James Kwak

The Deduction Fairy

Incoming Treasury Secretary Steven Mnuchin promised a big tax cut for corporations and the “middle class,” but not for the rich. “Any tax cuts for the upper class will be offset by less deductions that pay for it,” he said on CNBC.

This is impossible.

More Banking Mystifications

Apparently, both parties have platform planks calling for the reinstatement of the Glass-Steagall Act of 1933. Andrew Ross Sorkin made and unsubstantiated claim about why that would be a bad idea. His claim just wrong.