The Denver Post: GOP tax plan will hurt some, but benefit America overall
Author: The Denver Post Editorial Board - November 9, 2017 - Updated: November 9, 2017
Congressional Republicans have come up with a tax plan featuring many worthy reforms that would be good for the overall health of the nation, though getting past the shock of winners and losers will take a dose of altruism.
There is widespread agreement that the current 39 percent corporate tax rate is hurting our economy, stifling growth and pushing corporate dollars and individual wealth overseas. President Barack Obama proposed eliminating loopholes and exemptions to bring the tax rate down to 28 percent in his 2016 business tax reform framework.
House Speaker Paul Ryan would take Obama’s wisdom a step further in the proposed Tax Cut and Jobs Act by bringing down the corporate rate to a very competitive, and perhaps overly aggressive, 20 percent. Yes, there are trade-offs for such a tax cut. But the downside — the cut, along with others, would add $1.4 trillion to the national debt in 10 years — is outweighed by the benefit of a cleaner, fairer tax code.