A modest proposal for tax reform

Americans desperately need simpler, fairer personal and corporate taxes. [Peter Morici| March 6, 2017 |Washington Post] The current system imposes terribly high rates and a myriad of special-interest credits and deductions. It requires expensive record keeping that drives taxpayers mad and complex auditing functions at the Internal Revenue Service that have proven susceptible to political abuse —…

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Why the White House Worries About Trade Deficits

Do trade deficits matter? The question is important because America’s trade deficit in goods is large and persistent, about $2 billion every day. [PETER NAVARRO| March 5, 2017 |Wall Street Journal] The economic argument that trade deficits matter begins with the observation that growth in real GDP depends on only four factors: consumption, government spending,…

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