The article presents an argument against increasing taxes on the wealthy, particularly focusing on a potential 'millionaire's tax'. It contends that such a tax would harm small businesses (pass-through entities), which constitute a majority of American businesses and employ a significant portion of the workforce.
The author highlights concerns that increasing taxes on the wealthy would negatively impact job creation and wages, citing the significant number of small businesses that would bear the brunt of such tax increases. The economic argument is grounded in supply-side economics, emphasizing the disincentive effects of higher taxation on successful entrepreneurs and job creators.
The piece also discusses the political ramifications, suggesting that a millionaire's tax would further divide Republicans, potentially jeopardizing the passage of broader tax legislation. It points out the risk of triggering a larger tax increase that would benefit Democrats.
The author concludes by expressing hope that the tax bill will ultimately cut taxes and encourage deregulation, leading to economic growth and the creation of jobs. The underlying message is one of rewarding success and entrepreneurship rather than punishing it through higher taxation.