January 24, 2018
Is it greedy for the government to take 70 percent of what others earn?
There are a lot of politicians, journalists, and others saying corporations and shareholders are getting too much of the tax cuts, but I do not recall the AP or any of the Washington Post journalists – who basically repeat Democrat talking points when they trash the Republican plan – ever writing about what actual tax rates corporations and investors pay. So I thought I would do their job for them. Under the law the Democrats wanted to keep, corporations could pay up to 35% federal tax, and in Illinois, they paid up to an additional 7.75%. Then, since dividends are not deductible, individuals could pay up to 23.8% federal tax and in Illinois an additional 4.95%. So the government would get up to 71.5% of the profits, even though the government took no risk and made no actual investment. Is that fair – since Democrats always talk about fairness? Some other states actually believe that rates higher than...(Read Full Post)