On September 27, the administration and congressional tax-writers (The Big 6) released the Unified Framework for Tax Reform.
The best way to evaluate the Framework is to acknowledge its limitations. It’s incomplete – it’s not a tax plan. Any analysis that fails to acknowledge this fact is no analysis at all. Policy observers should discount these exercises in fiction accordingly, and dismiss entirely the musings of partisans who rely upon them for their critiques.
The Framework telegraphs the direction in which the tax-writing committee is heading – a more modern, competitive and simpler tax regime – but hardly the final destination.