Democrats’ tax plan to fund $ 3.5 billion budget bill makes perfect sense (Editorial)

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It could be seen as a solid effort to restore some order, a lucid attempt to restore an essential balance.

House Democrats have released details of a tax proposal that would pay off a good chunk of a sweeping bill they seek to pass to expand and strengthen the social safety net. Four years ago, President Donald Trump and majority Republicans in Congress imposed a sweeping tax cut that gave the most to those who needed it least – businesses and the very rich. The new plan, from the House Ways and Means Committee, would reverse some of those cuts, but not affect those earning less than $ 400,000 a year.

This only makes sense.

Here is Representative Richard E. Neal, a Democrat from Springfield who heads the Tax Drafting Panel, explaining the thinking behind the plan:

“We are looking to help families better pay for basic necessities with continued expanded child tax credit and investments that will lower the cost of prescriptions and health insurance premiums.” And we can do all of this while funding our plans responsibly. “

Sounds reasonable enough, right? Well, not to everyone. Unsurprisingly, Republicans in Congress immediately said they would oppose the entire package, lock, stock and barrel.

And why, one wonders, is not it? Because companies shouldn’t be paying their fair share? Because the richest Americans shouldn’t either? Because the tax system we have makes so much sense?

No one could rationally make any of these arguments. But Republicans are not looking for rational arguments; they just say “no” to anything that comes out of a Democrat’s pen.

Although the Republican plan four years ago was extremely unbalanced, the Democratic proposal unveiled on Monday was not a rush in the opposite direction. On the contrary, it was rational, restorative, even moderate in some respects.

Consider this: Before the 2017 tax cut, the top corporate tax rate was 35% and was reduced to 21%. The Democrats’ plan would take it to 26.5%, still well below what it was.

The proposal is not the last word on the matter, as changes to the plan, which would bring in an additional $ 2.2 trillion, will surely be made as the debate unfolds. But it provides a solid foundation for funding a host of Democratic priorities in healthcare, child care, climate, education, and more.

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