Fox Business host Trish Regan slammed President Trump and the GOP tax reform bill because it fails to keep Trump’s campaign promise to do away with the carried interest deduction. That lets investors reclassify their income to pay a lower rate than salaried workers.
I happen to agree with her on this issue, and several others. For instance, I’m disappointed that the bill keeps seven tax brackets. I’m disappointed that they had to strike the clause allowing families to put their own money into education savings accounts for their kids’ schooling. Heck, I’m disappointed that it doesn’t disband the IRS, or scrap the entire horrendous tax code and replace it with the Fair Tax. But in the immortal words of Mick Jagger, “You can’t always get what you want.”
But that’s one of many drawbacks of trying to scrape up support to pass a huge bill of any type. Congress members can always find that one detail they don’t like to use as an excuse to vote no and let the perfect be the enemy of the good. That’s why we still have Obamacare (at least this bill includes a repeal of the onerous mandate to buy unwanted and unaffordable insurance or else pay a tax penalty) and why this is the first major overhaul of our oppressive, unwieldy and widely-hated tax code in over 30 years.
I’ve preached for years that Congress needs to stop trying to pass giant omnibus bills that run thousands of pages, are stuffed with superfluous side issues and are too long to read before voting on them. It would make much more sense to break them up and fix each problem one at a time, but as they like to say at the Instapundit blog, that makes it a lot harder to hide the graft. Which is another great reason to do it.
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