In order to fulfill a campaign promise the GOP is trying to pass a tax plan that increases the deficit to achieve a short term political gain. If passed, the politicians will run home and say “we did it.” From what we are learning they will do it, they will pass a deficit increasing tax plan kicking the deficit down the road for others to worry about.
The bill would add 1 trillion to the deficit. However, just when you think a deficit increasing plan may pass…
The Republican plan for a massive tax overhaul slammed into late-stage drama on Thursday as party leaders scrambled to prevent several members from derailing the entire effort.
The tension played out during a tense 62-minute standoff on the Senate floor, as Sens. Bob Corker (R-Tenn.), Jeff Flake (R-Ariz.), and Sen. Ron Johnson (R-Wisc.) refused to vote with their colleagues until they had assurances that more changes could be made to the bill.
Corker and Flake had just been informed that their proposed “trigger,” a mechanism to raise taxes if economic growth came in slower than projected, would not be allowed by the Senate’s parliamentarian.
So they demanded the bill be fundamentally changed to add tax revenue back into the package, a concern that had become heightened because just minutes earlier the Joint Committee on Taxation found that the plan would add at least $1 trillion to the debt over 10 year.
The competing demands sent GOP leaders scrambling. They control just 52 votes in the 100-seat chamber, and they can’t afford to lose three Republicans if they want the bill to pass. After Corker, Flake, and Johnson agreed to let the debate proceed, GOP leaders conceded that numerous changes were now under consideration.
They are discussing adding higher taxes on upper-income Americans and adding some taxes on certain companies, though more details couldn’t be immediately learned. The Washington Post
The issue should be centered around long term discussion of reforming the tax code, not a quick fix to say we got it done. The tax code needs to be trashed and rewritten with the goal of enacting a fair and equitable system expanding the tax base. The political bickering needs to stop and the bipartisan effort at long term reform should start.
Bob Corker should just say no, tell Congress to stop, take a breath and engage in a long term discussion of reform with the goal of scrapping the current code and replacing it. Perhaps he should rewrite the code with the goal of passing it in 2018? After all, he is not running for election…