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Peter Morici: Trump’s tax plan would boost growth, but only modestly

Getting into what Donald Trump and his billionaire buddies running the White House earn, pay in taxes and could benefit under the administration tax plan may be great fun for pundits and help Democrats make gains in mid-term elections, but it does the country a great disservice. What counts is how it finally comes out of the tax-writing process in Congress and whether it improves the economy and conditions for working people.

Presidents Ronald Reagan and George W. Bush cut personal income taxes across the board and Presidents Bill Clinton and Barack Obama raised taxes, mostly on upper-income individuals. Consequently, the tax system President Donald Trump inherited is steeply progressive.

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