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Tax “Reform” and Deficits

“What’s in store with tax reform?” asks a newspaper editorial. I didn’t bother reading it. I can predict where this is going.¬†All talk about deficits will magically disappear. Just like last time. Then once the taxes are cut (with 95% of the benefit going to the 1%) we’ll suddenly hear how we can’t afford the government that up until the tax cuts had been quite affordable. Talk about the deficit will magically reappear, but only because we will suddenly need to cut most spending, because… that deficit we didn’t have when taxes were higher. That you could fix deficits by raising taxes will somehow never get mentioned. That is what’s in store. I’ve seen this movie before.

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