President Donald Trump vowed to tax cuts at the World Economic Forum on Thursday, but he needs the support of Congress to implement this promise. Rep. Sean Casten (D-IL) joins Catalysts to explain why corporate tax cuts would do little to strengthen US competitiveness on the global stage.
"We already effectively have the lowest tax rate in the world, so we're not doing anything beyond that of just transferring wealth," Casten explains.
"I think we're all very concerned about the scale of the tax cuts they want [and] the deficit impacts this is going to have," Casten says. "The argument that this will grow the economy is simply not borne out by any macroeconomic statistics."
Casten also criticizes the idea that tax cuts would ease inflation, pointing to global factors and immigration as key drivers of economic recovery. "Taxes are not the solution to all problems and rarely are the cause of all problems," he says.
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This post was written by Josh Lynch