The GOP tax reform plan appears to be on its way. I have four primary concerns:
1. Labeled the largest tax cut in history, it will add $1.4 trillion (at least) to the debt we are bequeathing to our children and grandchildren. The concept of trickle-down economics did not reduce the deficit nature of the Reagan tax cut, and there's no evidence that this will be any different. Do we care about the deficit and our national debt? If so, what set of future conditions will lend themselves better than today’s conditions to begin resolving the future bankruptcy of our nation?
2. Where is the bipartisanship of this tax cut? Republicans (that’s me) complained bitterly when Obama passed health care reform on strict party lines. We argued that good legislation requires collaboration between the parties; otherwise Democrats were being served instead of the American people. Here we go again, sponsored by the Republicans.
3. As the details crawl in, it is becoming clear that this plan will enrich the wealthy and punish the poor, especially over time.
4. What animal is this? Tax reform? Tax simplification? Political bribery? The vision of filing my taxes on one piece of paper is no closer than before.