How tax reform helps all Americans
For all those who decry the tax reform, let’s examine some facts:
The U.S.A. is running a trade deficit of $500 billion per year.
Buying more from overseas than we are selling means things are not being made here. Things are being made somewhere else and the jobs are being done by someone other than American workers. The U.S.A. funds these purchases by going increasingly in debt. Since the jobs are elsewhere, wages in the U.S.A. stagnate. College grads are working at Starbucks, for example. To continue into the future without some change is the road to the cliff.
Lowering the corporate tax rate will make our corporations more competitive. They should sell more abroad and need more workers. More jobs may lead to higher wages. More jobs offer more opportunity. More jobs lead to less welfare recipients. Greater profitability leads to higher share prices, benefiting retirement 401(k)s. Greater profitability benefits the rich who will then pay more in taxes.
For those who moan and groan, please offer an alternative plan. Keep in mind that we already have the great economic experiments such as Cuba, Venezuela, Zimbabwe, and the USSR and are aware of these results.
A nation needs to be competitive in order to survive and prosper. This tax plan is a try in that direction.
Peter F. Zych
Hilton Head Island
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This story was originally published December 29, 2017 at 6:00 AM with the headline "How tax reform helps all Americans."