The Tax Cuts and Jobs Act reduces the federal corporate tax rate from 35% to 21% and allows full expensing for business investment in equipment. Opponents, echoing leftists from Marx to Piketty, describe those provisions as giveaways to the wealthy at the expense of the working class. They’re wrong.
In a dynamic, competitive economy, the relationship between companies and their employees is symbiotic, not antagonistic. Research by economists Alan Krueger and Lawrence Summers, both of whom served in the Obama administration,...