Monday, November 20, 2017

The tax bill from hell

Let it not be said that I take forecasts as gospel. But three forecasts about the Senate tax bill from our appointed Congressional arbiters, the Joint Committee on Taxation and the Congressional Budget Office, do form a remarkable trifecta. Over ten years, the bill is forecast to
  • Increase the deficit by $1.4 trillion
  • Raise taxes on every income band up to $50-75,000
  • Uninsure 13 million people.
If they teach legislating in hell, this is what you'd learn to come up with.

And indeed, the bargain is self-confessedly Faustian:

Rep. Chris Collins (R-N.Y.) had been describing the flurry of lobbying from special interests seeking to protect favored tax provisions when a reporter asked if donors are happy with the tax-reform proposal.

“My donors are basically saying, ‘Get it done or don’t ever call me again,’ ” Collins replied.

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