I support comprehensive tax reform, but I do not support the “Tax Cuts and Jobs Act.”
This irresponsible bill adds at least $1.4 trillion to the deficit and could add as much as $1.7 trillion. The development of the bill completely left out rank-and-file Republicans and all Democrats. The proposal relies on magical thinking about economic growth in order to pretend there won’t be massive increases to the deficit and debt, and uses gimmicks to make it look like the changes in law cost less down the road.
In 1986, the last time Congress did comprehensive tax reform, it was an inclusive, bipartisan process, and the Senate finally passed it by a vote of 97-3.
Congress is taking us in the wrong direction and is playing tricks in order to get it done. They need to go back to the drawing board.