Ways and Means (3.3)
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Ways and Means (3.3)
The last time Republicans wrote a party-line tax bill, in 2017, he vowed to oppose the package as he pushed for better treatment of so-called “pass-through” businesses, which comprise most privately held companies. Formerly an executive for a Oshkosh plastics manufacturer, Johnson argued that the bill needed to benefit smaller businesses as much as... See more
Just a moment...
“These guys all talk about the deficit, but there’s not a single tax benefit for the wealthy they’ll get rid of,” Dan Pfeiffer, Obama’s former communications adviser, later pointed out. “What really made them furious,” he said, “was when we started talking about closing the loopholes for private jets!”
Jane Mayer • Dark Money
Wells—writing on behalf of President Johnson—asserted that “the industry which this legislation is designed to encourage is actually less than that which will be destroyed by the passage of this bill.” Furthermore, the veto included strong statements against the type of special interest fervor which characterized the wartime period and would largel
... See morethe Laffer curve, which provided the intellectual underpinnings for the large Reagan-era tax cuts.
Charles Wheelan • Naked Economics: Undressing the Dismal Science (Fully Revised and Updated)
most cuts in tax rates also will lower government revenue, as did the Bush tax cuts. The idea that unfunded tax cuts will significantly raise our real incomes and thus pay for themselves is one of the illusions of our age.