The COVID-19 pandemic sent U.S. policymakers scurrying to their bookshelves, searching for responses to a public health catastrophe that threatened to plunge households, businesses, and governments into financial despair. Republicans on Capitol Hill and in the White House flipped frantically through their dog-eared playbooks from the 1980s to determine just the right tax cut for the moment. But the chapter on society-wide lockdowns was nowhere to be found.
Many Republicans shrugged and proposed a tax cut anyway. President Donald Trump called for reducing the capital gains rate and joined Senate Majority Leader Mitch McConnell in pushing for an expansion
Source URL: https://www.foreignaffairs.com/articles/united-states/2021-02-12/new-conservatism-free-market