Lost among the barbs and bluster that defined the first Republican debate, Mike Pence spotlighted one of the most consequential decisions the next president will make. One can be forgiven for missing the moment; the former vice president himself almost did. While responding to a query about…
Lost among the barbs and bluster that defined the first Republican debate, Mike Pence spotlighted one of the most consequential decisions the next president will make. One can be forgiven for missing the moment; the former vice president himself almost did. While responding to a query about COVID-19 and the nation’s crime surge, he casually reminded viewers that “those Trump-Pence tax cuts that we got signed into law go away at the end of 2025.
Without strong convictions and clear principles, Republicans risk losing the once-in-a-generation opportunity created by this 2025 fiscal cliff. Done right, reforms can further cut and simplify taxes without making our fiscal situation worse. If we do nothing, economy-crushing tax increases happen automatically.
Our tax code has become a tangled nest of credits, deductions, preferences, and loopholes that provide trillions of dollars to politically favored industries — wind turbines, solar farms, electric vehicles, and specific types of health insurance, to name a few — and move millions entirely off the tax rolls. These provisions should be eliminated wherever possible so that more taxpayers have skin in the game and those making the same income pay the same tax bill.
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