The Tax Reform Act of 1986 was the single most sweeping change in the history of America's income tax. It was also the best political and economic story of its time. Here, in the anecdotal style of The Making of the President, two Wall Street Journal reporters provide the first complete picture of how this tax revolution went from an improbable dream to a widely hailed reality.

The Tax Reform Act of 1986 was the single most sweeping change in the history of America's income tax. It was also the best political and economic story of its time. Here, in the anecdotal style of The Making of the President, two Wall Street Journal reporters provide the first complete picture of how this tax revolution went from an improbable dream to a widely hailed reality.

This fast-paced book by Yale professors Michael Graetz and Ian Shapiro unravels the following mystery: How is it that the estate tax, which has been on the books continuously since 1916 and is paid by only the wealthiest two percent of Americans, was repealed in 2001 with broad bipartisan support? The mystery is all the more striking because the repeal was not done in the dead of night, like a congressional pay raise. It came at the end of a multiyear populist campaign launched by a few individuals, and was heralded by its supporters as a signal achievement for Americans who are committed to the work ethic and the American Dream. Graetz and Shapiro conducted wide-ranging interviews with the relevant players: members of congress, senators, staffers from the key committees and the Bush White House, civil servants, think tank and interest group representatives, and many others. The result is a unique portrait of American politics as viewed through the lens of the death tax repeal saga. Graetz and Shapiro brilliantly illuminate the repeal campaign's many fascinating and unexpected turns--particularly the odd end result whereby the repeal is slated to self-destruct a decade after its passage. They show that the stakes in this fight are exceedingly high; the very survival of the long standing American consensus on progressive taxation is being threatened. Graetz and Shapiro's rich narrative reads more like a political drama than a conventional work of scholarship. Yet every page is suffused by their intimate knowledge of the history of the tax code, the transformation of American conservatism over the past three decades, and the wider political implications of battles over tax policy.

At a time when some of the most sweeping national initiatives in decades are being debated, Congressman Henry Waxman offers a fascinating inside account of how Congress really works by describing the subtleties and complexities of the legislative process. For four decades, Waxman has taken visionary and principled positions on crucial issues and been a driving force for change. Because of legislation he helped champion, our air is cleaner, our food is safer, and our medical care better. Thanks to his work as a top watchdog in Congress, crucial steps have been taken to curb abuses on Wall Street, to halt wasteful spending in Iraq, and to ban steroids from Major League Baseball. Few legislators can match his accomplishments or his insights on how good work gets done in Washington. In this book, Waxman affords readers a rare glimpse into how this is achieved-the strategy, the maneuvering, the behind-the-scenes deals. He shows how the things we take for granted (clear information about tobacco's harmfulness, accurate nutritional labeling, important drugs that have saved countless lives) started out humbly-derided by big business interests as impossible or even destructive. Sometimes, the most dramatic breakthroughs occur through small twists of fate or the most narrow voting margin. Waxman's stories are surprising because they illustrate that while government's progress may seem glacial, much is happening, and small battles waged over years can yield great results. At a moment when so much has been written about what's wrong with Congress-the grid, the partisanship, the influence of interest groups-Henry Waxman offers sophisticated, concrete examples of how government can (and should) work.

In a Winners Take All meets This Town narrative, a New York Times bestselling author tells the story of the creation of a massive tax break, in which political and economic elites attend to the care and feeding of the super-rich, and inequality compounds. David Wessel's incredible tale of how Washington works-and why the rich keep getting richer-starts when a Silicon Valley entrepreneur concocts an idea that will save money on his taxes and spins it as a way to ostensibly help poor people. He organizes and pays for an effective lobbying effort that pushes his idea into law with little scrutiny or fine-tuning by congressional or Treasury tax experts-and few safeguards against abuse. With an unbeatable pair of high-profile sponsors, bumper-sticker simplicity and deft political marketing, the Opportunity Zone became an unnoticed part of the 2017 Trump tax bill. The gold rush followed immediately thereafter. David Wessel follows the money to see who profited from this plan that was supposed to spur development of blighted areas and help people out of poverty: the Mandalay Bay Hotel in Las Vegas, the Portland (Oregon) Ritz-Carlton, the Mall of America, and self-storage facilities-lucrative areas where the one percent can park money profitably and avoid capital gains taxes. And the best part: unlike other provisions for eliminating capital gains taxes (inheritance, for example) you don't have to die to take advantage of this one. Wessel provides vivid portraits of the proselytizers, political influencers, motivational speakers, consultants, real estate dealmakers, and individual money-seekers looking to take advantage of this twenty-first century bonanza. He looks at places for which Opportunity Zones were supposedly designed (Baltimore, for example) and how little money they've drawn. And he finds a couple of places (Erie, PA) where zones are actually doing what they were supposed to, a lesson on how a better designed program might have helped more left-behind places. Readers will feel outraged as Wessel gives us the gritty reality, the dark underbelly of a system tilted in favor of the few, with the many left out in the cold.

In the 2006 midterm elections, the Democratic party ended twelve years of electoral humiliation by seizing back Congress and putting an end to Republican rule. The Thumpin’ is the story of that historic victory and the man at the center on whom Democratic hopes hinged: Congressman Rahm Emanuel, head of the Democratic Congressional Campaign Committee (DCCC). Chicago Tribune reporter Naftali Bendavid had exclusive access to Emanuel and the DCCC in the year and a half leading up to the elections and ended up with the story of a lifetime, the thrilling blow-by-blow account of how Emanuel remade the campaign in his own ferocious image. Responsible for everything from handpicking Congressional candidates to raising money for attack ads, Emanuel, a talented ballet dancer better known in Washington for his extraordinary intensity and his inexhaustible torrents of profanity, threw out the playbook on the way Democrats run elections. Instead of rallying the base, Rahm sought moderate-to-conservative candidates who could attract more traditional voters. Instead of getting caught in the Democrats’ endless arguments about their positions, he went on the attack, personally vilifying Republicans from Tom DeLay to Christopher Shays. And instead of abiding by the gentlemen’s agreements of good-old-boy Washington, he broke them, attacking his counterpart in the Republican party and challenging Howard Dean, the chairman of his own party. In 2005, no one believed victory was within the Democrats’ grasp. But as the months passed, Republicans were caught in wave after wave of scandal, support for the war in Iraq steadily declined, and the president’s poll numbers plummeted. And in Emanuel, the Democrats finally had a killer, a ruthless closer like Karl Rove or Lee Atwater, poised to seize the advantage and deliver what President Bush would call “a thumpin.’” Taking its cues from classic political page-turners like Showdown at Gucci Gulch and documentaries like The War Room, The Thumpin’ takes us inside the key races and the national strategy-making that moved the Democrats from forecasted gains of three seats in 2005 to a sweeping gain of thirty seats when the votes were finally counted. Through this masterful account of Rahm’s rout, Bendavid shows how the lessons the Democrats learned in 2006—to fight for every vote, to abandon litmus tests, and to take no prisoners—will be crucial to the party’s future electoral success, and shape the political course the nation will take in the twenty-first century.

The Next Big Idea Club, Best Leadership Books of 2022 In an era of political and cultural extremism, America’s corporate leaders have emerged as the pragmatic center of a movement for social and economic progress. The core tenets of a capitalist system that dominated the world for more than a century are being challenged as never before. Narratives about the failures of capitalism, the greed of the 1 percent, and the blindness of corporations to public need have made their mark and are driving change. These aren’t the superficial cosmetic fixes that generated so much cynicism in the past, but a revolution in the way corporations are imagined and run. Tomorrow’s Capitalist reveals how corporate CEOs—the ultimate pragmatists—realized that they could lose their “operating license” unless they tackle the fundamental issues of our time: climate, diversity and inclusion, and inequality and workforce opportunity. Responding to their employees and customers who are demanding corporate change, they have taken the lead in establishing the bold new principles of stakeholder capitalism, ensuring that for the first time in more than a half a century it is not just shareholders who have a say in how corporations are run. Alan Murray vividly captures the zeitgeist of the real and compelling dynamic that is transforming much of the corporate world.