The documents most closely associated with the creation of the United States—the Declaration of Independence and the Constitution—present a problem with which Americans have been contending from the country’s beginning: how to reconcile the values espoused in those texts with the United States’ original sin of slavery, the flaw that marred the country’s creation, warped its prospects, and eventually plunged it into civil war. The Declaration of Independence had a specific purpose: to cut the ties between the American colonies and Great Britain and establish a new country that would take its place among the nations of the world. But thanks to the vaulting language of its famous preamble, the document instantly came to mean more than that. Its confident statement that “all men are created equal,” with “unalienable Rights” to “Life, Liberty, and the pursuit of Happiness,” put notions of freedom and equality at the heart of the American experiment.
In 2014, an unusual book topped bestseller lists around the world: Capital in the Twenty-first Century, an 816-page scholarly tome by the French economist Thomas Piketty that examined the massive increase in the proportion of income and wealth accruing to the world’s richest people. Drawing on an unprecedented amount of historical economic data from 20 countries, Piketty showed that wealth concentration had returned to a peak not seen since the early twentieth century. Today in the United States, the top one percent of households earn around 20 percent of the nation’s income, a dramatic change from the middle of the twentieth century, when income was spread more evenly and the top one percent’s share hovered at around ten percent.
The United Kingdom’s vote last year to leave the European Union was a seismic event. The British people ignored the advice of the leaders of all their major political parties and of virtually all experts. George Osborne, the chancellor of the exchequer, told voters that leaving would wreck the British economy. U.S. President Barack Obama warned that it would reduce the United Kingdom’s influence on the world stage. Financial markets, many pollsters, and political pundits all anticipated that voters would heed the elites’ advice. And yet they decided not to, setting off a process destined to transform the country’s politics, economy, and society.
Republicans have long panned the U.S. tax system; now they have a plan to change it. In fact, two plans. The first comes from Congress, the second from the White House. The congressional “Better Way” plan, championed by Paul Ryan, the Speaker of the House, and Kevin Brady, chair of the House Ways and Means Committee, would create a business tax system that has never existed anywhere in the world. The White House plan would enact a massive tax cut, mostly for the wealthy.