RECOMMENDED READING
“I actually love the concept,” Donald Trump recently told Time magazine of a proposal circulating within his cabinet to raise taxes upon those earning over $1m. “I don’t want it to be used against me politically, because I’ve seen people lose elections for less, especially with the fake news.”
…
First: why? The proposal itself is a brainchild of the conservative American Compass thinktank, which, in a June 2024 white paper, proposed raising taxes upon the wealthy to pay down the American national debt. “The constituency and base of the Republican party is shifting,” Oren Cass, American Compass’s founder, told the Atlantic in April. To extend Trump’s 2017 tax cuts by simply adding $5tn to the American national debt would be, in Cass’s words, “pathetic, embarrassing, and outright cheating”.
Recommended Reading
American Compass Releases Major New Collection on U.S. Trade Policy
“On Balance” charts a path from free trade orthodoxy to a results-oriented approach
Ideology Over Interest
How American trade policy was captured by free trade dogma
The Dollar Dilemma
Balanced trade is impossible without a fairly-valued dollar—and a better approach to international monetary policy
