Tuesday, December 5, 2017
The Hill op-ed: Senators Picked Americans' Pockets Via Degraded Tax Policy Process, by Edward Kleinbard (USC):
The Tax Cuts and Jobs Act, this year’s Christmas present to the donor class, is an abomination. Its top-heavy distribution of cuts, its wasteful mistargeting of incentives, and its funding of permanent corporate tax cuts via tax hikes on millions of ordinary taxpayers have been widely publicized.
From the other direction, whatever virtues the bill might have are completely swamped by its trillion-dollar plus impact on government deficits. But before moving on, we should review some of the process through which this bill was fashioned.
Over the long haul, the politicization and perversion of what had been a bipartisan approach to tax lawmaking will prove at least as damaging as the substance of this bill. Further, the debates surrounding who will pay how much as a result of the legislation reveal that the standard tools used to make these judgments are in need of revision.