Taxes, Trump, and Shifting the Economy out of Neutral

With the “across-the-board” tax cuts that came during the George W. Bush administration, every American who paid income taxes got a tax rate cut. Compare that with the “fiscal cliff” rate changes under Obama that raised tax rates on barely more than 1 percent of income taxpayers. To generalize, Republicans like to cut taxes for everybody while Democrats like to hike taxes only for the super-wealthy. It’s perhaps a bit ironic that the top tax rate for the “evil” One Percent is the Clinton-era rate, while the rates for the “good” 99 Percent are the Bush-era rates. Why not have the Clinton-era income tax rates for everyone? Let the Democrats campaign on that! Democrats (i.e. progressives) don’t want to change the basic structure of the federal income tax system. You see, the U.S. Tax Code is their bread and butter. The Democrats’ big idea is to have very high statutory tax rates coupled with a vast array of...(Read Full Article)

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