News 

Trump tax cuts rightly taxed labor more than capital

“Thanks to corporate and estate tax rate cuts enacted by the Tax Cuts and Jobs Act, the effective tax rate on labor has surpassed that on capital for the very first time” reports washingtonexaminer.com. For starters, the corporate tax rate reduction brought us to a globally competitive level, not substantially below it.Of the four factors of production — land, labor, capital, and entrepreneurship — only the latter two grow economies.The Tax Cuts and Jobs Act cut our corporate rate from 35% to 21%, almost the exact same rate as the European Union and just below the global average.We should aim to phase out entitlements, boost government efficiency, and thus reduce our federal expenditures so we can cut taxes for investors and laborers alike.
 
Source: washingtonexaminer.com



Related posts