BOSTON — President Donald Trump is newly pitching a massive federal tax code overhaul as a middle-class tax cut that would level the playing field for American business, but Democrats are pushing back against what Sen. Elizabeth Warren described as “warmed-over” Republican trickle down economics.
The Concord Coalition, a centrist, nonpartisan group co-founded in 1992 by the late Sen. Paul Tsongas, expressed its concerns about the impact of Trump’s plan on the nation’s deficit.
Concord Coalition Executive Director Robert Bixby said simplification of the tax code by eliminating most deductions is a “positive goal,” but would likely not be enough to offset the proposed rate cuts. “Unfortunately, the new framework for revamping the tax code doesn’t contain much new information about how the proposed tax cuts would be financed,” Bixby said. “That’s the critical question. Elected officials are touting all the goodies in terms of tax cuts and lower rates while leaving the trade-offs hidden and which taxpayers would be affected unspecified. That’s hardly a model for legislative responsibility.”