Tax cuts hidden in Congress’ tax reform, explained

  In a joint statement on July 27, top Republican policymakers in the House and Senate, along with President Donald Trump’s top two officials responsible for tax policy, re-upped their commitment to passing “comprehensive tax reform.” With the help of business groups and conservative organizations backed by the Koch brothers, they plan to ramp up their campaign for tax reform over this Labor Day weekend.

  The language that Republicans are using to push these proposals—“make taxes simpler, fairer, and lower” for American families—sounds appealing. But the policies on their wish list are almost entirely tax cuts, and almost all of the benefits (99.6 percent under House Speaker Paul Ryan’s plan) will go to the top 1 percent of taxpayers.

Congress should reassess the importance of two corporate tax breaks

  A series of tax breaks expired at the end of 2013. These tax breaks are all technically temporary, but they are extended so regularly that they are collectively known as the tax extenders. Some of these tax extenders are good policy, such as relief for foreclosure victims, support for energy efficiency and renewable energy, incentives for businesses to hire disadvantaged workers and veterans, and tax credits to revitalize economically depressed areas. Other tax extenders, however, offer fewer public benefits and primarily subsidize big multinational corporations.

Edwin J. Feulner: The Recurring debt-limit drama

  Get ready for a little deja vu from Washington. The federal government is about to hit the debt ceiling, now set at a whopping $16.8 trillion. Yes, again. It’s like the Bill Murray movie “Groundhog Day” — only this time, unfortunately, no one is laughing.

  Time and again, Congress bumps up against the debt ceiling amid talk of finally getting spending under control. Time and again, they raise the ceiling, but only after a sufficient dose of political theater. How’s this for a punch line: The gross debt breaks down to more than $140,000 per American household. Still not laughing?