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The Editors

The New Republican Tax Plan Still Isn't a Plan

The so-called "framework" for tax reform has more gaps than substance.
It's all very simple.

It's all very simple.

Photographer: Zach Gibson/Bloomberg via Getty Images

With the release of their new "framework" for tax reform, President Donald Trump and congressional Republicans have once again succeeded in avoiding an actual plan. At best, it's the start of a process that might conceivably lead somewhere.

The framework has some commendable principles -- calling for simpler, lower taxes for businesses and the middle class; a broader tax base with fewer "special interest tax breaks and loopholes"; and measures to deal with the stockpile of foreign earnings that U.S. multinationals have parked abroad. But so many essential details are left blank that the economic effects -- who gains, who loses, and the implications for economic growth and overall revenue -- are impossible to judge.