Both the House and the Senate have passed versions of a GOP tax plan. According to analyses from the Tax Policy Center, the CBO and numerous economists, both plans overwhelmingly benefit the wealthiest people in this country, and both will result in the loss of health insurance for some 13 million Americans. Meanwhile, research warns that millions will face higher taxes and a spike in their health insurance premiums in the years ahead. And there isn’t a single credible study that supports the claim that either of these tax plans will deliver the kind of economic growth — with higher wages and substantially more jobs — the GOP is touting to sell their plan.
In response to a plethora of criticism, and to defend their wild growth projections, Republicans recently circulated a letter, claiming to show that the economic community was backing their plan. What you may not know is that this letter was put together by a corporate advocacy group called the RATE Coalition and, as it turns out, some of the 137 signatories weren’t even economists.
A portion of their letter reads: « Economic growth will accelerate if the Tax Cuts and Jobs Act passes, leading to more jobs, higher wages, and a better standard of living for the American people. »
Let us be clear. This is not what most economists believe. Tax cuts that create economic growth start at the bottom, not at the top.
That is why my colleagues, John T. Harvey, Fadhel Kaboub, and I drafted our own statement and circulated it among professional economists. In the last 48 hours, more than 200 Ph.D. economists have added their names to our open letter. We hope that you will read what we have to say and pass along our message. It’s not too late to make the current bill into something that could deliver on the promise of more robust growth, high wages and a new era of prosperity for all Americans.
Thank you for staying engaged,
Stephanie Kelton, Professor of Public Policy and Economics at Stony Brook University, and Sanders Institute Founding Fellow
An Open Letter to the U.S. Congress
The tax plan will have disastrous consequences for the American people
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Dec. 6 – How will President Trump’s announcement that the US would recognize Jerusalem as Israel’s capital affect US policy in the Middle East? How might it affect our security, as the move will most certainly inflame and cause anger in the Muslim world? Is there a silver lining? We cover this complicated issue in today’s Liberty Report: