This shouldn’t need explaining. Most Americans have taken basic Economics, and most Americans have had to handle their own finances at one point or another.
Most Americans can easily understand that tax cuts are inherently a good thing… at least they used to be able to understand.
In what world would getting to keep more of your hard-earned money ever be a bad thing? No world, there’s no world that this would have been a problem – at least not before Democrats and their friends in the media began talking about the possibility of tax cuts a few months ago.
The we saw countless stories extolling the dangers of tax cuts and warning Americans that when the GOP cuts taxes, your taxes might go up! Even worse, people actually believed these ridiculous and illogical “news” items.
Thankfully, as soon as the tax cuts were passed the media had to begin reporting on the reality of the tax cuts and explaining that they actually meant most Americans would get to keep more of their own money and that businesses would actually now get to invest money back into their employees. Countless American companies announced that they’d be giving raises, and that they’d be opening new factories and enterprises… but still Democrats are trying to tell people that tax cuts are a “bad thing.”
Thankfully, we have educated businessmen who know better to explain reality to the media. Men like JP Morgan’s CEO Jaime Dimon, who recently appeared on Fox Business with Maria Bartiromo with nothing but good things to say about the tax reform bill. After explaining that the bill would be beneficial in the short term, he explained that the real benefits of the tax deal would be seen in the future.
“I think one of the mistakes people make is talking about what the impact is tomorrow. [The corporate tax cut] is going to have a huge cumulative effect.
I’m kind of surprised to see people saying an uncompetitive tax system would be good for America. If you go back 20 years ago, the world [average tax rate] was around 40%. We were at 40%. Now, most of the world is closer to 20% and we’re still at 40%. I look taxes for business — that is table stakes. It is a bad idea, and by most measures, it has driven capital and brains overseas… 5,000 companies that had been headquartered here are now headquartered overseas, mostly by the acquisition by companies overseas. It was a huge disadvantage.
You’re going to see companies doing things in the short run like increasing wages and a bunch of stuff like that, or one-time bonuses. We may do something, we’ll announce it sometime later, but over time that retained capital will be used to grow businesses, R&D, hire people, wages, competition and over time that will be very good for America.
The number one thing for jobs is a healthy and vibrant economy, which drives jobs and wages. The competitive tax system, proper smart regulation, cutting some of the bureaucracy, those will help jobs. Infrastructure, we have to fix that. Inner city education, half the kids don’t graduate… that’s not good… and we have to fix it.”