By: Guy Benson – townhall.com – November 30, 2017
In the interest of intellectual honesty and transparency, let’s begin with a few important concessions to skeptics of the GOP tax reform bill: First, not every single American would be a winner under the plan. A small percentage of US taxpayers would see a tax increase (disproportionately, these would be higher-income itemizers from high-tax states), and a number of deductions that help certain people with heavy medical expenses and student loan debt would be eliminated (proponents say much or all of the resulting blow would be mitigated by lower rates and a doubled standard deduction). Second, among the “losers” would be a small percentage of middle class families and filers. Third, even using a “dynamic” score of the legislation — which takes into account the growth-stimulating effects of tax cuts and simplification — it is likely that the plan would add hundreds of billions to cumulative federal deficits over the next decade. The debt matters. Fourth, some Republicans believe the plan is too tilted toward corporate tax reductions (the current US statuary and effective rates are internationally uncompetitive), arguing that a small portion of those planned cuts should be redirected to families with children.
There is partisan retort to each of those first three criticisms, of course: The Democratic Party lied to the American people by promising a no-lose panacea under Obamacare, which ended up harming more people than it helped, while gut-punching millions of middle class families with skyrocketing Obamacare costs and taxes. And Obama’s party, now feigning suddenly concern about deficits, cheered loudly as he nearly doubled the national debt in the span of just eight years. These points highlight Democrats’ hypocrisy and opportunism; they do not, however, invalidate the concerns listed above, on the merits. The fundamental question as Senators contemplate their chamber’s legislation is whether the drawbacks of the bill outweigh its benefits. I believe they do not, but in order to at least reach a point of forming rational opinions, it’s imperative that we expose and correct dishonest myths about the effects of tax reform.