TPM EdBlog: The Big Heist

By JOSH MARSHALL Published DECEMBER 19, 2017 2:29 PM

I mentioned yesterday on Twitter that a “heist” is a better label for the GOP tax plan than “GOP tax scam” or whatever Democratic activists are calling it. The people mobilized against this legislation have done a great job. It doesn’t look like they’ll stop the bill. But they have clearly cemented in the public mind that the tax bill is a brazen giveaway to the richest Americans and corporations. So my point isn’t to criticize. But I think we need a better sense and description of what is happening.

Republicans could have done right-leaning tax reform – basically, a revenue-neutral rooting out of distorting or unmerited tax loopholes and exemptions which are matched with a lowering of nominal rates. They could have done a straight up big tax cut – along the lines of what George W. Bush did in 2001 – an overall cut to pretty much everyone’s marginal rates in which the wealthiest people get the overwhelming share of the benefit.

They didn’t really do either.

The absolute need to pass something and to pass it fast led to a legislative process which was akin to driving the truck up to the loading bay and just taking everything. Looting. Or perhaps a mob bust-out. You may remember there was one episode of The Sopranos that was based on the “bust out” idea. A guy got into debt to Tony. So Tony and his crew took over his business, started ordering goods that they’d then fence for cash. They ran up every debt they could. When they couldn’t squeeze anything more out of it they burned it down to collect the insurance money. News late last week (accompanied by low-energy non-denial denials) that Paul Ryan will likely retire at the end of this Congress completes the tale. Take the money and run.