The following is an excerpt from Jonathan Tasini | October 18, 2017 | CNN.com |
(CNN)Politicians and pundits frequently talk about the lofty goal of boosting economic growth. Donald Trump, in a plan opposed by over half of Americans, according to a new CNN poll, has called for reducing the personal income tax brackets from seven to three, reducing the corporate tax rate, eliminating the estate tax, and doubling the standard deduction for married and single filers. Donald Trump's tax reform proposal -- like every time Republicans offer tax cuts as the proposed catalyst to fuel economic expansion -- should make us roll our eyes in disbelief.
Why? Because our problem is not our tax burden. Our problem is low wages. If economic growth is truly the goal, raising workers' wages should be our national focus, not cutting taxes.
There's no argument over who benefits from the current Republican proposal to cut taxes, if you put aside ideology and honestly look at the numbers. According to analyses from the Tax Policy Center and the Institute on Taxation and Economic Policy, more than two-thirds of the tax cuts would benefit the richest 1% of Americans in 2018.
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