I'm its a coincidence the plan includes a huge tax break for Trump
The 25% pass through income for "small businesses" is a massive giveaway to the rich, many of whom like Trump own private companies that are organized as S corps or partnerships and thus income passes through to personal income taxes (where it is taxed at 39.6%, or at 35% if the rate in the new plan went through, which almost few would end up paying)
If you tax pass thru income at 25% you can bet every entertainer, sports star, Wall Street banker and so forth will ask their employer to please treat them as a contractor, and pay their salary to their shiny new S corp, thus dropping their tax rate from 39.6% to 25%. That would massively increase the already too large budget deficit, unless you're dim enough to believe that tax cuts from current rates will increase tax revenue. It certainly didn't when Bush did it from rates almost identical to the current ones: he turned a large and growing surplus into a massive deficit in record time. It might also starve SS & Medicare, if the pass through rate doesn't also incur these taxes like regular income does (for only the first $130K for SS)
I suspect that won't stop republicans from continuing to make false claims that the rate cuts will pay for themselves because of all the economic growth they'll supposedly generate. The economy has been expanding (albeit rather tepidly) for a near record breaking length of time, so we're probably overdue for a recession. Of course economists will tell you the best time to do tax cuts is during a recession, but that requires the discipline to raise them during growth to contain inflation.
Biting the hand that feeds IT
