President Trump is apparently pushing for a higher tax rate. That’s a nonstarter.
The tax regime that President Trump put into place in his first term, his tax cuts, were a boon to the economy. They actually disproportionately benefited people who were middle and lower class. Revising the tax regime to pay for more loopholes and tax breaks in particular areas by increasing taxes on the highest income earners will sink investment capital. That’s what it does.
As somebody who has been in most tax brackets at one point in my life, I can tell you I will invest less if I have less money to invest. That’s true for everyone who is a high net earner. Increasing the income tax on the top income tax bracket in order to pay for more useless government spending — because nobody has the actual guts to say in American politics that we spend too much on our social welfare programs, which we…
