A Tax Overhaul Would Be Great in Theory. Here’s Why It’s So Hard in Practice.

Neil Irwin: “A short list of the plan’s potential benefits looks awesome: It would give companies more incentive to keep jobs in the United States, less to overextend themselves on borrowed money and provide vast savings by reducing what companies spend on tax lawyers, who help them game the current system.”

“Yet these changes could also set off a cascade of more harmful effects. The plan could shift trillions of dollars of wealth from Americans to foreigners; set off an emerging markets financial crisis; wreak havoc in global oil markets; and cause sustained harm to the American higher education and tourism industries (including, as it happens, luxury hotels with President Trump’s name on them).”

“Welcome to the real world. The tax code has been flawed and inefficient for a very long time, precisely because fixing it could be so terribly disruptive.”

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