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The Big Picture brings together a range of PS commentaries to give readers a comprehensive understanding of topics in the news – and the deeper issues driving the news. The Big Question features concise contributor analysis and predictions on timely topics.

Stephen S. Roach and Martin Feldstein Project Syndicate

DEBATE: Can America Afford to Cut Taxes?

The Republican tax plan now before Congress includes a massive cut in the corporate rate, which party leaders and Trump administration officials claim will be financed by much stronger growth. While most economists reject that view and project substantial increases in the budget deficit, the plan does have some prominent defenders.

Featured in this Big Picture

  1. Martin FeldsteinMartin Feldstein
  2. Stephen S. RoachStephen S. Roach

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Reagan tax reform David Hume Kennedy/Getty Images
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Reagan’s Tax Reforms Revisited

Jeffrey Frankel
  • The US has plenty of experience with irresponsible tax cuts. Yet its leaders seem not to have learned their lesson. 
  • Should Republicans secure the legislative victory they so desire, the entire country – with the exception, perhaps, of the wealthiest few – will lose.
 warns that Republicans' proposed tax legislation will blow up the US budget deficit – again.

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