A better tax code could be worth a larger deficit
Since the late 1970s, Republicans have been the party of tax cuts. During this period, successful tax-cut proposals — those that have made it into law — have always combined two kinds of reforms. They have cut tax rates to increase incentives to work, save, and invest. And they have reduced tax bills for middle-class families, typically by granting tax relief to parents.
The tax cut advancing through Congress now, and especially its Senate version, fits within this tradition of marrying populism to supply-side economics. If it is enacted, it should yield a modest, immediate increase in take-home pay for tens of millions of people and a modest, long-term boost to growth for the whole economy.