There’s a reason Republicans in Congress want to pass tax cuts as fast as possible: The less time the rest of us have to examine the details, the better.
The rhetoric surrounding the GOP tax cut plans moving through the House and Senate touts the benefits for ordinary Americans. House Speaker Paul Ryan says a typical family with two kids will save nearly $1,200 per year under his plan. Senate Republicans promise “middle-class benefits all around” and say their plan will generate a $1,500 windfall for the typical family.
Here’s what they’re leaving out: Tax cuts for individuals would expire in a few years under the Senate plan, which means tax cuts today would end up being tax hikes tomorrow. Cuts in business taxes, however, would remain permanent. Republicans insist that cutting business taxes will itself help workers earn more, at some point in the future. But that’s based on old ideas …