I think I recall having supported Tim Ryan’s failed bid to become House Minority Leader. Well, I apologize for doing so, and I wouldn’t support him for a Democratic Party leadership post ever again. That’s because Ryan, who represents a blue-collar congressional district in eastern Ohio, supports Donald Trump’s “tax reform” plan that would likely result in a significant increase in the federal budget deficit:
“To be competitive globally, we have to reduce the corporate tax rate,” Ryan told The Hill in an interview from his Youngstown, Ohio, district office. “We’re just not competitive globally because of that."
Ryan, a fast-rising Democrat from industrial Ohio, is challenging Democrats to take a different approach to big business and work with corporate America to create jobs.
The primary reason why America’s economy isn’t competitive in the global economy is because of all the free trade deals that the U.S. has with other countries that allow them to steal our manufacturing jobs and move them outside of the country, not the federal corporate income tax rate. Reducing taxes on corporations and wealthy individuals, which is basically the whole point of Trump’s “tax reform” proposal, isn’t going to create any significant economic growth, and it would likely result in a significant increase in the federal budget deficit, because there would be less revenue collected from taxes to fund federal government programs.
Trump’s “tax reform” plan is fiscally irresponsible and would damage America’s finances, yet many Democrats don’t seem to get it.