The Republican tax bill is an abomination. It gives hundreds of billions of dollars in tax breaks over the next decade to the country’s richest people. The Trump family alone stands to pocket more than $1 billion from the reduction in the estate tax and other provisions in the bill.
Furthermore, instead of making the tax code simpler, it creates all sorts of new gaming opportunities. Corporations will have enormous incentive to have their profits show up in tax havens, where they will be able to escape U.S. taxation altogether.
The new rules on pass-through businesses means that anyone is a complete schmuck if they don’t arrange a 23 percent tax deduction by having their pay come through their own pass-through. And the repeal of the Johnson Amendment means that rich people will now be able to get taxpayers to subsidize their unlimited campaign contributions by donating to the Church of Republican Politicians.
But one argument repeatedly made by opponents of the bill, that it imposes some huge burden on children, is just painful to see. What do these people think they are saying when they make this assertion?
The tax bill hurts middle class and poor Americans in many many ways, but the government debt argument is 100% the wrong argument.