Tax Cuts Will Solve Everything Because MAGIC!

That's the Republican argument, anyway — even though we all know damn well the only problem that tax cuts are meant to solve is putting even more money in the pockets of the already-wealthy investor class and corporate owners.

To that point, the Republican Party is doubling down during reconciliation:

Congressional Republicans are in advanced talks to lower the top tax rate for individuals from 39.6 percent to 37 percent as they finalize a massive $1.5 trillion tax package, said three people familiar with the negotiations.

The move follows complaints from wealthy taxpayers in New York and elsewhere that their taxes could go up under the legislation because of other changes it makes to the code.

The change, if finalized, would amount to a major tax cut for the wealthiest Americans. And it would be certain to spark a furious response from Democrats who are unanimously opposed to the legislation which they already have been casting as a giveaway to corporations and the rich.

...Lawmakers are also settling on a corporate rate of 21 percent, higher than the 20 percent corporate rate passed by each chamber, but still a massive decrease from the current 35 percent corporate rate.

Meanwhile, at least one corporate executive is making clear this isn't what he wants. (And why would he? Smart execs know destroying the economy isn't good for business.) Amna Nawaz and Alyssa Lapertosa at ABC report: [Content Note: Video may autoplay at link.]

Todd Carmichael is one of the few chief executives in America to publicly condemn Republicans' plans to slash the corporate tax rate and rewrite the tax code.

Why bash a plan that would be a boon for his shareholders? Carmichael says he's willing to declare what other executives won't: the bill may be good for his business, but it's bad for the country.

And to be even more accurate: The bill may be temporarily good for his business, but anything that is bad for the country won't be good for business forever. It's a short-term gain, at best, at the expense of long-term corporate health.

Carmichael's biggest concern over the "Tax Cuts and Jobs Act" is that it's giving a large tax break to corporations at a time when they don't necessarily need it. Drawing on comparisons from the way his grandparents stockpiled goods during The Great Depression, he explains why he believes giving a tax break to corporations now is bad.

"A stimulus package is like a bunker," he said. "It's the soups and crackers and all those things that are in your basement in case something goes wrong. The fact that we're eating that for dinner is dangerous. Because in years we might need it. And it won't be there."

Yup.