@hightor,
hightor wrote:
I'm opposed to economic nationalism but I do believe our tax system could be improved and ought to be reformed. I don't think the 2017 bill was an improvement or much of a reform.
Whether one opposes or accepts policies focused on national growth and prosperity , economic competition does indeed exist among the nations of a still very competitive world. We have faced serious economic competition a from a long series of lower labor cost countries which together has cost us our textile and a large fraction of our manufacturing industries. This process has , at the same time, enabled other countries (Mexico. Honduras, Vietnam, Malaysia and more recently China) to escape long standing poverty. The world remains a competitive place, and unless we adapt this drain on our resources will continue. Arguably it is that competition that is and has long been the chief stimulus for both human inventiveness and better national policies throughout the world and its history.
There is no doubt that our corporate tax structure had created serious and unnecessary disadvantages for the U.S. enterprises that employ our citizens. The dominance of our currency itself imposes a burden on our export competitiveness. The added challenges of our rather unique corporate tax structure was an unnecessary and counterproductive, self-imposed injury.
We will all know a lot more about the efficacy (or lack of it) of the recent changes as the coming year passes. So far stock and commodities markets, as well as surveys of confidence in most economic sectors indicate favorable results.