I dating a republican
How the tax cut is financed, with debt or spending cuts, plays a role, as do demographics.
Today’s aging population is putting increased demand on the nation’s coffers, which was not the case when income-tax rates were slashed in the 1980s.
The two political parties have diametrically opposed views on the likely effect of Republicans’ Tax Cuts and Jobs Act, which features a reduction in the corporate tax rate to 21% from 35% and across-the-board cuts in individual income-tax rates, slated to sunset in 2025. But the fact remains that there is no definitive way to isolate the effect of past tax changes on the overall economy because there are too many moving parts.
Republicans foresee faster economic growth, an increase in business investment, more jobs and higher wages. At any given time, the economy is buffeted by monetary policy, regulation, innovation, exogenous shocks, international trade, even domestic politics.
But based on personal experience, I can state with some degree of certainty that a simpler tax code would provide households and businesses with more time and money with which to pursue more productive activities.
The idea that tax cuts boost growth is based on the premise, grounded in economic theory, that if you tax something less, you get more of it.The government has used just such a strategy — raising taxes to deter “bad” behavior (smoking, drinking), or lowering them to incentivize “good” behavior (home ownership) — for decades.Reducing the tax on income, or work, was touted as a way to boost growth, not by stimulating demand for goods and services but by increasing the economy’s productive potential, its supply side, by motivating work, savings and investment.At the beginning of World War II, a number of new field rations were introduced, including the Mountain ration and the Jungle ration.
However, cost-cutting measures by Quartermaster Command officials during the latter part of World War II and the Korean War again saw the predominance of heavy canned C rations issued to troops, regardless of operating environment or mission.
Later, self-contained kits were issued as a whole ration and contained canned meat, bread, coffee, sugar and salt.