‘Social offsetting’ could help us turn around an economic system where wealth gets created by the many, accumulated by just a precious few.
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.
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