Tax cuts do not pay for themselves. They do grow the economy, but that will only cover a portion of the costs, and we should be focusing on how to broaden the tax base to make up the difference. With over a trillion dollars in tax breaks a year, there are plenty of options. The tax reform framework includes some very good pay-fors, but it needs more.
Smart tax reform that does not add to the debt can grow the economy; tax cuts that add to the debt will suppress growth and do nothing more than provide a short-term sugar high followed by a massive bill handed to our children and grandchildren.
With debt under current law already at record highs and projected to keep climbing as far as the projections go, it is unconscionable that the Congress would pass anything that adds trillions more to the pile.
We hope that the final reconciled budget will look more like the House version and chart a course for smart tax and spending reforms that bring the debt down instead of up.