Earlier your humble scribe offered some advice on economic policy that would be useful and might pass. The advice centered on reducing regulation, creating a territorial tax system, and not trying to pick winners. POTUS spoke last night and added some meat to his proposals. These proposals reject the MWG advice.
Sidebar: it is impressive how strident the POTUS is. AP reports that, “He said “serious people” in both parties should accept his offer.” Really, is that how to create a bipartisan solution?
The POTUS offered the opposite of a territorial tax system. He wants to tax world-wide income even if it is not repatriated. He wants to increase regulation by, among other things, raising the minimum wage. He wants to pick winners as exemplified by taxing manufacturing at a lower rate. There are additional proposals that don’t fit the MWG recommendations. His proposals and method of presenting them suggests that he is not seriously interested in getting them passed.