The signature accomplishment of President Trump’s first term—the Tax Cuts and Jobs Act of 2017—was a mixed bag for long-term growth, because while it lowered corporate income taxes, it also increased the cost of conducting R&D. As Joe Kennedy writes in The Hill, Congress should address this problem by doubling the Alternative Simplified Credit, and lawmakers should pay for the increased research incentive by eliminating the tax break on qualified dividends, which mostly goes to wealthy stockholders.
