The Trump Administration is doing the exact opposite, instead proposing deep cuts in nondefense R & – it’s hard to overstate how important it is for the Congress to reject this effort
www.cbpp.org/research/fed...

An underlying theme of the research is that the US should be investing more in nondefense R & D to boost future living standards.

CBO has now weighed in with a stunning analysis that highlights the economic power of investments in non-defense R & D:
www.cbo.gov/system/files...

While this connection has long been recognized, it has been difficult to quantify. Recent exciting research from @A_Fieldhouse, Karel Mertens, @ArnaudDyèvre, & others take a key step forward in connecting the investments to productivity growth, eg:
www.dallasfed.org/~/media/docu...

Investments in non-defense R & D have long been a critical component of the govt-university-private sector US innovation machine
stacker.com/stories/busi...

This is an upside-down plan that walks away from campaign promises to serve those at the margins of the economy.

The tax cuts will be partly offset by taking away/cutting food assistance, health coverage, income assistance, & college aid, making it harder for people to afford their basic needs and limiting opportunity.

Meanwhile, the Ways and Means bill does nothing about the elephant that is going to be in their hearing room on Tuesday: the Trump tariffs --- which would erase much of the small working-class gains from their skewed tax bill while risking recession.

And for all of the feigned concern about budget deficits, the House bill likely costs hundreds of billions more than a full extension of the already bloated 2017 tax law. (More to come when JCT scores are released.) The ultimate cost would be much higher without budget gimmicks.

No tax on tips barely registers b/c it affects a tiny share of workers. (Chart is from an older bill but same story here.) And deductions for overtime & seniors add to the cost but don’t fundamentally change the story either (& leave out lower income filers).

And none of the much-touted new tax exemptions change the picture.

And while Republicans left out 17 million children in low-income families from their Child Tax Credit proposal, they increased to $30 million per couple the amount that can be bequeathed tax-free to trust fund kids.

These new corporate tax cuts come on top of the already permanent corp tax cuts – which delivered an eye-popping 83% of benefits to the households with incomes in the top 1%.

While House Rs excluded critical improvements to the #ChildTaxCredit that 169 of them voted for last year (Smith-Wyden bill), they included ALL of the add’l corporate tax cuts that were in that same bill, plus permanent lower tax rates on corporations’ foreign income.

While 3 million small business owners will see their health insurance premiums skyrocket, wealthy partnerships will receive an even larger pass-through deduction – rising from 20% to a 23% deduction.

While ignoring small biz health care needs & leaving millions of working-class fams behind, the bill throws a gold-plated kitchen sink of tax cuts at high-income ppl – incl expanded discounts for wealthy partnerships, tax-free millions for heirs, & new windfalls for shareholders.

For all the rhetoric we will hear about small businesses at the markup on Tuesday, it’s notable that House Rs propose to do nothing but watch the health premiums of 3 million small businesses owners – and 21 million low/middle inc people overall – skyrocket:
x.com/sarahL202/st...