The following article by Nicole Lewis was posted on the Washington Post website November 27, 2017:
Sen. Ron Johnson (R-Wis.) argues cutting taxes for small businesses would bolster the economy. But it’s not that simple. (Meg Kelly/The Washington Post)
“We are $20 trillion in debt. The projected deficit over the next 30 years is over $100 trillion. Maybe as much as $129 trillion. From my standpoint, it’s not time to cut individual tax rates. What it’s time to do is make American businesses competitive globally so our economy can grow. And again, the stat that I just told you about. . . . Revenues increased to the federal government by $1.2 trillion per year even with the meager economic growth we’ve had since 2009.”
— Sen. Ron Johnson (R-Wis.), remarks during an appearance on CNN’s “New Day,” Nov. 16, 2017
Johnson has expressed opposition to the GOP tax plan approved by the Senate Finance Committee by arguing that it does not provide enough of a tax reduction for small businesses compared with big corporations. Cutting the tax rate for these businesses, Johnson argues, would boost the economy, thus increasing the amount of revenue collected by the federal government. Continue reading “GOP lawmaker uses fuzzy math to make case for small-business tax cuts”