The cuts-only plan President Trump is expected to unveil Wednesday follows a pattern: The risk associated with higher deficits takes a back seat when it comes with political pain.
“I am the king of debt,” Donald Trump famously boasted during last year’s campaign. On Wednesday, the president is going to set about proving it—but perhaps not in the way he originally meant.
All indications are that the tax plan the White House is slated to unveil will include what Trump has described as a “massive” cut in the rate that corporations and many small businesses pay to the government. But it will omit the more politically painful choices that Republicans would need to make to offset the corresponding loss of revenue, such as House Speaker Paul Ryan’s proposed tax on imports or the elimination of popular deductions for charitable giving and homeowners. The result is a tax plan that, like the ones Trump offered as a candidate, could add trillions of dollars to the national debt. You can call them tax cuts, but they aren’t tax reform.