LOUISVILLE, KY (WAVE) - Now that health care reform has been benched, tax reform is likely next up, and hopefully, it will see some success. It will if tax cuts are immediate and permanent, rather than phased-in and temporary, as is sometimes the case.
And the cuts must be for both individuals and businesses. Businesses must be able to compete better with companies worldwide as this is a fully global economy.
The playing field isn't level if corporate tax rates in America are so much higher. Businesses would much rather invest in people and new products.
Something must give if these cuts are made. Cuts of subsidies is a likely source. The hope is losing some of these will be better accepted if our personal wages grow and capital investment booms.
The faster this action spurs growth, the better, as that, in turn, will help us begin to tackle deficits.