Tax-free industrial parks, Keystone Opportunity Zones and tax cuts that benefit corporations and the wealthy seldom achieve their intended purpose of job creation and economic growth without increasing government debt.
The recent tax cuts that benefited mainly the rich are adding nearly $2 trillion to the national debt. During the 1920’s tax cuts for the rich preceded The Great Depression, and tax cuts in the 1980’s tripled the national debt.
Giving tax credits to businesses that pay employees only minimum wages without fringe benefits and to businesses that harm the environment is not good policy.
Businesses that comply with reasonable regulations and demonstrate that they are “good neighbors” should be rewarded with lower taxes.
A fairer tax system that puts more money into the wallets of those who spend it while taking from those who can afford to pay higher taxes is also a better approach to true economic growth. A graduated income tax system based on the ability to pay can do that.
Electing political leaders who serve their constituents’ best interests is imperative. It is also important to remember that war is only good for certain businesses temporarily at the expense of the lives of military personnel.
War does not promote long-term economic growth. President George W. Bush passed two tax cuts that doubled the national debt, started two wars in Afghanistan and Iraq that killed thousands of American soldiers and he left behind The Great Recession.
Government investment in its citizens and infrastructure and a fair tax system are real solutions for long-term economic growth.
David L. Faust