Good morning. 
Sunday in Whitewater will be partly sunny with a high of fifty-seven. Sunrise is 7:23 AM and sunset 5:53 PM, for 10h 30m 11s of daytime. The moon is new with 0.7% of its visible disk illuminated.
Today is the one thousand eighty-third day.
On this day in 1961, America successfully tests the first Saturn rocket, the Saturn I SA-1:
Recommended for reading in full:
Isabel V. Sawhill and Christopher Pulliam write Amend the Tax Cuts and Jobs Act for more inclusive growth and better jobs:
The centerpiece of the Tax Cuts and Jobs Act (TCJA) [Trump tax bill] was cutting the corporate rate from 35 to 21 percent. Supporters argued that this would make the United States a more competitive place for business, leading to more economic growth and higher wages. So far, there is little evidence that the law has had such effects.
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A profit-sharing tax credit could be implemented by reforming Section 162(m) of the internal revenue code. Before TCJA, 162(m) allowed the deductibility of executive pay above $1 million only if it was performance-based. After TCJA, all executive pay above $1 million is nondeductible (although it is now subject to the lower corporate rate of 21 percent). This provision could be further amended to provide a partial credit based on the portion of profits companies share with all employees up to some salary or compensation cap. Effectively, this would levy corporate or business taxes on the share of profits retained by shareholders and owners, encouraging more companies to treat their workers as part of the team that produced the profits in the first place. Such a credit could be paid for by raising the corporate rate back to some more reasonable level, such as 25 percent.
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One important reason to engage businesses in achieving more inclusive growth is the unpopularity of the hefty taxes and transfers needed to achieve the goal without a shift in market incomes. A second reason is that receiving a larger paycheck, rather than a government benefit, contributes to a sense of self-respect and dignity tied to the value of work. To substantially reduce inequality without breaking the bank, we need to raise market incomes for those feeling left behind. To be clear, none of this is an argument for not redistributing in response to unparalleled inequality; it is an argument for not relying solely on redistribution to produce more inclusive growth.
More broadly shared growth may be essential to our democracy’s health. The public is feeling increasingly alienated with how the economy is now working; fewer than half of young adults have a positive view of capitalism. At a time when even American business calls for an update to capitalism, maybe our business tax code could use one too. Let’s amend the TCJA in ways consistent with the Business Roundtable’s new emphasis on stakeholder, as opposed to shareholder, capitalism. Will it work? There are no guarantees. But the alternative might be the end of capitalism and democracy as we have known them.