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Neil Irwin, New York Times, Upshot, February 10, 2017: A Tax Overhaul Would Be Great in Theory. Here’s Why It’s So Hard in Practice.
Budgets and taxes are very complicated. Over the past decades we have tweaked the tax brackets and marginal rates, added a few more loopholes, but otherwise have left the system intact. I suppose Reagan's reductions in taxes across the board could be considered major, but otherwise, politicians make a lot of noise, but in the end the changes have only a marginal effect on the economy. Basically the rich get a bit richer when Republicans are in office and vice versa.
Trump's budget and tax plan is a true major overhaul. Thus far it has sounded pretty good on the surface for those who would benefit, but digging into the details and looking longer term there will be major global disruptions in trade and economies that are hard to predict.
Neil Irwin in his NYT article above explains to us laymen the implications of Trump's plan, if indeed it can muster up enough Republican support. Quoting Irwin:
A short list of the plan’s potential benefits looks awesome: It would give companies more incentive to keep jobs in the United States, less to overextend themselves on borrowed money and provide vast savings by reducing what companies spend on tax lawyers, who help them game the current system.
Yet these changes could also set off a cascade of more harmful effects. The plan could shift trillions of dollars of wealth from Americans to foreigners; set off an emerging markets financial crisis; wreak havoc in global oil markets; and cause sustained harm to the American higher education and tourism industries (including, as it happens, luxury hotels with President Trump’s name on them).
Why and how? Read the rest of Irwin's article at the above link. A tax structure built up like a Jenga Giant over decades cannot easily be changed from the bottom up. That's what Trump is trying to do. I'm not casting judgment on the merits of the plan in theory. It's just the reality of making it happen in the real world may be difficult, especially in our political environment where the loudest voice in the room gets noticed more.