Is this true, I wonder? From the Wonkblog reporter Matt O’Brien:
A few thoughts:
1.) Some policies Donald Trump is talking about are clearly contrary to what most Republicans think of as “supply-side economics.” Raising trade barriers and investment taxes are two that most immediately come to mind. I mean, classic, 1980s-style supply-siders blame the Great Depression on 1930s protectionism, after all. But we’ll see if Trump’s tax plan more or less adheres to the idea that lowering marginal tax rates is the single most powerful economic level at the disposal of policymakers. I am guessing it will be a big tax cut for pretty much everybody. There are three things I am really looking forward to right now: autumn, “The Force Awakens,” and the Trump tax plan. And not necessarily in that order.
2.) As for the popularity of supply-side economics, I’ve written a bit about polls suggesting the public is deeply skeptical of the idea that lower tax rates on business and the wealthy will help everyone else.
3.) As far Republicans go, Tea Party types seem to be more concerned about small government generally than low taxes specifically. At least that’s my impression. And there also seems to be skepticism about wealth created by bankers benefiting from Too Big To Fail. On the hand, entrepreneurs still seem greatly admired, and I would guess most Republicans think low taxes are helpful in encouraging high-impact startups. It is also worth mentioning that politically successful Republican tax plans have typically combined high-end and middle-class tax cuts, rather than being exercises in ideological purity. Tax cuts for everybody. One might argue that the revealed GOP preference on taxes has been broader than what one might read in “The Way the World Works.” If you think about 1980s supply-side economics as low taxes, tight money, and free trade, certainly the first two seem like they are still core GOP issues given hostility to the Fed’s bond buying and the popularity of low-rate tax plans like the flat tax or fair tax. At the same time, there is growing interest in issues such that are not part of the traditional supply-side portfolio, such as higher education and healthcare. Which is great.
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