When Paul Ryan, Speaker of the House and a tax policy wonk, was asked by a blue collar worker in an Ashton, Pennsylvania plant if the corporate tax cut would be passed down to the worker. Mr. Ryan assured him it would be passed down by buying new facilities and machines. His direct answer to the question was “CEOs are already getting paid well.”
We all know any corporate tax cut is going first: to CEO’s salary; second: reduce the price of stock options, third: buying robots to replace that guy asking questions, and fourth: increasing dividends to raise the price of the stock which the CEO owns.
Those same CEOs are going to save hundreds of thousands to millions more on the tax cuts for the super rich. Running up the National Debt and their companies’ debt is a way of making the Republicans (and some Democrats) and CEOs look good now. The hammer comes down on their successors.
History shows Reagan cut taxes and the economy got a little better but boomed after he raised taxes which cut the deficits. Clinton/Gingrich raised taxes reducing the National Debt and the economy boomed. Bush II/Cheney lowered taxes and the economy dropped causing the National Debt to explode. Because of the Great Recession Obama kept the tax rates low hoping to keep the economy from collapsing and continuing to expand the debt. Now they want to reduce taxes for the rich, increase the debt, and get re-elected. Who owns America, not the 99% of us.