Nothing motivates and unifies Republican pols like tax cuts that further enrich their big donors, impoverish the ignorant base, and provide a war whoop for the next election, which is why I suspected from the beginning that Republicans would be successful in their supply-side monstrosity of 2017. There's still time to avert this rolling calamity by persuading Republicans such as Susan Collins that the Senate tax bill is even worse than it originally looked. But time is an increasingly scarce commodity. The Senate is, as you know, likely to vote on the bill by tomorrow — "a 515-page mammoth [that] was introduced just last week," notes the NY Times editorial board, with my emphasis.
The Senate bill (not to mention the House's) is a fundamental and precipitous overhaul of fiscal decency, which, in the U.S. tax code, is already as scarce as persuasion time. "This is not how lawmakers are supposed to pass enormous pieces of legislation," observes the Times. At the very least, Congress should hold numerous, protracted hearings in which relevant experts can offer critical analysis. Not so with this bill. It more resembles Nicholas II's packing time to try to get the hell out of Dodge.
In an accompanying piece, the NYT concisely offers the expert testimony that would have been heard by this Republican Congress, if only it possessed a dram of intellectual integrity. Other than conservative Douglas Holtz-Eakin's lament that "We’ve been bleeding corporate headquarters … for a long time" — that would be those corporate HQs that are seeing their highest profits in history — those in the know range from academics to business executives. To wit:
*Edward D. Kleinbard, a former chief of staff at the Congressional Joint Committee on Taxation who teaches law at the University of Southern California, [said the GOP tax plan is] "not aimed at growth. It is not aimed at the middle class. It is at every turn carefully engineered to deliver a kiss to the donor class."
*"Either it’s a religious belief, a belief where no amount of evidence would change that, or they are using the argument cynically and they just want more money for themselves," [said Nobel Prize-winning economist Joseph E. Stiglitz of Republicans' supply side theory.]
*"What they have here is a big tax cut for the rich paid for with random increases in taxes for various constituencies," [said Bruce Bartlett of both the Reagan and H.W. Bush administrations]. "It’s ridiculous. And it’s telling that they are ramming this through without any debate. All of the empirical evidence goes against the tax cut."
*"In our boardroom, the number-one thing we’re talking about is not taxes," said Jeremy Stoppelman, chief executive of Yelp, the online review platform. "Having a strong middle class out there spending money is what’s most important for our business."
*"This is a repudiation of the social contract that Franklin Roosevelt announced at the New Deal," Joseph J. Ellis, a Pulitzer Prize-winning American historian, said of trimming benefits for lower- and middle-income families to finance bigger rewards for the wealthy.
*"This tax bill is a grand deception," said Arnold Hiatt, the former chief executive of Stride Rite, which makes children’s shoes. "It hurts the most vulnerable, and hurts health care and education, which are essential for a healthy economy."
Finally, said Princeton history professor Julian Zelizer, "When the time of reckoning comes to fix huge deficits, social safety-net programs will be first on the chopping block. [The tax bills are] very far-reaching, but there hasn’t been much of a debate."
In terms of Capitol Hill hearings, there has been none. Democrats devoted hundreds of hours to hearings on the Affordable Care Act, which Republicans charged was peremptorily "rushed through."
If hypocrisy were a virtue, Republicans would be saints. And yet if Republicans had held hearings, testominy would have come only from the nation's handful of Douglas Holtz-Eakins. For if their party isn't to be "toast," as Sen. Lindsey Graham put it, they'll pass this bill, come hell or high hypocrisy.