Over at the WaPo. There’s a lot more to say about this point about how we’re going to need more, not less tax revenue in the future, than I had space. A few points that ended up of the edit-room floor. –Larry Summers has stressed, the relative prices of the things government buys–health care, education–are… Read more
I don’t have time to do this justice, but “Oy!” is Trump’s new tax plan a mess! Let me put it this way, ala The Princess Bride: This “taking on the hedge fund guys” and going after the “outrageous” tax breaks enjoyed by millionaires. I don’t think it means what you think it means. The… Read more
Over at WaPo PE, with lots of links to media reports that got it right!
Once the Republicans took the majority in Congress, they instructed the budget scorekeepers to do “dynamic scoring:” building macroeconomic feedback effects into their revenue estimates from proposed changes to tax policy. Because economists broadly assume that taxes distort decisions about activities with growth impacts, like labor supply or capital investment, cutting taxes often generates more… Read more