Skip to content

Saying No To Political Timed Tax Cuts

March 10, 2020

One of those smart, must read editorials from the daily newspaper.  In light of the health needs being underscored in the nation due to coronavirus and the markets melting due to economic concerns, comes the usual tax cut solutions that is nothing more than snake oil.

Huge spending on public health is also sensible under the circumstances. The federal government should pick up the tab for state and local spending on the crisis response — including on staffing health facilities, testing for the coronavirus and equipment to keep workers safe — and it should encourage public health officials to pull out all the stops.

“One item that’s not on this list, however, is a broad-based tax cut, Washington’s preferred cure for all economic ailments. Mr. Trump said Monday that his administration planned to propose a reduction in the federal payroll tax, which is paid by a broader range of workers than the income tax. But there is good reason to worry about the public-health effects of encouraging people to go out and spend more money. The government needs to focus on limiting the spread of the virus by encouraging sick leaves, quarantines and other measures that can be described as taxes on economic activity. It makes little sense to enact a countervailing tax cut.”

Comments are closed.

%d bloggers like this: