Abstract
With the election of Donald Trump and the Republican Party’s domination of Congress, it is time to seriously consider President Trump’s tax plan and House Speaker Paul Ryan’s blueprint for fundamental tax reform. The Trump plan lacks detail, but includes unrealistically large and regressive tax cuts. The Ryan blueprint combines reduced individual rates with a consumption or cash flow type business tax applicable to large businesses. This blueprint represents a regressive return to the type of tariffs that financed the US government before the passage of the Sixteenth Amendment in 1913, which is a betrayal of the working class voters that elected Mr. Trump. In addition, the Ryan blueprint has three major problems: It is incompatible with our WTO obligations and with our tax treaties, and will not solve the problems of income shifting and inversions it is designed to address.
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