You can read The Times Editorial Board’s analysis — that the plan relies on the discredited notion that tax cuts for the rich help everyone — here.
Howard Gleckman of the Tax Policy Center, probably the single best source for tax analysis, writes that the plan “may cut taxes modestly for some middle-income households, but it appears to be a far bigger tax cut for high-income households.”
Wealthy households, Gleckman explains, would benefit from individual rate cuts, repeal of both the alternative minimum tax and the estate tax, as well as tax cuts for corporations and “pass-through” businesses (such as sole proprietorships and partnerships).
In Fortune, Seth Hanlon points out that this last provision would shower huge benefits on Trump’s family.
And the tax cuts for the affluent are so large — trillions of dollars over the coming decade, says Lily Batchelder of N.Y.U. — that they would cause the deficit to soar.
James Pethokoukis of the American Enterprise Institute writes that “their plan should be a non-starter.” He adds, “It also makes a joke of the GOP’s supposed deficit worries during the Obama years.”
As those comments suggest, the plan didn’t even win good marks from many conservatives. National Review’s Ramesh Ponnuru had one of the less harsh takes and argued that the plan would be much better with a large child tax credit.
The search now begins for three Republican senators — enough to stop this plan — who are willing to take a stand for the deficit and the middle class.
You can watch a video of Trump’s tax speech here.
Dr. Enrichment. The scandal over the use of private planes by Tom Price, the secretary of health and human services, continues to grow. The House Oversight Committee has launched an investigation, no small thing given that Price was until recently a member of the House.
Rachana Pradhan and Dan Diamond of Politico broke this story and deserve a lot of credit. It’s excellent investigative reporting.
This isn’t the first example of Price using a government job to support his own lifestyle. He also had a history of dubious stock transactions while in the House, and I covered the ugly details in a column.
Price helped design the administration’s approach to health care reform, which would have taken health insurance from millions of Americans. “If Price goes down, it will be over his travel bills, which is sort of like Al Capone going to jail for tax evasion,” my colleague Gail Collins argues in today’s Times.
In The Times. “I’m not offended by what is happening in the N.F.L. right now,” writes Kelly McHugh-Stewart, whose father, an army colonel, was killed in Afghanistan in 2010. “Not once during these peaceful protests have I gotten the sense that the players’ intention is to disrespect the military. Not once did I feel that they were taking my father’s ultimate sacrifice for granted. Rather, they were exercising the exact freedoms my father gave his life for.”
The full Opinion report from The Times follows, including Manal Al-Sharif on Saudi Arabia’s decision to let women drive.
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