I'm providing some resources about supply-side economics and related taxation. We have evidence and studies which reveal corporate tax cuts are not a significant benefit for the economy. The vast majority of corporations don't create jobs with tax cuts and bailouts, they look towards stock buybacks to please investors and increase portfolios.
The province was already facing a rough economy before the whole COVID situation. Now we're looking at budget cuts for health care, education, and disability, etc to try to buy time until these tax cuts finally pay off! Any day now, right?
There are much more efficient ways of altering taxes, which have proven to be effective in significantly stimulating the economy, unlike these joke corporate handouts.
How Rising Deficits, Huge Loopholes and Small Family Gains Plague Tax Reform - Knowledge@Wharton
"Tax legislation speeding through Congress not only will increase the deficit and provide meager gains for most low- and middle-income groups, it may also open up huge loopholes for businesses to sidestep taxes, says Kent Smetters, Wharton professor of business economics and public policy, and faculty director of the Penn Wharton Budget Model (PWBM). “The additional growth we project is only about one-ninth of the growth that would be required for this tax plan to actually pay for itself.” And when the White House Council on Academic Advisors says that the proposed tax changes will raise yearly family income $4,000- $9,000 on average, Smetters calls such claims “political statements. No credible model produces that result.”
Does Trickle-Down Economics Work?
Trickle-down economics says that the Reagan and Bush tax cuts should have helped people at all income levels. Instead, the opposite occurred. Income inequality worsened. Between 1979 and 2005, after-tax household income rose 6% for the bottom fifth. That sounds great until you see what happened for the top fifth. Their income increased by 80%. The top 1% saw their income triple. Instead of trickling down, it appears that prosperity trickled up. (Income Inequality Hits Record Levels, New CBO Data Show:)
https://www.jct.gov/publications.html?func=startdown&id=5045
We estimate that this proposal would increase the level of output (as measured by Gross Domestic Product) by about 0.8 percent on average over the 10- year budget window. That increase in income would increase revenues, relative to the conventional estimate of a loss of $1,414 billion (provided in JCX-59-17) by $458 billion over that period.
Economists skeptical of jobs promised by corporate tax cuts | Edmonton Journal
Anyways I much prefer to shitpost than make these kind of posts, so I'm out!