Editor, Manteca Bulletin,
Jim Hightower demonstrates his lack of understanding in his opposition to Trump’s proposed tax reform.
It is common knowledge that the US has one of the highest corporate tax rates among the industrialized nations — a fact even Obama has recognized in 2008 — which is one of the biggest reasons for corporations setting up manufacturing facilities outside the USA.
Regulatory burden is the second biggest. There also happen to be trillions of dollars sitting in offshore bank accounts just waiting to be repatriated once the corporate tax rates get lowered. Imagine what that will do to our economy as well as the instant windfall to the US Treasury.
But Mr. Hightower also spells out the greatest philosophical difference between liberals and conservatives when he accuses campaign donors of “helping themselves” to the people’s money. Whether the top corporate rate will go down or not, it is not the people’s money. The money belongs to those that earned it. Conservatives believe in fair taxation. Liberals feel entitled to reach in other people’s pockets and confiscation of private property.