Having already failed miserably at health care, infrastructure and immigration reform, Trump is barreling down the road toward tax reform failure.
The most notable aspect of his tax reform outline is the doubling of the standard deduction to $12,000 for individuals and $24,000 for married couples. Nearly 70 percent of households already chose to take the standard deduction now and this should increase that exponentially, especially since most deductions except for charitable donations and mortgage interest would be eliminated.
As The Wall Street Journal notes, millions will be able to file on a postcard.
But the usual suspects are already wailing about their special-interest tax deductions oxen being gored.
While Trump and his ilk say his $5 trillion in tax cuts will be covered by economic growth generating enough tax revenue to cover that, many economists question this conclusion. Of course, hardly anyone is calling for cutting spending by $5 trillion. Trump himself has allowed the debt to balloon beyond $20 trillion.