GOP Panic Boosts Tax Cut Plan Chances

Jonathan Swan: “With the release of the Senate’s plan yesterday, tax cuts are off to a stronger start than health reform’s fraught debut earlier this year. You’ve got high top rates on wealthy people, a concession to the left — yet tons of loopholes and crony tax breaks. Even Republicans who have been skeptical all year about tax reform’s prospects say they see glints of momentum.”

One reason: “Sheer political panic: This may be Republicans’ only chance to hold onto the House. GOP leaders, especially Speaker Ryan, are under no illusions — particularly not after the results in Virginia.”

Another: “Donor pressure: As members and senators have admitted out loud, donors won’t be returning phone calls if united GOP government can’t deliver tax reform.”