Senate tax bill

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The bill is decent, what's your beef? Who can argue with a rare gift of minor legislative sanity. Lower rates. Fewer deductions.

We should stop trusting forecasters who predict either massive growth or massive deficits because of this bill, but there will be some marginal impact Inshallah it finally passes.

Did you not see how it was passed?

Dread, while I agree with you that the apocalyptic tone being used by many is inappropriate for a bill that is only of middling awfulness, Loki is right that the way the Senate passed it was a farce, with all sorts of ridiculous carve-outs for special interests and constituencies. Don't you find that incredibly frustrating given that the bill is being sold as a simplification of the tax code?

Look, I like some of the underlying logic - yes, scrap itemized deductions and other write-offs for the rich and replace it with a higher standard deduction and modestly lower rates all around. Absolutely cut the corporate tax rate and switch to a territorial system. But it should be done intelligently - the total tax burden on corporations, for example, should probably stay similar by scrapping much of the deductions and workarounds they currently have available - it's the marginal rate that matters, along with allowing for painless repatriation of money. And the overall impact on individuals should probably be designed to be relatively neutral, albeit with reduced marginal rates and fewer distorting incentives. More importantly, it's adding enough to the deficit that it's probably not going to pay for itself even with a bit of a growth boost.

We know of course, that the bills as they currently stand are far from this scenario - they do little to simplify the tax code, leave in too many deductions for both corporations and individuals, and are structured to - in the long run - benefit the wealthy far more than anyone else. The Senate bill is in many ways worse because of the truly embarrassing number of carve-outs they had to add in order to get to 51, and it's likely to be the basis of any negotiations in conference since the margin in the Senate is so much smaller.

I think the hyperbole on the left is politicking - this is hardly a disaster for the country. But it sure as hell isn't 'decent'. It's at best mediocre and might be better described as disappointing. If this is the best the Republicans can come up with when they control every branch of government, I'm sorely unimpressed.