Thursday, November 30, 2017

New column day

Here, on how the spin behind the Trump administration's push for a massive tax giveaway to the rich has no basis in economic reality - and how Canada shouldn't be suckered into following suit.

For further reading...
- Michael Linden examines the overall effects of the Senate's version of tax reform legislation, with income levels under $50,000 in income all coming out with net losses (which are worse the lower a household's income). Lawrence Summers challenges the attempts to fabricate a case for regressive tax slashing. And Steven Greenhouse discusses how the Trump tax plan will exacerbate the worst problems the U.S. already faces.
- Jim Tankersley points out the unwillingness of businesses to take up an invitation to convert lower taxes into higher wages. And Tolure Olorunnipa notes that some CEOs are already acknowledging that they'll use any windfalls for share buybacks rather than productive activity.
- Paul Krugman has reviewed both the leprechaun economics that result in much of a tax cut being delivered offshore, and the Schroedinger's tax hike in which Republicans claim they'll avoid increasing the deficit by letting some tax cuts expire, yet somehow simultaneously extend those tax cuts.
- Cristobal Young discusses the fact that high-wealth individuals are relatively unlikely to move generally, and particularly aren't sensitive to progressive tax rates.
- And for the type of commentary aimed at forcing Canada to follow the U.S.' self-destructive lead by handing free money to the corporate sector, one need never look any further than Jack Mintz

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