Like I just said above, it finally occurred to me what is actually happening here. President Trump wants to pass the “largest tax cut in history,” because of course he does.
I think now that the goal is to make that cut the corporate tax cut.
The problem is, you have to make it revenue neutral to pass via reconciliation in the Senate.
So, their mucking around in the income tax code to increase revenue in order to pay for the corporate tax cut.
Honestly, if this is the end game, I’m going full on social justice warrior and saying just raise the income tax on people earning over $500K to something crazy like 50 percent. I don’t really want to be the one standing in this game of musical chairs.
Besides, this is a populist president and there is nothing more populist than sticking it to “the rich.” Trump’s true base would absolutely go for this.
Guys, you’re going nuts.
The reconciliation instructions are that the taxes NOT be revenue neutral; that they have a 1.5 trillion dollar DEFICIT over ten years.
Just the opposite of what you two just said.