A DEBATE has raged this year about whether the Republican effort on taxes should be described as “tax reform”—which implies improving efficiency and fairness–or just “tax cuts”. Parts of the tax bill released, at long last, by House Republicans on November 2nd are worthy of the first title. The tax bill aggressively takes on deductions in the individual income tax code, and channels the proceeds towards across-the-board cuts in income tax. Unfortunately, that good work is undone by expensive giveaways to the owners of firms, and unnecessary windfalls to the heirs of the rich. As a result, the bill would saddle the economy with more debt, and could end up being a drag on growth.
Start with the good stuff. Republicans want to mostly scrap the state and local deduction, an unwarranted federal subsidy for states that levy high taxes (see article). Displaying an admirable willingness to go...Continue reading
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