Anyone who reads my commentary on Townhall.com knows that I believe there are areas of the Senate & House tax reform bills that could be improved. I am especially concerned about the general elimination of the casualty loss, but I am firmly convinced that the first time there is another Bernard Madoff, and there will be another Bernard Madoff, the casualty loss provisions will be legislated back into the law.
Prior writings to the contrary, the Senate tax bill is a tremendous step in the right direction in tax reform. In reality, it is a bill that has sections that should cause celebration in the Democratic Party. The reduction in the corporate tax rate should be causing late night parties in blue states and cities where pension plans have been underwater for years. It is pension plans that invest most heavily in the stock market. It is the pension plans of government and union workers that benefit from a stock market that has increased in value by 33% in the past year. It is the citizens of blue states that have and will benefit by the resurgence in the stock market as underwater pensions are now less underwater. Corporations don't benefit from lower tax rates, shareholders benefit from lower tax rates that produce higher income. It is American pensions that own our stocks and bonds.
Lower corporate tax rates should result in corporate expansion and more jobs. Who could be opposed to this result?
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