Republican tax plan unveiled
As expected, the Republican leadership has unveiled a new tax proposal that would consolidate the number of tax brackets while increasing the rate of the lowest bracket and increasing the standard deduction.
I admit that I have grown very cynical about these proposals. They never end up simplifying anything. Instead, each time Congress has done this in the past three decades they have only made the tax code more complicated. I see no evidence so far that this Congress and this Republican leadership will do anything different.
Moreover, Congress and Trump continue to make little effort to rein in spending, so I expect the result here will also be a significant increase in the crushing federal debt.
As expected, the Republican leadership has unveiled a new tax proposal that would consolidate the number of tax brackets while increasing the rate of the lowest bracket and increasing the standard deduction.
I admit that I have grown very cynical about these proposals. They never end up simplifying anything. Instead, each time Congress has done this in the past three decades they have only made the tax code more complicated. I see no evidence so far that this Congress and this Republican leadership will do anything different.
Moreover, Congress and Trump continue to make little effort to rein in spending, so I expect the result here will also be a significant increase in the crushing federal debt.