Inequality and deficits on steriods

As we watched the Republican-majority Congress fail to deliver its legislative promises, concerns were expressed that they were skilled in opposition but ineffective at governing. Repealing the Affordable Care Act became far more challenging than glib campaign promises, and all proposed alternatives placed the health care of millions of Americans at risk.

Tax reform was hailed as the move that would rescue the Republicans from producing a do-nothing Congress. The current tax reform proposals passed by the House and pending in the Senate make “do nothing” look pretty good.

As America suffers from increased income inequality, economists have cited tax policy as a major contributing force, and inherited wealth as a major factor in European inequality. Current tax proposals favor those with the highest incomes and reduce or entirely remove inheritance taxes — a double whammy. A Trump administration that promised jobs in rural and rust belt America and a Republican Congress that championed deficit reduction rush instead to give us both inequality and deficits on steroids.

The rich get richer and…

This story was originally published December 8, 2017 at 6:50 PM with the headline "Inequality and deficits on steriods."