The following is from The Oregon Center for Public Policy:
Two years ago this month, Congress enacted the biggest tax scheme seen in a generation.
Following the failed playbook of trickle-down economics, the tax package lavished massive tax cuts on the rich and corporations. Two years into the law, rather than seeing prosperity rain down, working Americans — especially those at the bottom — remain trapped in a landscape of diminished economic opportunity.
The second anniversary of the December 2017 federal tax law calls for a new direction in federal tax policy. That new approach must reject trickle-down once and for all, and instead lift our nation from the bottom up. A great start in this new direction would be a meaningful expansion of tax credits for working families.
While the 2017 federal tax law threw a bone to most of us, it served up a banquet for those at the top. The law, for example, doubled the amount the wealthy can pass on tax-free to heirs, and created new loopholes for business owners and wealthy investors. To continue reading, click here.