With Thanksgiving, Black Friday, Cyber Monday and Giving Tuesday behind us, Americans’ pocketbooks are likely suffering from all the recent activity. And although tax season feels like a figment of the distant future, Californians likely will have less disposable income to spend for coming holiday seasons if the Republican tax bill passes. If you don’t have more money than you know what to do with, this plan asks you to pay more so that millionaires and billionaires can pay less. Presidents Ronald Reagan and George W. Bush cut taxes for the wealthy to stimulate the economy. Although these policies may have helped to end two recessions, they also laid the foundation for the extreme economic inequality, which has been growing ever since. Rather than propose policies to close the wealth gap, the federal tax legislation uses the same Reaganomics logic, even after the International Monetary Fund(along with many well-respected economists) found that when top earners make more, it slows economic growth.
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