The Big Picture

A Tax Plan that’s All Stuffing?

US President Donald Trump has set a Christmas deadline for enacting the Republican tax plan, and economic observers are virtually unanimous in judging it a turkey. A scheme that squeezes the middle class and blows out the fiscal and current-account deficits may pass, but it will never fly. 

Reagan tax reform David Hume Kennedy/Getty Images
Donald Trump and President Ronald Reagan meet at a 1985 White House reception Ronald Reagan Presidential Library
 Donald Trump standing alongside Gary Cohn, Steve Mnuchin, Elaine Chao and  Mick Mulvaney Drew Angerer/Getty Images;

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