I don’t want to kick the man while he’s down, but Bill O’Reilly’s not making much sense when it comes to tax reform.
In the second ever episode of his new podcast, O’Reilly opined that while tax cuts are great… businesses shouldn’t get “free rides.” It’s almost as though O’Reilly has been listening to the Democrat talking points on cutting taxes and has completely missed what conservatives actually want when it comes to tax reform.
Conservatives aren’t arguing that corporations shouldn’t pay taxes, we’re simply arguing that they should pay less taxes. Why? Because whatever money corporations don’t spend on taxes they usually spend on growing their businesses… which always means MORE MONEY for everyone.
Bill, if you’re reading this, stop buying the Democrat Party spin on tax reform.
Transcript from RCP:
So let’s kick it off with the most important story of President Trump’s tenure in office and that is – the tax cuts.
Tomorrow is the day, according to a bunch of reports, that President Trump will announce what he wants to do. Now, what I said yesterday is that we are looking into it. What we have here is that he wants to propose a corporate tax rate and go from 35%, one of the highest in the world, to 15%, a humongous 20% drop.
Okay, so the liberal press doesn’t like that, says that if it passes, the Feds will lose $2.4 trillion in the next ten years. So the debt will skyrocket and the deficits will skyrocket.
Deficits are yearly expenditures, debt is the total amount the country owes.
So, here is how I see it. In order for American corporations to get this kind of break, they have to give back. So, they have to faze out deductions for the fat cats, like season tickets to the New York Giants, to the Cleveland Cavaliers.
So you have to be able to write off some of that, but not all of it anymore, to make up for the increased profits that you are going to have. Also, if you are holding money overseas, you are going to have to bring it back. There has got to be accountability for the corporations. This can’t be a free ride, because the country needs roads, and a military, and it needs protections, which costs money.
So, I think it can work, because if corporate America gets a favorable tax rate, they are going to expand – and that means that more jobs will be created, and that means your wages will go up. And the country will be more prosperous.
So, that is the theory, but I have got to see some discipline layered into this. Now, on the individual tax rate – which, on the BillOReilly.com poll last night said that this is the biggest issue for you guys – the individual tax cuts.
We don’t know yet. He is going to bring them down – we don’t know yet what the percentages will be. It will probably about four – one for me that will be mid 30s, then people making a pretty good living, they will be in the high 20s, and then the working class will be in the low 20s, and then there will be something for people that don’t make much money in the teens.
That is the way I see it.
So, all these tax cuts are going to be resisted by liberal democrats who don’t want anything like that, they want the government to tax more and more and more – but I think they will get through. They will get through, and if they do, then President Trump has a good chance to be successful in his first term, because I can’t see any way that this does not stimulate the economy. The stock market is thrilled – thrilled – about all this, so you see it going up, up, up, up, up. That is not that important to you guys, but it is an indicator that people believe that tax cuts will stimulate the economy.