A lot of people won’t like this post, but they should read it anyway. A tax reform proposal is going before Congress soon. President Trump says it will put $4,000 in the pockets of the middle class, but the Democrats say it will RAISE taxes on the middle class and will be a tax cut for the wealthy.
Here’s my question: which would be better for the middle class or the poor WHO ARE UNEMPLOYED or under-employed: a tax cut or a job?
Considering this question makes me think the best thing the government can do for the middle and lower classes is to cut taxes on the wealthy.
Because if you’re unemployed, a tax cut is meaningless, unless taxes are cut for corporations and “the rich” so they use that money to hire you.
If you’re unemployed do you go to a poor person to get a job? Of course not. You MIGHT be able to get a job from a middle-class person (like me), but it seems unlikely.
But if a rich person has more money, he/she will either save it, invest it and/or spend it. If they save it, there will be more money for mortgages and car loans for the middle and lower classes. If they invest it, the businesses they invest in can buy equipment (which boosts manufacturing jobs) or hire more people or build new facilities (which creates construction jobs). If they spend the money, salesmen make a commission, truckers have more to haul to replenish inventory in stores.
In other words, if “the rich” get a tax cut, middle class and lower class people do a lot better.
I told you some people wouldn’t like this post.