Tax Reform Benefits Outweigh Concerns
One sometimes wonders if there is a limit to the absurdity of complaints about tax reform proposals. Apparently not.
On Monday, Tax Policy Center analysts revealed that, as The Associated Press phrased it, “the Senate tax overhaul bill would produce tax increases for half of all taxpayers by 2027.”
But wait. Read the next sentence: “The Tax Policy Center says that’s because most of the legislation’s personal tax reductions expire in 2026.”
Initially, the Senate bill would result in income tax relief for virtually all Americans, various examinations have disclosed. It would continue for at least a decade before tax cut provisions sunset in 2027.
In all likelihood, there is some technical reason why the bill’s language provided for that. Even if it goes into effect that way, it is difficult to conceive that any member of Congress would, 10 years from now, vote against extending the tax relief. That would be a ticket to early retirement from Congress.
Nitpicking is the name of the game in politics. But on tax reform, the bottom line is that Americans win — and that is what counts.