The package that will be presented in the House of Representatives is a good plan. It does not have everything everyone wants, but it has a great deal of what people want. It heads in the right direction. I understand some of the compromises they made, e.g corporate rates compared to LLC rates, even if I would prefer otherwise. But the framework is good.
I understand the concerns of some conservatives that this tax plan seems more business oriented than individually oriented. It is a fair concern that can be improved along the way. But after eight years of Barack Obama, we live at the first period in American history where more businesses are closing up than being created in America. We need to rekindle American industry. Making our outdated tax code competitive again is a great start. Lowering our corporate tax rate from the highest in the western world to one that competes with other western countries is critical. It will get American companies to repatriate capital. It will incentivize new American businesses. And it will hopefully spark economic growth.
The Senate GOP seems to screw up everything it touches. Hopefully they will not screw this up. They should work with House Republicans now to shape a plan that can pass through reconciliation to avoid a Democrat filibuster. And conservatives need to watch the process of passing this legislation to ensure K Street does not award cronies and special interests who will use the changes to benefit themselves at the expense of middle America or small businesses.
If Republicans cannot pass this plan, they really are good for nothing.