In the closing stretch of a tumultuous presidential election, it’s natural that America’s sharp political differences come into focus. There is no shortage of takes on hot button issues like inflation, immigration and foreign policy. Healthy disagreements and discourse make our democracy stronger.
Tax policy is no exception – the contrast between the political parties is sharp and the fallout from those policy decisions is vast. Former President Donald Trump has pledged to extend the 2017 Tax Cuts and Jobs Act that became one of the hallmark legislative achievements of his first term and led to sustained economic growth. While Vice President Kamala Harris has yet to lay out a detailed economic platform she is expected to mirror the policies of President Joe Biden, who vowed to end the 2017 tax cuts.
Both candidates should make their positions clear and try to convince a majority of Americans of their merits; make the case about which fiscal policy decisions will help the economy, including distinctions about the appropriate tax rate, structure and priorities. But one area where we used to be able to find common ground is the concept that tax revenue should help Americans, not line the coffers of foreign governments.
Read Full Article »
