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Stephen S. Roach and Martin Feldstein Project Syndicate

DEBATE: Can America Afford to Cut Taxes?

The Republican tax plan now before Congress includes a massive cut in the corporate rate, which party leaders and Trump administration officials claim will be financed by much stronger growth. While most economists reject that view and project substantial increases in the budget deficit, the plan does have some prominent defenders.

Featured in this Big Picture

  1. Martin Feldstein Martin Feldstein
  2. Stephen S. Roach Stephen S. Roach
Income tax regulation books Tom Williams/Getty Images;

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  • The US has plenty of experience with irresponsible tax cuts. Yet its leaders seem not to have learned their lesson. 
  • Should Republicans secure the legislative victory they so desire, the entire country – with the exception, perhaps, of the wealthiest few – will lose.

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