House Speaker Mike Johnson speaks during a press conference ahead of a potential budget vote at the U.S. Capitol in Washington, D.C., March 11, 2025.(Nathan Howard/Reuters)

The fiscal, political, and moral case for another round of tax reform

Recent reports suggest House Republicans are thinking of passing a second reconciliation package this fall. They should: There’s a lot of low-hanging fruit that can be used to reduce the deficit without hurting core Republican voters.

The Democrats’ biggest selling point for the midterms is the charge that the GOP’s first bill, the Big Beautiful Bill Act, cuts Medicaid and food stamps to fund tax cuts for the rich. That’s vastly oversold, but the core truth is that spending on those programs is projected to decline compared with projections, while the 2017 tax cuts for everyone, including the rich, were made ...

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