TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Saturday, December 30, 2017

Almost Everything Is Wrong With the New Tax Law

Wall Street Journal op-ed:  Almost Everything Is Wrong With the New Tax Law, by Alan S. Blinder (Princeton):

Dec. 20, 2017, should go down in political history as a day of infamy or absurdity, probably both. After passing a massive tax bill without a single Democratic vote—something highly unusual in itself—congressional Republicans gathered with President Trump on the White House steps that day to engage in an orgy of self-congratulation.

The president patted himself on the back so vigorously that he might have required physical therapy. One after another, Republican senators and representatives competed for the honor of offering the most unctuous praise for their Maximum Leader. But Sen. Orrin Hatch of Utah, who was previously thought to be level-headed, set a new standard for fawning by declaring that Mr. Trump may be the greatest president ever. Ever? Not Lincoln? Not Washington?

Was this love-fest because Republicans had just passed an economically sound and wildly popular tax bill that was winning praise from tax experts and scoring marvelously in public opinion polls? Not quite. Polls show that Americans hate this bill.

As they should.

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The panik among liberal intellectuals suggests to me that it's probably not all that bad.

Posted by: mike livingston | Dec 30, 2017 4:40:26 AM

So many things wrong with this post. The public hates it because the media has told them to. My first calculation of 2018 taxes show that they will go down. Hurrah for me. I think most Americans will find the same. The less money the evil, corrupt government gets the better. Some good aspects of the bill are taxes on University endowments and increased taxes on high earning blue staters. The GOP has to learn to play hardball like the evil Democrats. Ratchet up the taxes on all left wing entities, pursue scorched earth policies against public Unions, turn the trial lawyers against businesses that hire illegal and things may get interesting. It is with good reason that the GOP is known as the stupid party.

Posted by: wesmouch | Dec 30, 2017 5:21:00 AM

The "new normal." Short memories. Recall no bi-partisan votes for PPACA nor Dodd-Frank.

Posted by: Tom N | Dec 30, 2017 10:56:40 AM

You are kidding. This says the tax law is bad because polls say it is bad. There are no analyses or explanations of why it is bad. I really can't believe this. Is it bad because it will inhibit economic growth? Is it bad because it gives "THE RICH" money they don't deserve? Is it bad because it is distorted, unfair, destructive of our system of government revenue raising, etc.? Give reasons, not opinion polls from people who don't have any idea how the tax laws will affect them? Seriously!

Posted by: David | Dec 30, 2017 5:55:07 PM

Maybe if you go behind the paywall at WSJ you can read what comes after "as they should."

Posted by: Russ Willis | Dec 31, 2017 6:43:47 PM