I don’t know the details of the Republican tax cut scheduled to be released today, but it’s almost certain to be directed mainly to the rich and powerful.
It’s nuts to cut taxes with unemployment at 4.2% and the deficit and Debt so large relative to the economy as a whole.
It’s nuts to cut taxes when our long-decaying infrastructure is so badly in need of repair.
The way to juice the economy and create good jobs isn’t yet more tax breaks for the wealthy. It’s massive tax-payer-funded infrastructure renewal.
Yes: if there are revenue-neutral ways to reform the corporate tax code to make life simpler and provide less incentive to move jobs abroad, I’m all for them.
But the general thrust of Republican tax “reform” is always to lower taxes for the best off — directly as individuals and indirectly as corporate shareholders — which will not create good new jobs or juice the economy or fund revitalization of our national infrastructure.
So . . . while we await details . . . here’s a 90-second video that frames the big picture.
Should I have worn a tie?
Quote of the Day
A penny saved may be a penny earned, but it's one boring penny. A penny invested, on the other hand, bounces around. It gets bigger one day, smaller the next. A bit player in the drama of global finance, that penny buys a guy a balcony seat in the theater of macroeconomics.~Susan Stewart
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