By Dan Calabrese —— Bio and Archives--August 9, 2016
What's really news about the tax proposal Donald Trump laid out in Detroit yesterday is that it's basically the same thing Republican House leaders are proposing: Three rates of 12, 25 and 33 percent rather than the seven we have today. He also proposed a special rate of 10 percent for repatriated profits brought home from overseas by companies operating abroad. This has long been one of Herman's big issues, since we're talking about hundreds of billions in capital that remain overseas because the companies would have to pay a 35 percent tax on them if they brought them home.
About corporate taxes, Trump proposes to reduce the 35 percent rate that's the world's highest to 15 percent. You'll hear a lot about how "the math doesn't add up," which is translated to mean the federal government might have to do with less money. But the math always adds up. It's just that an awful lot of the capital might end up in the hands of the private sector where it can be more productive. This is a horrifying possibility for the political class and their media servants, but it's good news for people who value prosperity.
Here's the full speech:
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