Fiscal Responsibility Or Lower Taxes?
Ben Shapiro, Townhall
This week, Republicans in the Senate finally passed their long-awaited tax reform plan. It lowers individual income tax rates across the board, although it does claw back some government revenue in the form of elimination of state and local tax deductions. It drops corporate tax rates as well. It is, in other words, a significant but not atypical Republican tax cut designed to boost economic growth by allowing Americans to keep more of their own money.
The tax cut will almost certainly increase the deficit, however. Even with dynamic scoring -- the assumption that the economy will grow at a faster clip thanks to tax cuts -- the tax cuts could lead to $1 trillion in lower revenue through 2027. This has led some conservatives to sour on tax reform altogether, rightly saying that Republicans were, until a few months ago, complaining incessantly about former President Obama's blowout deficits and the burgeoning national debt, which now stands at a cool $20.5 trillion. That doesn't include long-term unfunded liabilities, which are slated to bring the debt to some $70 to 75 trillion in coming decades.
So, which is more important: cutting deficits or cutting taxes?
The answer, in the long run, is obvious: cutting deficits. Deficits impoverish future generations; they undermine the credibility of our financial commitments; they prevent us from fulfilling promises we have already made to our own citizens. There are already millions of Americans who will never receive Social Security in the amount they have been promised; there are already millions of Americans unborn who will spend their lives paying off the commitments made by others for political gain.