In mid December 2017, The U.S. Senate voted through a tax-bill which will deliver a dramatic reduction in America’s corporate tax rate – from 35% to 20% – along with a reduction in inheritance tax which will allow the America’s wealthiest individuals to pass more tax-free money to their children (or other heirs). This Guardian article provides further details.
For A-level sociology students studying global development, this represents yet another example of a neoliberal policy – cutting taxes is a key aspect of the economic doctrine of neoliberalism.
The supposed rational behind the bill is to stimulate economic growth, but it is also likely to widen inequality and the bill is also predicted to add $1 trillion to the national debt
It’s also interesting to note that Donald Trump ran for president as an outsider who would stand up for the working people, but now it seems that it’s the wealthy, share-holding corporate class that’s going to benefit most from this policy.