EDITORIAL: GOP Taxes Credibility
With
To begin with, the Trump administration and supporters have frequently claimed that tax cuts for corporations and wealthy individuals will pay for themselves through increased economic activity. This is a fallacy of the highest order, one that has been a Republican trope since the Reagan years and bears no resemblance to reality. Estimates from the Tax Policy Center, the
Rep.
In providing large tax cuts for corporations and wealthy individuals while providing mild relief for the middle class, the Republican tax plan is expected to increase the deficit by more than
This isn't a matter of deficit spending in response to a severe recession, which is what happened during the Obama presidency; it is a matter of ignoring a moral duty to begin paying down the debt when times are good (something that Obama should have started toward the end of his time in office).
While the tax plan itself is difficult to justify, the process that has created it is indefensible. For example, the
Such is not the case with the tax plan, which is the result of stealth backroom deals, minimal oversight, and old-fashioned horse trading out of public view.
Along the way,
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