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Jumat, 27 Oktober 2017

[Read] Right and Left React to the Republican Push to Cut Taxes

The political news cycle is fast, and keeping up can be overwhelming. Trying to find differing perspectives worth your time is even harder. That’s why we have scoured the internet for political writing from the right and left that you might not have seen.Has this series exposed you to new ideas? Tell us how. Email us at ourpicks@nytimes.com.For an archive of all the Partisan Writing Roundups, check out Our Picks.Jenny Beth Martin in The Hill:
Ms. Martin is a co-founder of Tea Party Patriots, a national umbrella organization for the broader Tea Party movement. She argues that her group is committed to reducing the size of the government, but she concedes that the key to deficit control is a tax policy that increases government revenue. She addresses critics of the tax cut plan who worry about adding to the national debt by contending that a “pro-growth” tax code would generate more revenue to flow back to the Treasury. Read more »_____Buz Koelbel in The Daily Caller: Mr. Koelbel makes the case for the administration’s tax plan being a boon to lower-income Americans who have been “passed over by the stock market-driven economic recovery.” Moreover, he cites studies claiming a “negative relationship between business taxes and employee compensation.” Tax cuts for businesses, he writes, means pay raises for their employees. Read more »_____Grover Norquist and Patrick Gleason on NBC: Mr. Norquist and Mr. Gleason address their audience on the left when they explain why Democrats and progressives should support the new Republican tax plan. The benefits of state and local tax deductions, which are being considered for elimination, disproportionately favor the wealthy, they say. “Opposition to scrapping this preference,” they write, “makes the Democrats’ repeated public demands to tax ‘the rich’ ring hollow.” Read more »_____Morris Pearl in Democracy Journal:
Mr. Pearl is the chairman of the Patriotic Millionaires, an organization of wealthy individuals worried about economic inequality. He defends the estate tax, which the Trump administration is seeking to revoke in its plan. “Were every child to be able to succeed in this country regardless of their family circumstances, perhaps concern over concentrating wealth would be unfounded,” he writes. “That is unfortunately not the case.” Read more »_____Justin Miller in American Prospect:Mr. Miller argues that a provision in the Republican tax plan will encourage corporations to shift their profits to overseas tax havens. Republicans want to move to a territorial system that mirrors how much of the world structures its corporate taxes — a system that does not tax foreign profits at all. However, Mr. Miller says he is unconvinced that Republicans will install adequate protections against corporations storing their profits in offshore tax shelters. If they were serious about this, he writes, they would “simply end the deferral of corporations’ foreign profits and tax them annually like domestic profit.” Read more »
_____Helaine Olen in The Washington Post:Even though President Trump said on Twitter that there would be no changes to 401(k) plans, Ms. Olen explains, the issue is not as resolved as he would have you believe. On Wednesday, there were reports that the retirement savings plans were still up for negotiation. Ms. Olen argues that the problem is not just Mr. Trump’s shifting positions on the retirement accounts, but, more broadly, how willing Republicans are to toy with retirement plans “all in an effort to game the budget process.” Read more »_____Veronique de Rugy in Reason:
Ms. de Rugy, writing for the libertarian Reason, accuses Republicans of being fiscally irresponsible with their tax plan. She says she worries that “failing to restrain spending today while cutting taxes means that taxes will have to go up in the future to pay for larger deficits.” She adds that while it may be politically expedient, giving the middle class a large tax cut is counterproductive: “There’s very little economic growth to be expected from reducing the marginal tax rates on middle-income earners.” Read more »_____Justin Fox in Bloomberg: Mr. Fox explains why the 401(k) tax break should not be “untouchable,” even if it is politically popular. Millions of taxpayers benefit from the plan, he writes, but far more get nothing from it. “If the idea is to actually reduce the tax deductions for retirement savings, not just shift them across time,” he argues, “it’s maybe not so crazy.” Read more »_____Josh Barro in Business Insider: Mr. Barro applauds the Republican goal of simplifying the tax code. However, he notes, one provision in the plan will complicate a lot of people’s taxes. The preferential tax rates for so-called pass-through businesses, which allow owners to be taxed on the income from their business, can be abused, or worse, put business owners at a disadvantage. The solution? “Don’t enact the tax preference in the first place.” Read more »_____Want the Partisan Writing Roundup in your inbox? Sign up for the Morning Briefing Newsletter or the What We’re Reading Newsletter.Have thoughts about this collection? Email feedback to ourpicks@nytimes.com.

[Read] Right and Left React to the Republican Push to Cut Taxes Rating: 4.5 Diposkan Oleh: Fatih

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