Our regressive tax policy is currently funneling economic growth to an ever smaller pool of people who simply don't need as many people to work for them (directly + indirectly). If the lower/middle class kept more of their paycheck they would spend more on services which would employ more people.
Further, the economic death spiral of fewer people with disposable income => reduced demand => fewer people with disposable income => ... can be avoided.
PS: Remember, we are fairly close to 'full' employment so it does not take much to shift the balance one way or another.
The silent generation taxed themselves massively compared to the baby boomers. They had next to no national debt, and massive private and public infrastructure being built.
Today's wealthy and politically connected baby boomers cannot be bothered at all with this. They demand low taxes, stuffing the stock market with the bounty rather than starting or expanding businesses, and then charge the national credit card with all the costs of their unwillingness to contribute anything meaningful. Except maybe some halfway decent music - but that does not give them a pass for being greedy, stingy, hoarders.
At the moderate to low end of the pay scale, even 0% taxes fails to mitigate the wage stagnation problem. This really only gets fixed when the cost of hoarding becomes really fucking expensive. So expensive it's saner to take the risk on starting or growing a business, and the ensuing tax deductions that come with that (those are generally 100% tax deductible expenses by the way, with exceptions for gifts and entertainment).
Right now we don't have that. It's hoarding and credit charging time. And this bullshit tax cut proposal is even more of that.
Sharing is socialism/communism/someother"bad"ism these days. It must be all about the invisible hand, the less intervention the better. Basically I see it as a bunch of greedy nuts who believe in things like low taxes, and only wince at overt things like primogeniture and unequal pay but then they pretty much do a "tee hee" and accept both because they benefit.
It's somewhere in the vicinity of neo-feudalism + neo-aristocracy + prosperity theology. It's an abomination.
Our regressive tax policy is currently funneling economic growth to an ever smaller pool of people who simply don't need as many people to work for them (directly + indirectly). If the lower/middle class kept more of their paycheck they would spend more on services which would employ more people.
Further, the economic death spiral of fewer people with disposable income => reduced demand => fewer people with disposable income => ... can be avoided.
PS: Remember, we are fairly close to 'full' employment so it does not take much to shift the balance one way or another.