Lobbyists Are Back on the Prowl

The White House killed the notion of the “border adjustment” tax by excluding it from its plan, a victory for retailers, oil companies and other importers who have railed against the idea of taxing imports. But with the Trump administration preparing to ax all individual deductions except for mortgage interest and charities, not everyone is happy. The National Association of Realtors has already expressed its displeasure with the doubling of the standard deduction, arguing that it waters down the tax benefits of owning a home. Other trade groups and special interests will find other parts of the tax plan to attack or support.

Helping the Rich, but the Rest?

As a candidate, Mr. Trump suggested that rich people like him should actually pay more taxes. But nothing in his tax outline suggested that would be the case. The repeal of the estate tax and the alternative minimum tax and the extraordinarily low business tax rates suggest that the rich will do quite well under Mr. Trump’s plan. What is more, Mr. Trump’s advisers could not offer any insights into how middle-income Americans would fare under his plan. On Thursday, Treasury Secretary Steven Mnuchin was asked on ABC’s “Good Morning America” whether the middle class wouldn’t be paying more taxes. “I can’t make any guarantees,” he said.

And Then the President’s Taxes

Since Mr. Trump insists on breaking tradition and keeping his tax returns private, they become a potent issue. From what is known about Mr. Trump’s wealth and the bits of his tax information that have been made public, he would have quite a lot to gain from his proposal. The repeal of the estate tax and the alternative minimum tax would be a boon for Mr. Trump, as would a lower corporate tax rate and a territorial system that would let foreign profits go untaxed. As each detail of his plan becomes clearer, critics of Mr. Trump will muddy the policy debates by using his taxes as a rallying cry of opposition.