And the biggest loser in the GOP's tax plan is ... humans
Corporations are people, my friend. Both Mitt Romney and the Supreme Court told us so years ago.
Still, they left out one key fact: It's way better to be a corporate-person than a person-person. At least when Republicans are reshaping the tax code.
Republicans love cutting taxes. They'd cut all the taxes in the world if they could. But the rules that allow senators to pass their tax agenda with only 51 votes require setting priorities for who gets the most generous cuts, or any cuts at all. This week, the party made its top priority abundantly clear.
It chose corporations. By a long shot.
Both the House tax bill -- which passed handily Thursday -- and the Senate version are heavily weighted toward business. Both bills would slash rates on regular corporate profits, "pass-through" business income (currently taxed at regular individual rates) and overseas profits that get repatriated. They also provide other tax breaks for companies, such as allowing full and immediate expensing for qualified investments.
Of course, Republican lawmakers and administration officials promise that these corporate giveaways will really, truly, honest-to-goodness primarily benefit us regular humans, especially humans in the middle class.
That's because, they claim, corporate tax cuts will unleash a wave of business investment and therefore economic growth, most of which will trickle down to the little people-people.
It's hard to find an independent economist who buys this. Even corporate executives won't back up this story.
At the Wall Street Journal's CEO Council meeting this week, a Journal editor asked audience members to raise their hands if their companies planned to invest more should the tax legislation pass. Only a smattering of hands went up.
Gary Cohn, the director of President Trump's National Economic Council, looked out at the crowd with surprise.