EDITORIAL: For it to work, Trump’s tax reform must be all about the middle class
Tax reform is the centerpiece of the party's legislative agenda, the one big gift to Americans that
Yet the nine-page outline unveiled last week -- though just a framework short on numbers, tables and details -- wasn't promising. Indeed, it was downright disappointing.
To begin with,
Yet the most striking element of the plan offers a windfall to those who have the most, cutting the highest rate from 39.6 percent to 35 percent. It also eliminates the estate tax.
The former provision benefits those earning just a bit over
The president has also said the plan would reduce taxes on middle class families, but that is not at all clear from the Republican outline.
Doubling the standard deduction to
Nor should anyone who worries about deficits be reassured by the promise that cutting taxes will spur economic growth to compensate for lost revenue. We've heard this one before.
Most experts scoff at this claim, and experience suggests it just doesn't work, no matter how often you say it.
If the president and
We hope he means it. It's not reform if all it accomplishes is to help the rich and short-changes the middle class.
-- Real reform that bolsters the economy will avoid an increase in inequality.
-- It will offer genuine help to the middle class by simplifying the byzantine tax code and allowing families to keep more of their income. It will close loopholes for tax dodgers.
-- It will not result in a loss of federal revenue or an increase in the deficit.
-- It will rely on the
-- And, finally, any successful tax plan must be the result of bipartisan consensus, instead of stiff-arming
They risk yet another embarrassing debacle if they stick to the same losing tactic on taxes.
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