As Congress prepares to pass another round of coronavirus relief, Republicans have once again fallen back to their failed cure-all solution: another tax cut. So far they’ve proposed cutting payroll taxes for high-income workers, cutting capital gains taxes for wealthy investors, and providing tax subsidies for business expenditures on meals and entertainment. None of these are particularly good ideas, but the latest one – introduced in the U.S. Senate by Sen. Martha McSally (R-AZ) and supported by some members of the Trump administration – may be the most ineffective, regressive, and counterproductive economic “stimulus” policies proposed to date.
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