This column first appeared in Time
Maya MacGuineas is president of the nonpartisan Committee for a Responsible Federal Budget.
President Trump is on the right track by turning focus toward fixing our nation’s broken tax code. But so far, he is going about it all wrong.
We desperately need tax reform. True reform requires making the tough choices about what works and what doesn’t, not simply offering tax giveaways for all. Tax rate cuts are important and a driver of growth, but do not be hoodwinked: no way will they pay for themselves.
The President’s plan could add over $5 trillion to the national debt over the next decade. As a result, debt would rise to a higher share of the economy than any time in history.
As a nation, we cannot pretend we can grow our way out of any hard choices.
But the President is right to focus on economic growth. If we don’t get our economy growing again, the American dream may be history.