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There are days when I think that the mainstream Republicans have a death wish. First, after years of promising to repeal and replace Obamacare, when they get a majority in both Houses and a cooperative President, they do nothing. Nothing in that regard, next to nothing in any other regard. A Supreme Court Justice, yes. A handful of Appeals Court judges. Otherwise, niente. It is as if they are happier in the minority than in the majority.
And when they come to tax reform, what is their big idea? To cut corporate taxes, which would be a boon, and to make up for the revenue losses that this would entail not by cutting expenditures but by gutting the 401k . The fact that their proposal that tax-free contributions to this retirement-savings vehicle be cut to $2400 a year has Wall Street up in arms bothers me not one whit. It is not the task of the US government to feed the greed of a particular industry.