Reagan's voodoo economics 2.0
Christmas came early to Trump Tower. That’s where Trump unveiled his plan, which he called “Tax Reform That Will Make America Great Again.” Apparently seeking to downplay the regressive aspects of the plan, he presented it as an effort to simplify the tax code and help ordinary Americans. “These lower rates will provide a tremendous stimulus for the economy—significant G.D.P. growth, a huge number of new jobs, and an increase in after-tax wages for workers,” he said in a statement.
He promised to cut income-tax rates for virtually everyone, but especially for the ultra-rich, who would see their top rate reduced from 39.6 per cent to twenty-five per cent. He also promised to slash the corporate tax rate from thirty-five per cent to fifteen per cent, cut the capital-gains tax from twenty-eight per cent to twenty per cent, and abolish the estate tax. As for the Alternative Minimum Tax and the marriage tax penalty, they, too, would disappear. #reaganomics #taxcuts #republicans