Wednesday, March 28, 2018
Michael J. Graetz (Columbia) delivers the 2018 Frank & Rose Fogel Lecture at Temple today at noon EST on The 2017 Tax Cuts: How Polarized Politics Produced Precarious Policy (livestream here):
In this lecture, Michael Graetz contends that the new tax law is unstable. This is hardly surprising because it was rushed through Congress in record time with only Republican votes and no ability for public comments on its changes. The new rules create significant new differences in tax burdens based on what kind of business is conducted, where goods and services are bought and sold, whether individual workers are employees or independent contractors, and where people live. Finally, although it was estimated to be a $1.5 trillion tax cut over ten years, it's actual cost is likely to be double that amount, producing unsustainable annual deficits and an unacceptable level of public debt.