In the News

Yes, it’s time to try a new approach

Author Michael Madowitz argues that the tax cut experiment of the past few decades has been a resounding failure and raising taxes on the wealthy is necessary to return to a fairer and stronger U.S. economy.

Authors

  • Michael Madowitz

We’ve been cutting taxes on the wealthy for two generations, and the results have been dismal.

Economists, who started as generally supportive of the tax cut experiment, have seen enough. By 2017, only 2% of the University of Chicago’s Economics Expert Panel agreed the Trump tax cuts would lead to faster economic growth. The 98% were right.

The economy is growing slower, and budget deficits are rising faster than tax-cutters promised. Yet the same people are arguing for more tax cuts to solve the problem. We don’t need another drink to steady our nerves before we get behind the wheel. It’s time to sober up, raise taxes on the wealthy, restore our progressive tax system and get our economy growing again.

The above excerpt was originally published in Chicago Tribune. Click here to view the full article.

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Authors

Michael Madowitz

Economist