Our friend Jason Smith, the House Ways and Means Committee Chairman has crafted a bipartisan tax cut deal with Senate Democrats, and we like most of it. The bill would make the expensing of capital purchases a permanent feature of the tax code and make other Trump tax cuts permanent as well.
We don’t like the increase in the refundable child tax credit (which is a welfare payment). To his credit, Smith has insisted that the tax credit only goes to parents who are working. But the evidence is crystal clear that giving people free money reduces work.