News

Inviting the Next Financial Crisis

The Editorial Board, NY Times

Last year, Republicans claimed their biggest legislative victory of the Trump era, reducing federal revenue by $1.5 trillion over 10 years by slashing taxes on corporations and wealthy families.

The legislation provides generous and permanent tax cuts to rich people in the investor class, including foreigners who own stock in American businesses.

Working-class families, by contrast, received minor savings that are set to automatically vanish after 2025. The tax law will widen income inequality and encourage financial excesses by overstimulating an economy that is already nine years into a recovery.

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