why do we need tax cuts now
It is not just an ideological endeavor, though, or one that arose out of sheer force of habit. Paul Ryan and Mitch McConnell are also desperate to get this done before 2018 because cutting taxes has become a non-negotiable aspect of the Republican Party s business model: Promise to do it if elected, because the government, you ll explain, should stay out of Americans pocketbooks; enjoy financial and in-kind support from wealthy people who would disproportionally benefit from such policies; deliver on your end of the deal after you win; and then, when the next election rolls around, rinse and repeat. Republican legislators admitted as much in the days leading up to the vote. Financial contributions will stop unless the bill passes, Lindsey Graham
to NBC News. My donors are basically saying, Get it done or don t ever call me again, New York congressman Chris Collins to The Hill.
Some of them might be moved by deeply-held philosophical convictions, but all of them are motivated by self-preservation. Cutting taxes is how Republicans stay in power, so they did it, public opinion be damned. The treasurer, has claimed AustraliaБs economy will be deprived of 1% growth in GDP if parliament does not follow the lead of the US president, Donald Trump, and slash AustraliaБs headline corporate tax rate. He has seized on, overhauling his justification for his proposed $65bn tax cuts to say they are now necessary not because they will add 1% AustraliaБs GDP growth, but because they will offset a damaging 1% hit to GDP that will supposedly flow from the huge tax cuts in the US without Australia responding.
He said Treasury analysis, which was handed to the government this week but not released publicly, has pointed out that Australia may experience a significant recessionary impact and a potential downgrade in revenues if it does not lower its corporate tax rate from 30% to 25% in coming years, in response to TrumpБs cuts. The Treasury analysis, which was given to MorrisonБs office, which wrote a story warning that Australia could be БmaroonedБ with one of the highest company tax rates in the world. Morrison is quoted in the story as saying: БThe Trump tax cuts are coming. If we fail to respond, they will take Australian jobs, investment and wages with them. БBill ShortenБs refusal to support the government to reduce taxes and support Australian businesses to be competitive will send jobs, higher wages and growth offshore.
Б Morrison organised a press conference on Thursday so he could call on Labor to support his tax cuts for the good of the country. БMy summerБs homework will be focused on how I can deliver personal income tax cuts and personal income relief for middle- and low-income workers,Б he said. Б[Bill ShortenБs] homework is to ensure he gets over himself and over economic envy and face up to the real challenges Australia has when we are facing a competitive environment all around the world. Б The shadow treasurer, Chris Bowen, has slammed Morrison for politicising the Treasury. БScott Morrison needs to stop politicising the Australian Treasury because it risks undermining the confidence and credibility of the work it produces, much of which Australian markets, businesses and consumers rely upon,Б Bowen said in a statement.
БIt says a lot about the quality of Scott Morrison as treasurer that he is incapable of making an argument without politicising the Treasury and as he gets more desperate, the intensity of the politicisation is increasing. БThe most recent and egregious example of this politicisation was on 30 November when the treasurer released Treasury costings of Labor tax policies based on assumptions heБd given to Treasury. БToday we see this approach again with selective quotes from a Treasury submission given to the Australian newspaper. БOn most occasions, just like today, Mr Morrison refuses to release whatever he has commissioned from Treasury for public scrutiny. Б
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