COUNTERPOINT: Should the U.S. repeal the federal inheritance tax?
One reason Donald Trump was elected president is that throughout his campaign, Trump did not sound like a typical Republican. He didn’t deliver bland praise to “job creators” — instead he talked about his dream of transforming the Republican Party into a “workers’ party.” Rather than extolling the virtues of free markets, Trump promised tariffs on Chinese goods. And instead of claiming to be “pro-business,” he promised to take on “a global power structure that is responsible for the economic decisions that have robbed our working class, stripped our country of its wealth and put that money into the pockets of a handful of large corporations and political entities.”
This was not your father’s Republican campaign.
But Trump’s campaign is looking like it may turn out to be one of the biggest bait-and-switches in American history. Rather than fighting for the working class, President-elect Trump is loading his administration with Goldman Sachs alumni and preparing to do the bidding of America’s biggest corporations. Trump’s allies in Congress are preparing to enact a set of tax cuts that would massively benefit the top 1 percent while preparing to defund Medicare and Social Security, despite Trump’s vows to preserve these programs.
The above excerpt was originally published in Illinois Business Journal. Click here to view the full article.
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Associate Director, Economic Policy