Very few businesses have raised wages thanks to corporate tax cuts, but executives and lawmakers are buying new yachts.
President Donald Trump frequently points to Ronald Reagan’s 1986 tax reform as a model for his own tax plan, which would drastically cut taxes on the wealthiest Americans. “Under this pro-America system,” Trump said in an August speech in Missouri, “our economy boomed. It just went beautifully — right through the roof.”
We were Senate staffers for Democrats back in 1986. There’s a lot about the Reagan reform that today’s Republicans appear to be forgetting. Indeed, what’s being proposed now is far, far friendlier to the rich and big corporations — and more harmful for everyone else.
Read the full article at TIME.
Lee Price is a former Chief Economist of the House Appropriations Committee; Steve Quick is a former Chief Risk officer at Federal Deposit Insurance Corporation and Chief Economist for the Joint Economic Committee; both are Associate Fellows at the Institute for Policy Studies.
Senator Sanders has introduced a bill that would ban Walmart and other big corporations from repurchasing their stock unless they narrow the gaps between CEO...