Ryan Lizza: “The Big Six… couldn’t agree on enough reforms to raise revenue. Paul Ryan had one idea, a so-called border-adjustment tax, which would have raised a trillion dollars to offset some of the rate cuts in the plan by taxing imports. But that was nixed by the White House and never replaced with anything as ambitious. In the end, the Big Six also couldn’t agree on as many details as the group originally proclaimed.”
“Instead of doing the hard work of crafting a revenue-neutral tax reform, which requires taking on powerful political constituencies and working with Democrats, Republicans will fall back on arguing that the economic effects of the tax legislation will be so powerful that it will pay for itself with growth.”
