To stimulate the U.S. economy to “levels you haven’t seen in many years”— President Trump is proposing to cut federal income taxes, for most folks in general, but predominately for really affluent families and mega-corporations. His proposal is so skewed to the wealthy that over the next 10 years, more than half of his multi-trillion dollar tax cut will go to the wealthiest one percent. Big business does well too, gaining an estimated $4.1 trillion tax cut during the next decade. And that’s not the only justification offered for the president’s full-on, supply-side, tax cut. According to Senate Majority Leader Mitch McConnell (R-KY), this tax cut will “create so much economic growth, it [will] begin to pay down the nation’s debt.” Which sounds too good...
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Guest Opinion: A History Lesson on Tax Cuts