Ask Chuck Schumer (D-NY), Elizabeth Warren (D-Ma) or Bernie Sanders (I-Vt) what they think about the Trump administration's plan to reform our tax system and they will to a man/woman assert with absolute conviction and authority that it is merely a tax cut for the richest 1% of American fat cats, and that the middle class will suffer terrible. Nancy Pelosi (D-Ca) in fact calls it 'Armageddon.'
Once Donald Trump signed the tax reform package laid on his desk on Dec 21, 2017, about twenty huge (or as The Donald would say, 'yuge') corporations announced bonuses, raises and employee benefits effective immediately. These companies include Boeing, Comcast, Wells Fargo, 5/3rd Bank among others. Behavior that was completely opposite the bogus claims of Chuck, Nancy, Pochahontas and Crazy Bernie. They couldn't have been more wrong.
Their underlying assumption for thinking this way is that when Americans are allowed to keep more of their money, rather than give it to the government via confiscatory taxation, these greedy Americans will just sit on the money, and keep it in bags lining their hallways, much like Scrooge McDuck (see photo). Rather than reinvesting into their businesses, they would simply do swan dives into the deep piles of money, and wallow around in the gobs of cash, making 'money angels' by waving their arms and feet in the piles of dough.
This is how Democrats view American capitalists; greedy pigs that simply want as much money as possible and to hell with everybody else, let them eat cake. This is demonstrably not true. Although there are a certain percentage of corporations that will use the additional funds that they don't send in to Uncle Sugar to buy back stock, or issue dividends to share holders, or yes, line the hallways of their mansions with bags of money like Scrooge McDuck. There are some of those types out there, nobody can deny that.
But the majority of Americans who work hard will take this additional money they find in their pockets at the end of the tax year and use it to expand their businesses, hire people, buy plants and equipment.
The Scrooge McDucks of this country, while out there, are a tiny minority of businesses, and not the majority as Chuck and Nancy claim. The cut from 35% to 21% in the corporate rate will generate an enormous amount of economic activity, not just go into money bags lining the mansion hallways of the fat cats.
This is a primary difference between the conservative view of Americans and the pessimistic liberal view. I prefer to think of my fellow capitalists as entrepreneurs, and not as Scrooge McDucks.
Speculation - Who Might it Be? DISCLAIMER: The following list of names and comments are taken verbatim from Biden’s list and do not reflect the views of The Babylon ...
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