Trump's Tax Reform: 'Boondoggle' Or 'Chock Full Of Good Ideas'?

WASHINGTON, DC — After the failure to repeal and replace Obamacare, President Trump and the Republicans are moving on with gusto to their next priority: tax reform. The preliminary proposal presented by the party Wednesday still has many gaps, and Congress will wrestle over the details in the months to come — leaving much room for debate.

While many disagree about the how the tax burden should be distributed in society, there's one main thread of agreement on all sides: We need more information to asses the plan. What we know, as Howard Gleckman of the well-respected and independent Tax Policy Center explains, is that the bill would give most benefits to high-income households, simplify many individuals' taxes and cut revenues dramatically, even as it is unlikely to boost long-term economic growth. But many additional details will provide more insight into how the legislation would affect the country.

Here's how the opinion mill is reacting to the proposal so far:

A Boondoggle Masquerading As Tax Reform: New York Times

"The tax 'framework' published by Republican leaders on Wednesday would greatly increase the federal deficit, would not turbocharge economic growth and could leave many middle-class families worse off by ending deductions they rely on. It would do little or nothing to improve the lot of the working class, a group President Trump says he is fighting for. It would instead provide a windfall to hedge fund managers, corporate executives, real estate developers and other members of the 1 percent."

An Opportunity For Pro-Growth And Pro-Family Tax Reform: National Review

"Republicans’ framework for tax reform is chock-full of good ideas about modernizing the taxation of business. Its provisions for the individual tax code are more of a work in progress. The corporate tax rate, now higher than those of other advanced countries, would drop to below the average. Non-corporate businesses would see their tax rates drop, too. ... Business taxation would be done on a territorial basis — which means, in combination with the other changes, that the U.S. would be a more attractive location for capital. Over time that ought to mean faster wage growth."

Watch: Trump Tax Plan Aims To Help The Middle Class And Businesses

Read more: 5 Things To Know About GOP Tax Reform Plans

The Republican Tax “Plan” Is A Deficit-Busting Mess. And It Would Slash The President’s Taxes: Vox

"No responsible economist thinks that this package, including its giveaways to the most affluent, will somehow produce so much economic growth as to offset a $2.5 trillion hole in the budget. ... In short, where personal taxes are concerned, the proposal is a surefire winner for the very top of the income ladder, including the president. It’s also a budget buster, and it may turn out on balance to raise the income tax burden on you, the reader."

Nice ‘Framework,’ Republicans — Now Get The Tax-Cut Job Done: New York Post

"The US economy needs strong medicine to break out of the slow-growth 'new normal' it’s been trapped in since the Great Recession. That has left Wall Street and the rich doing fine, but Main Street and everyone else struggling. The Big Six — Trump’s top two economic advisers, the House and Senate leaders and the two chairmen of Congress’ tax-writing committees — have now outlined just the medicine."

For more information on this and other political stories, subscribe to the White House Patch to receive daily newsletters and breaking news alerts.

Back Without Popular Demand: Tax Cuts For The Wealthy And Corporations: Brookings

"If you ask Americans what bothers them about taxes, the most common answer is 'the feeling that some corporations don’t pay their fair share.' The next most common? 'The feeling that some wealthy people don’t pay their fair share.' Not even ten percent of Americans say that the amount they pay is what bothers them most. And even Republicans are more likely to say they are bothered by corporate tax avoidance than by their own tax responsibilities."

GOP Tax Plan Can Raise The Economic Tide And Lift All Boats: Washington Examiner

"The GOP should be applauded for letting the tax-writing committees figure these out rather than negotiating them in a small, closed group. But it's nearly October. It was almost 11 months ago the GOP found out they'd have unified control of the government, with a surprise opportunity to pass the agenda they've campaigned on for nearly a decade. With all the tax experts in the GOP, it's disappointing the process is not already further along."

GOP Plan Has Large Tax Breaks For The Highest Earners: Bloomberg

"The framework calls for a tax code that is 'at least as progressive as the existing tax code and does not shift the tax burden from high-income to lower- and middle-income taxpayers.' How that will be achieved remains unclear."

At Last, Tax Relief: The Washington Times

"Chopping the corporate tax nearly in half — it’s the highest in the developed world — is necessary for economic survival. The rest of the nations of the world tax at about 20 percent, according to the Tax Foundation, and that’s half of the American rate. This gives Europe a running head start and President Trump is correct, the rest of the world is laughing at us."

Write a letter to the editor of the White House Patch.

Like us on Facebook:

Follow us on Twitter.

Photo by Shawn Thew-Pool/Getty Images