Congressman Republican Kevin Brady (R-TX), who was one of the leading writers of the tax bill, is realizing that it’s an economic time bomb waiting to go off.
According to Politico, the tax bill makes several blunders, including business deductions that are impossible to claim. It also allows money managers to avoid a new “carried interest” tax. And it “creates two different start dates for new rules that make it harder for businesses to shave their tax bills.”
Brady, seeing just how broken the tax code is, promised to “develop a punch list of provisions that need to be addressed.”
And the best part? They need Democratic votes, who have no reason to help them edit their terrible bill after being locked out of the first draft and weren’t even allowed to see the bill even as lobbyists helped write it.
Republicans also have to deal with the fallout of the bill, which is still very unpopular despite a slight rise in the approval. As companies like Wal-Mart and Harley Davidson use the tax bill to fire more people, and most Americans realizing the tax bill won’t help them at all, the GOP will have trouble getting public support if they don’t make changes while they redraft the bill. Not that they ever cared before.
So, to get Democrats on board, the Republicans will have to be willing to make major changes to their tax plan. Democratic Ohio Sen. Sherrod Brown made this clear when he said, “We want to make the bill better, not just correct whatever technical fix is needed.”
If Republicans don’t work with Democrats to fix the bill, they will be the author of an economic crisis. And they know it.