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The big winners in relative terms were corporations and the rich, who benefited from dramatically reduced tax rates.Trump has yet to advance a specific tax proposal. Here's Trump's dilemma. His tax reform must be revenue neutral. That's a political imperative: With corporations sitting on trillions of dollars in cash while ordinary Americans are suffering, lowering the average amount of corporate taxation would be unconscionable – and more so if taxes were lowered for the financial sector, which brought on the 2008 crisis and never paid for the economic damage. Moreover, Senate procedures dictate that to enact tax reform with a simple majority, rather than the three-fifths supermajority required to defeat an almost-certain filibuster by opposition Democrats, the reform must be budget-neutral for 10 years.Walmart knows this – and won't let it happen.Other corporate tax reforms might make sense; but they, too, imply winners and losers.
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After neoliberalism, progressive capitalism
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