Party Platforms: Freedom vs. Servitude

As both parties gear up for their respective conventions later this month, the glaring and growing disconnect among Democrats, particularly on the economy, is impossible to mistake. On the GOP side, the focus clearly is on reducing onerous tax rates and cutting off the federal government’s out-of-control spending. Republicans recently unveiled a tax overhaul that, at least in theory, would constrict tax filing to fit on a postcard. And for those who question the plan’s viability, a new Tax Foundation study evokes high praise.

According to the study, “[T]he plan would significantly reduce marginal tax rates and the cost of capital, which would lead to 9.1 percent higher GDP over the long term, 7.7 percent higher wages, and an additional 1.7 million full-time equivalent jobs.” Additionally, “[T]he plan would lead to 0.7 percent higher after-tax income for all taxpayers and 5.3 percent higher after-tax income for the top 1 percent. When accounting for the increased GDP, after-tax incomes of all taxpayers would increase by at least 8.4 percent.”

Meanwhile, Democrats are getting ready to accept their most anti-capitalist platform to date...

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