Everyone loves Black Friday. Consumers love it because they get to purchase things they were gonna buy anyways at a reduced price. Businesses love it because consumers actually buy more than they were planning, without actually saving as much as they thought they were. The money flows up.
This year, we were “lucky” enough to get two Black Fridays in a row. Only this time, money isn’t being spent by consumers. It’s being taken from them.
The Senate held a vote on Friday to pass a tax bill that increases the tax burden on individuals to relieve the tax burden for corporations. It claims to lower taxes on the middle class, but this is a narrow view that looks only at income taxes and completely ignores the tax increase that comes from removing so many itemized deductions (unless you never claim more than the standard deduction). It passed on Sunday morning. It is yet another attempt at bamboozling the public into thinking that hey, trickle-down economics will work this time.
You don’t need an economics degree to see that money flows up, not down. Businesses aren’t going to pay workers more than they’re worth. Their money comes from consumers, either directly or through another business. They get the better end of the deal on both time and money, because otherwise, they fail.
That in it of itself is not an issue, because things get somewhat balanced out when corporations have a larger share of the tax burden. This then allows money to go back to the masses in the form of health care, public transportation, education, and other public services. These services raise the standard of living, and give people the means to give their children a better economic future.
To claim that relieving the tax burden on corporations will cause wages to go up for everyone is a bold faced lie. If corporations could be trusted to always pay people their fair share, then why do minimum wage laws even exist?
The way it’s being funded is beyond absurd. The coffers that fund our healthcare and our education are being emptied to give more to those that don’t need it. What’s infuriating is that when money is given to the poor, whether by health care or food stamps, it’s been made unpopular, driven by the narrative that they didn’t earn that money. Lowering taxes on the wealthy, however, is sold as a hard-working American getting to keep more of his hard-earned money. In reality, both a government handout and a tax deduction amount to the same thing: the government is reallocating resources in a way that gives money to someone.
Bear in mind, this tax bill doesn’t just affect your taxes. It also repeals the Obamacare individual mandate, attempts to define a fetus as a person, and allows for oil drilling in a national preserve in Alaska. Oh, and churches can now support political parties.