thanks to lower taxes. The GOP’s tax plan is the right step forward after years of economic stagnation.