Letter: Problems with proposed tax code
The federal tax code is being rushed for passage before Christmas. Unfortunately, the Congressional Budget Office will not have time to evaluate it for the public.
The current plans want you to have more money and to stimulate the economy. Therein lies a problem. The plans are about $1.5 trillion short of revenue over the next 10 years due to tax cuts. Therefore, the proposal creates a huge deficit to pay for the remainder of lost revenue (tax cuts). In other words, you pay later for a possible tax rate reduction now.
There is one way to provide real tax benefits. Revenues have to be greater than expenses. In which case, the excess revenues can be channeled as tax cuts which is desirable. No deficit spending and/or stripping programs. This is legitimacy in one package.