Tax reform was supposed to attract wide, bipartisan support. Lower rates would be fully offset by cutting unneeded deductions and loopholes. The benefit would be a simpler, more efficient tax code. But the idea has moved steadily toward just another irresponsible GOP tax cut, paid for with magical thinking, that would erode the nation’s fiscal health and burden future generations. Republicans who know better must resist this path.
President Donald Trump released a tax reform framework Wednesday, promising that “historic tax relief” would result in higher wages and a “middle-class miracle.” That’s about as likely as it sounds.