{"id":26431,"date":"2017-02-20T13:24:22","date_gmt":"2017-02-20T21:24:22","guid":{"rendered":"http:\/\/www.politicsplus.org\/blog\/?p=26431"},"modified":"2017-02-22T14:56:42","modified_gmt":"2017-02-22T22:56:42","slug":"reich-v-reich-on-tax-plan","status":"publish","type":"post","link":"https:\/\/www.politicsplus.org\/blog\/2017\/02\/20\/reich-v-reich-on-tax-plan\/","title":{"rendered":"Reich v. Reich on Tax Plan"},"content":{"rendered":"

The Republican Reich has a new "populist" tax plan, which they claim is designed to keep and create more jobs in the US.  To someone, who has not dug down and considered the actual effects, it even looks fairly good.  But once I considered what the plan will really do, I felt amazed at just how sneaky-evil  Republicans can be.  Fortunately, you don't have to trust me.  Robert Reich takes on the Republican Reich for us.<\/font><\/p>\n

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\"reich\"<\/p>\n

Watch your wallets. Republicans are pushing a new corporate tax plan that will end up costing most of you a bundle. Here’s what you should know about the so-called “border adjustment tax."<\/p>\n

The U.S. imports about $2.7 trillion worth of goods a year. Many imports are cheap because labor costs are much lower in places like Southeast Asia.<\/p>\n

Our current tax code taxes corporations on their profits. So, for example, when Wal-Mart buys t-shirts from Vietnam for $10 and sells them for $13, Wal-Mart is only taxed on that $3 of profit.<\/p>\n

But under the new Republican tax plan, Wal-Mart would be taxed on the full price of imported items, so in this case the full $13 sale price of that t-shirt. As a result of this tax, Wall Street analysts expect retail prices in the U.S. to rise as much as 15 percent…<\/p>\n<\/blockquote>\n

From <Robert Reich<\/a>> <\/font><\/p>\n