Tax Reform Isn't About 'Cuts'

Congress adopted a budget last week, paving the way for the introduction of a tax bill, and the White House responded (as it is wont to do) with a tweet. "Budget passes house," it read. "Momentum for tax cuts growing. #TaxCuts #TaxReform."

Sadly, this message betrays a confusion that does not bode well for the prospects for smart tax reform. Tax cuts and tax reform aren't the same thing. Tax reform is vital to strengthen the economy. Cuts without reform -- meaning higher government borrowing and a shakier fiscal position -- will weaken it.