The current structure of the US economy makes the GOP’s planned tax cuts not just redundant, but dangerous, suggests Lawrence H. Summers of The Washington Post. The world economy saw a growth spurt that benefited America. However these benefits are growingly limited to a small group of corporations and shareholders. Tax cuts would not only exacerbate this, but hurt the all-round health of the economy. Spreading wealth and investment in things such as infrastructure give growth a solid foundation. Most signs point towards tax cuts having a negative effect. Rising inequality should be opposed not furthered.
Cutting America’s taxes will bring many benefits, writes F.H. Buckley in USA Today. Middle class people will be the main benefactors as lower taxes will almost directly result in more jobs. Companies would have a much bigger incentive to keep jobs in the US, rather than shipping them abroad. Less taxes also mean that they wouldn’t feel the same need to park their profits abroad. The federal corporate tax rate reaches 39.1% after state tax, one of the highest in the world. Lowering it is the best step towards creating more work for Americans, while bringing home corporate profits that reap more tax revenue.