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Democrats are having the wrong debate about taxes - Source Politico

Posted on Jul 30,2019
Filed Under Local Politics , Politics,
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Source Politico

Source Politico

By MONICA PRASAD

WASHINGTON, DC. - To judge by the 2020 campaign, you’d think that if there’s one thing the Republicans and Democrats disagree about, it’s taxes: Elizabeth Warren’s signature issue is a wealth tax, Bernie Sanders wants to increase the estate tax, Joe Biden is targeting a tax loophole for wealthy heirs and others want to raise corporate taxes, capital gains taxes or marginal tax rates. Tonight's Democratic debate is likely to feature candidates haggling over the best way to increase taxes on the rich. Meanwhile, Donald Trump’s main policy achievement has been precisely the opposite: a tax cut for the wealthy, which many Democrats want to repeal.

But over the past four decades, a series of Republican and Democratic administrations have together produced what adds up to one continuous American tax policy. When Republicans come into office they cut taxes for everyone, although more for the wealthy, and when Democrats come into office they raise taxes on the wealthy and sometimes cut taxes for everyone else. Overall, this long-term American tax policy is to continuously cut taxes on the middle class and the poor, while intermittently asking rich people for more money.

Source Politico



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