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Posted on 05/12/2025 6:38:12 AM PDT by karpov
The House Ways and Means Committee will soon release the GOP’s first draft of the party’s tax proposals, and the irony is that the bill may be getting worse even as a good bill becomes more urgent. President Trump has pitched a tax-rate increase that even Democrats failed to pass, and parochial demands are shrinking the pro-growth value of the bill.
Republicans seem to have forgotten the principles of sound tax policy, even the lessons of the successful 2017 reform. Most of the 26 GOP Members of Ways and Means weren’t in Congress in 2017. The intellectual capital of previous tax-writing leaders Kevin Brady, Paul Ryan and Dave Camp is missing. The Senate is somewhat better but will miss Pat Toomey.
Can a good bill be salvaged? Perhaps, but to do so Republicans will have to relearn the good and bad lessons of the first Trump tax cut, the Bush tax cuts of 2001 and 2003, the Reagan tax cuts of the 1980s, the Kennedy tax cuts of the 1960s, and even the Mellon cuts that kicked off the Roaring ’20s.
• Permanent. People and businesses like certainty so they can have more confidence making plans. The 2017 bill showed the benefit of making tax law permanent, or not. The corporate reform was made permanent, for the most part, while the individual tax cuts weren’t.
Republicans are now scrambling to renew the individual cuts before they expire at the end of this year. The Bush tax cut of 2003 made a similar mistake and gave Barack Obama the leverage to raise taxes in 2012.
A successful reform will make tax changes permanent, rather than end in four, six or eight years. This will make the tax bill more economically potent and politically durable.
(Excerpt) Read more at wsj.com ...
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That kind of asinine comment is why I have totally tuned out nearly all of legacy media. It's absolute crap. It's not even worth posting, except as an example of how crappy MSM has consistiently become, which is really old news by now.
There really is no point not making the tax cut permanent. Republicans can’t expect to lure any dem votes.
Talk to the RINOs in congress about that.
I swear US journalism courses must now be run by North Korean curricula..
Middle Eastern money has infiltrated our media and Universities.
It’s really crazy when you stop and think about it. I think a lot of people are numb to it, but it’s a very serious problem.
Well, I’ve not and to pay income tax since I retired, so this is not really a big deal to me.
Heh. I dumped legacy media in 1997. That’s why I’m such an outlier on almost all issues.
A simple example: I saw that Biden was mentally impared when he was elected and didn’t expect him to last more than a few months.
But I was taken to school on two things:
1. How utterly and completely the press would foist “easily” fact checked lies on the public on a daily or even hourly bases.
2. How many people would believe it.
Chinese
Chinese money
Exactly. Just make the current ones permanent, which means till the next change of possession anyway.
What to do? Most don’t realize the sale of our debt ( US Treasury debt, bonds, bills, etc) is what largely finances US day to day operations. The other is direct taxation.
Fewer nations are buying US debt, and the figure of $$$8 trillion plus must be sold ( rolled over) by the end of the year. The US is having a hard time getting nations to buy and more are selling every day. How to make up the drastic loss?
Taxation must go up OR our spending must go down drastically.The problem is getting worse, the last few weeks the Fed had to buy a couple hundred billion of our unsold debt instruments, we are in a debt spiral.
At the current rate, by the time Trump leaves office, our debt will increase from $37 trillion to $45 trillion, mathematically impossible to pay off….keep in mind our interest payments on our debt is now well over $$$ 1 trillion dollars a year, obscene and unsustainable.
Most likely.
….and Tariffs are unlikely to generate what we need….time will tell.
And the influence of the Chinese communist party.
So, you individuals out there need to learn to eat bugs (and like it).
EAT MORE CHIKN BUGS
(this message sponsored by the NCCU. (National Cattle & Chicken Union (formerly the NCU))
No such thing as permanent tax cut. It is a fiction created by rules of senate.
Well said.
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