US Senate Passes Tax Reform

taxesThe US Senate has passed a tax reform package. The Washington Post’s opening paragraph is a predictable spin on the left-wing narrative. Yuge breaks for corporations, a mixed bag for everyone else.

Over at Red State, where they’ve been critical of Trump and this plan (and the Senate) for months, the tone was a bit different.

Tonight Senate Republicans finally passed something. And though it wasn’t pretty, and though not every amendment we desired made it, nor every (amendment) we wanted defeated fell, the votes were there as promised, and the Tax Cut Bill has passed. By a vote of 51 to 49.

This is the first tax reform bill to pass the Senate in 31 years.

Maybe it’s a be careful what you wish for moment but there are some important points to which the left will never admit.

The money, whether earned by a corporation or an individual, does not belong to the government. No one is giving away anything. They are taking less of what is not theirs.

If you have a retirement fund, college, fund, pension, or any other investment, that money is probably nestled in the cold embrace of the evil corporations who were supposedly handed this yuge tax break. Regardless of what they do with it, your investment odds improve when their costs go down, and taxes are a cost.

An increase in free capital does good things for the economy as those that earn it invest in technology, equipment assets, property, people, and other industry sectors.

And these things lead to something Democrats love but refuse to admit, higher tax revenues.

More taxable activity leads to more tax revenue. Companies have less incentive to scramble around looking for tax shelters. More money stays in the country. Money from outside the country sees more opportunity for growth in something other than the size of the jackboots worn by the regulatory state.

The House and Senate will meet Monday to conference out the version that will go to Mr. Tump’s desk.

The high priests of the tax and spend left will be out in force with armies of acolytes predicting the end of the world. We’ll get the party of the rich narratives ad nauseum. But not one of them will remember or remind us that this tax plan will also put more money in the hands of the billionaires who fund most of what the party does including protesting tax cuts.