The features of the bill that are likely to help ordinary people were catchy and easy to understand—reduced taxes on tips and overtime pay and a higher standard deduction for the elderly on income taxes. Yet these projected revenue losses are tiny compared to those incurred by the super rich.
The crisis, years in the making, was a consequence of the government’s rapid deregulation and privatization of the banking system. | Order this issue or subscribe. | The sources for this article are available here.