12/07/2017

A Road Map To Move The Tax Cut Into Law

Betsy McCaughey, New York Post

House and Senate Republicans are racing to hammer out a tax-cut agreement that blends the House bill passed on Nov. 16 with the Senate version that squeaked through at 2 a.m. Saturday with one vote to spare. Failure is not an option. They must deliver a final bill to the president for signing before Christmas.

The stakes are high economically and politically. For too long, America’s uncompetitive corporate-tax rates have suppressed growth and wages, and driven companies to leave the United States.

If Republicans fail on tax reform, they could lose their grip on Congress in the midterm elections. That would leave President Trump without a legislative partner to push through his pro-growth agenda.

Here’s the road map for success: The House should adopt the Senate’s repeal of the ObamaCare penalty, and the Senate should agree to slash corporate taxes as of Jan. 1, 2018, not a year later as the Senate bill currently says. Delaying the corporate tax cuts risks an economic downturn in 2018 and defeat for GOP lawmakers next November.

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The Reagan Tax Cuts Worked

Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).

 

-- Daniel J. Mitchell,

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