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Every major problem in the GOP tax bill stems from one original sin: promising corporations a massive tax rate cut worth $2 trillion. 1/
A) There are a lot of very rich business owners (like Trump himself) who deliberately avoid corporate taxes. They wanted a tax cut too. 2/
So that leads the GOP to include the pass-thru loophole. Super expensive, bad policy, but corp cuts force them to do it. 3/
Now, all of sudden, the GOP has already committed itself to like $3 trillion in tax cuts for big business with no way to pay for that. 4/
So now comes the hunt for "offsets." They can't use entirely business offsets, since that defeats the point of the entire exercise. 5/
That means they have to take money from individuals to pay for their big business tax cuts. Even with a $1.5 trillion cushion. 6/
Student loan deduction gone, the cap on the MID, the SALT repeal, New Markets tax credit gone. Even phase out of new family credit. 7/
Not to mention slower inflation indexing, eliminating personal exemptions, medical expense deduction gone. 8/
Some of these hit higher income people, but most also hit the middle. Why? Because they need $$ to pay for those business tax cuts. 9/
Fundamentally, when you start by promising trillions to big business, you are going to run into these problems. No way around it. /end
