We Americans are having the wrong debate. Almost all the arguing over the Trump administration’s proposed tax cut centers on two issues. Will the tax reduction stimulate faster economic growth? And is the proposal too generous toward the wealthy and too stingy toward the middle class and poor?
Interesting questions, to be sure but mostly irrelevant to the nation’s long-term well-being.
The truth is that we can’t afford any tax reduction. We need higher, not lower, taxes. What we should be debating is the nature of new taxes (my choice: a carbon tax), how quickly (or slowly) they should…

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