President Trump’s tax plan gives those of us with long memories a strong sense of déjà vu. We’ve seen this play before, and the ending is inevitably modest: a few of the pieces of a horrendously complex, unfair tax system are moved around, victory is declared, and the creatures of the Swamp—those self-serving elites that benefit from the complex, unfair monstrosity—continue raking in their billions of dollars in fees while the rest of us are burdened with billions of dollars in tax-preparation costs.
The opening act of this tax-reform play always starts with a claim that by golly, this time we’re really going to simplify the tax code. Trump’s plan calls for reducing the number of tax brackets and eliminating all deductions other than those for charity and mortgage interest; by way of compensation, the standard deduction will be doubled.
Such changes make for catchy headlines, but the reality is the tax code will still run to thousands of pages.