“The income tax is the champion of bad taxes, in terms of its destructive effect on people, prosperity and their economic well-being,” Vedder concluded. High income tax rates choke off economic growth on two key fronts – consumer activity and small business expansion.
The argument that tax cuts create or increase revenue is an old myth that simply refuses to go away. The logic behind this argument is that cutting taxes will stimulate spending (since investors now are now encouraged through reduced tax rates) that will result in GDP growth.
Why We Need To Raise Taxes, Not Reduce Them - HuffPost
Category:
Reduce Tax Rates
President Trump’s tax bill includes provisions to
reduce tax rates on corporations, “pass-through” entities, and wealthy individuals, and removes the alternative minimum tax and estate tax. For the good of the country, particularly now, I believe we should raise ― not reduce ― those tax rates. The additional revenue from these tax increases should be used to fund an American Dream Opportunity Trust Fund, an independent non-partisan entity charged with making American dream ...
