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Tax Reforms of R. Reagan and D. Trump: Evolution of Priorities
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Tax Reforms of R. Reagan and D. Trump: Evolution of Priorities
Annotation
PII
S032120680001165-5-1
DOI
10.31857/S032120680000356-5
Publication type
Article
Status
Published
Authors
Vladimir Vasiliev 
ORCID: 0000-0003-3131-9500
Affiliation: Institute for the U.S. and Canadian Studies. Russian Academy of Sciences (ISKRAN)
Michael Sokolov
Affiliation: Institute of Economy, Russian Academy of Sciences
Address: Russian Federation
Edition
Issue 8
Pages
5-25
Abstract

An overall assessment of the possible consequences of D. Trump's large-scale tax reform for the economic development of the United States in the medium and long term is given. The general conclusion is drawn that in the short term the tax reform of D. Trump will contribute to the acceleration of economic growth, but in the future, its stimulating effects will sharply weaken, since the D. Trump tax reform, as well as the R. Reagan tax reform in 1981, sharply exacerbate the problem of federal budget deficits, which will negate its initial stimulating effects. The Trump tax reform is even more than Reagan's tax reforms of the 1980s aims for budget support of the corporate sector of the American economy and the wealthiest taxpayers of American society, which are considered by the architects of Trump's tax reform as the main driver of US economic development.

 

Keywords
federal budget, tax reform, stimulating effects, fiscal effects, Laffer curve, economic growth, budget deficit, gross federal debt, R. Reagan, D. Trump.
Received
03.07.2018
Date of publication
07.08.2018
Number of purchasers
10
Views
1859
Readers community rating
0.0 (0 votes)
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References

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