Larry Summers on Trump’s ‘dumb idea’ to cut corporate taxes

“The Trump tax cuts will do very differently if Donald Trump is President of the United States, God forbid, then if he isn’t. But I can tell you some things I’m pretty sure of; I’m pretty sure that it was a dumb idea to cut the corporate tax rate to 21 percent, when the Business Roundtable’s idea was that it should only be cut to 25 percent …. We need to be raising taxes, not just to cover for any new tax cuts, but also to hold off the huge accumulation of debt that we are suffering … Borrowing money and running a budget deficit is not an alternative to raising taxes or cutting spending it's a way of deferring doing those things and making them harder." - Larry Summers

[@javamochafrap]

Amen