Shortly, the U.S. House and the Senate will be taking up “tax reform.”
While some reform in the tax code is needed, the real thrust of the Republican plan is to cut taxes. They will cut taxes under the guise of creating jobs and stimulating growth. They continue to practice the infamous “voodoo (supply side) economics” as described by George H.W. Bush. Cutting taxes for corporations, businesses and the wealthy will mythically cause new economic growth. They will throw a few breadcrumbs at the middle class to try to hide the disproportionate share of the tax cuts going to the wealthy.
When the voodoo economics is played out, the growth rate will not live up to the promises and the deficit will grow because of the tax cuts. They count on our memories being short so that we don’t link the negative results a few years from now to their failed policies.