Professor Ventry Publishes Op-ed in The Hill on Republican Tax Plan
Professor Dennis Ventry published an op-ed in The Hill regarding the Republican-sponsored tax bill currently before Congress. Calling the Treasury Department’s analysis of the bill “delusional,” Ventry said there was “zero chance” the tax plan will generate the amount of economic growth predicted by the White House. “Rather, the bill is guaranteed to increase deficits and mortgage future generations with crushing debt, making it that much harder for America to be great again any time soon,” writes Ventry.
The Treasury Department summary of the bill’s impacts is “bereft of economic analysis,” Ventry writes, and includes an unsubstantiated estimate of economic growth that is “divorced from facts or reality.” Ventry points out that analyses by the Joint Committee on Taxation, Congressional Budget Office, Tax Policy Center, Wharton School of Business, and Tax Foundation predict the bill would raise deficits by at least $516 billion and as much as $1.5 trillion. Ventry writes that even those figures underestimate foregone tax revenues because they fail to account for predictable efforts to exploit loopholes in the hastily drafted plan.
“I usually hate year-end predictions,” Ventry concludes. “For starters, they rarely come true. But here’s a prophecy you can count on: The tax bill that Republicans are recklessly racing to pass before the holiday recess will never pay for itself and will explode deficits deep into the future. Bah! Humbug!”
Professor Ventry is an expert in tax policy and legal ethics. His research interests include tax expenditure analysis, family taxation, professional responsibility and standards of care, tax filing and administration, tax compliance, public finance, and tax and legal history. In addition, he is Chairman of the IRS Advisory Council, and co-author on the casebook, Federal Income Taxation with Martin McMahon, Jr., Daniel L. Simmons, and Bradley T. Borden.