CAL THOMAS COMMENTARY MAY 30, 2025
ELON MUSK IS LEAVING WASHINGTON AFTER A VALIANT EFFORT TO REDUCE GOVERNMENT DEBT.
DESPITE CLAIMS BY REPUBLICANS THAT THE SO-CALLED “ONE BEAUTIFUL BILL” WILL CUT SPENDING, IT DOESN’T.
ACCORDING TO THE NATIONAL TAX FOUNDATION: “WHILE FEDERAL TAX COLLECTIONS – ESPECIALLY CORPORATE TAXES – HAVE REACHED HISTORICALLY HIGH LEVELS, THESE GAINS HAVE NOT KEPT PACE WITH ESCALATING SPENDING, PARTICULARY ON DEBT INTEREST, LEADING TO A SUBSTANTIAL AND CONCERNING BUDGET DEFICIT.”
YES, THE TAX CUTS WOULD REMAIN PERMANENT, AT LEAST UNTIL DEMOCRATS COME BACK TO POWER, AND THERE ARE OTHER GOOD PROVISIONS, BUT MANY NEW AND COMOPLICATED PAGES ARE ADDED TO THE TAX CODE, SOME TAX CUTS AND BENEFITS ARE TARGETED AND TAXPAYERS WILL HAVE TO UNDERSTAND A LOT MORE COMPLICATED LANGUAGE IN ORDER TO BENEFIT FROM SOME PROVISIONS.
THE SENATE WILL LIKELY MAKE CHANGES IN THE BILL, BUT CUTTING SPENDING IS ALWAYS THE PROBLEM. MUSK AND HIS DOGE TEAM EXPOSED BILLIONS IN WASTE, FRAUD AND ABUSE, BUT WILL CONGRESS MAKE THE NEEDED CUTS? IT’S EASIER TO KILL A VAMPIRE THAN TO GET THEM TO STOP SPENDING.
REVENUE IS NOT THE PROBLEM. SPENDING IS THE PROBLEM. WE NEED A FLAT TAX. I’M CAL THOMAS.
