Why the Latest Tax Reform Plan Is ‘Fake News’

This is a syndicated repost courtesy of Money Morning – We Make Investing Profitable. To view original, click here. Reposted with permission.
The truth is, the GOP’s sweeping plan to overhaul the U. S. tax code – the plan to create jobs and lighten the tax burden on America’s wage-earning workers – is insulting.
That’s because the justification for the cuts is based on hoary, old, fake tax policy narratives like: ‘Higher taxes on the rich hurt the economy,’ and ‘tax cuts for the rich trickle down,’ or ‘U. S. corporate taxes are the highest in the world,’ and ‘lowering taxes will bring outsourced jobs back home.’
Besides being fake, nothing in any of these narratives addresses the new American economy, where more income is earned by companies and wealthy individuals through capital than through labor.
When you understand that, you’ll see why income and wealth gaps are increasing all over the United States.

This post was published at Wall Street Examiner by Shah Gilani ‘ October 6, 2017.