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Democrats attacking the Trump tax cut have primarily voiced two objections: first, that it is a tax cut for the rich. And second, that it will blow a hole in the deficit.
If Republicans get smart, they can squash both of these arguments — and strike a blow for a much more ambitious, once-in-a-generation tax reform than the plans now on the table in the House and Senate.
To do so, they should revisit an idea that was central to the original Trump campaign plan that Larry Kudlow and I helped to craft. In every meeting, Donald Trump told us he didn’t want a tax cut “for rich people like me.” So we solved this problem by putting a global cap of $150,000 on all deductions and credits.