I was shaking my head over this WaPo article:
Trump administration officials are holding preliminary conversations about economic responses to the coronavirus, as the stock market fell sharply again on Friday amid international fears about the outbreak, according to five people with knowledge of the planning.
Among the options being considered are pursuing a targeted tax cut package, these people said. They have also discussed whether the White House should lean even harder on the Federal Reserve to cut interest rates, though the central bank on Friday afternoon said it would step in if necessary.
Tax cuts? Really? Taxes are typically levied on income (individuals) and profits (corporate); as each goes down, a reduction in tax dollars naturally occurs. And putting the nation deeper into debt seems an unwise move.
Such an idea, though, is reflective of the relative lack of imagination of the Republican Party these days.
Taxes Are Bad! If We Reduce Them Then The Public Health Crisis Will Go Away!
Ahem. I hope everyone sees the disconnect.
I’m not saying there’s nothing the government can do for the economy if we go into a severe dislocation. I suspect a Democratic-run government would be talking about identifying key industries, and targeting them with subsidies or debt-payment suspension.
To which all I’d have to say is that if a company has billions in profits and pennies in tax bills, no goodies for them. They found a way not too pay in good times, why should they get help in bad times? Taxes are a way to efficiently pay for the ties that bind us together; the evasion of tax paying is basically a way to say you don’t want to be part of society.
Fine. Don’t be. If you don’t want to pay for society, you don’t get the bennies.
