Be warned: Elected officials in Washington will try to buy your vote with your grandchildren’s money.
If recent history is any guide, they’ll do that by cutting taxes without cutting spending by at least the same amount, increasing the national debt. And a big reason why they would do it is because they cannot seem to do anything else. After failing to repeal Obamacare, they think they’ve got to do something.
The details of the proposal released by President Trump and congressional Republicans Sept. 27 are still vague. But among the highlights are, it would reduce the number of tax brackets from seven to three, the highest being 35 percent instead of the current 39.6 percent. Congress would have the option of creating a fourth, higher tax bracket for the wealthy. (Don’t hold your breath.) To offset some of the lost revenue, it would repeal many itemized deductions. (Lots of lobbyists will fight this one.) It also would end the estate tax and reduce the corporate tax rate from 35 percent to 20 percent. Continue reading

