Fixing the busted tax code has gained a lot of popularity and now it seems to have the attention of Congress. Fine, but what are they going to do? Granted, they need to stick a fork in it and it’s good to see they are finally dealing with something important and something that matters to “main street”. But will they be able to agree on a plan or will they nit pick to death until they go “on recess” and find themselves once again at a stalemate? Not surprisingly, they are already eyeballing how to spend the extra revenue a plan might generate and it is going to be point to argue over and could be a show stopper. The question in most people’s minds is going to be “will I pay more in taxes?” and that is something they will have to address for the average American who is stuggling.
But even before the two sides zero in on which sacred cow tax breaks to eliminate, there’s still a deep divide over what to do with new revenue: use it to lower tax rates across the board, which Republicans say will free up investment, or plow the money into the federal Treasury to cover spending.