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Trick or treat?

DATE POSTED:November 1, 2017

Suppose that 6 months ago you had told some progressive pundits like Matt Yglesias that the GOP tax plan would keep the top income tax rate unchanged, in other words, they would endorse Barack Obama’s decision to raise the top rate from 35% under Bush (and 39.6% under Clinton) up to 43.4%.  They would probably have assumed that you were crazy.  And yet according to the AP, that’s exactly what’s about to happen:

Although they had settled on some key details — such as a cut in the corporate tax rate to 20 percent and maintaining the top personal income tax rate for the wealthy of 39.6 percent — other elements still had to be resolved, including the income levels for the tax brackets.

[As usual the media gets it wrong, the top rate is 43.4%, not 39.6%—as there are two federal income taxes, and the rich must pay both of them.]

Yes, the top corporate rate will be cut, but even the Dems favored that move.

Elections have consequences.  Elect a libertarian President and Congress, and see Obamacare repealed and the top income tax rate cut.  On the other hand if you vote for the Dems or the GOP then Obamacare stays in place and the top rate stays at 43.4%.  So yes, it does make a difference who you vote for.

Remember how the supply-siders got all excited when Trump proposed a 25% top rate?  And remember what I predicted?