The Trump Tax Cuts Were Neither Panacea Nor Rip-Off
The breaks are due to expire in 2025, making it an election-year issue. Whatever is decided, reversing the benefits given to businesses is the last thing lawmakers should do.
Some big tax changes may be coming.
Photographer: David McNew/Getty Images
Back in 2017, the debate around President Donald Trump’s tax cuts was a case study in how quickly a discussion around legitimate policy can descend into partisan nonsense. On one side, Republicans spouted unfounded claims that the tax cuts would pay for themselves. On the other, Democrats spouted equally unfounded claims that only big business and the wealthy would benefit.
As usual, the truth landed somewhere in the middle. No, the Tax Cuts and Jobs Act of 2017 didn’t pay for itself but at this moment reversing the marquee part of the legislation - lower tax rates for companies — to help narrow the bulging budget deficit is the last thing we should do. And while the cuts yielded benefits to Americans up and down the income scale, the benefits could best be described as modest.