(from https://www.usnews.com/opinion/economic-intelligence/articles/2017-11-10/2017-gop-tax-reform-bill-ignores-lessons-of-ronald-reagans-1986-bill By Claudine Schneider)
". . . This Isn't Reagan's Tax Reform . . . I know this firsthand because I voted to do just that when I was a member of the House of Representatives in 1986, the last time Congress passed major tax reform legislation. But my fellow Republicans don't seem to have learned the lessons of President Ronald Reagan's reform efforts. The 1986 reform rested on a bipartisan deal to lower tax rates in exchange for closing loopholes and exemptions. Revenue neutrality was at the core of the deal, and the reform was meant to be broadly distribution neutral as well, meaning that everyone would benefit, not just the richest. The main driver for our bill was clearly to increase the efficiency of our tax system – something no one can argue against – and not to score partisan points. . . In the 30 years since bipartisan tax reform last passed, the global economy has gone through dramatic changes. Technology and trade have made it easier to move goods, ideas and capital across the globe and to locate them wherever the tax laws are most lax or beneficial. Emerging economies have lifted millions of people out of poverty and reshaped the global political order. And policy decisions driven by an increasingly narrow set of powerful interests have driven economic inequality to dangerous heights leaving us with a world where only eight men own as much wealth as half of humanity, according to Oxfam. . . Indeed, adjusting our tax code to fit the times is necessary. But the bill introduced in the House of Representatives with President Donald Trump's support is not good for the average citizen or for our country. . ."
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