At a certain point, we should take a break from tax cuts, tax code changes, and the like. We'll have hit a sweet spot where the system is pretty good, the cost of change eats up most of the remaining benefits and better to leave well enough alone. We'll miss that sweet spot by a mile if we're not careful.
Right now, I see tax reform and tax cutting as a runaway train. There are still many things left to cut or reform, lots of room for improvement but I'm starting to detect that a significant portion of the Republican office holding class doesn't much care for reform and improving the system. They're looking for something to put on their campaign brochures for their next reelection.
This is a real challenge for the center-right policy shops, Heritage, Cato, and the rest of that ecosystem. They have to keep the policy idea hopper full in order to provide ready replacements when something gets done. You'll know that the new Republican era of political dominance has peaked and started to decline when they start failing to do so.
Posted by TMLutas at November 21, 2004 08:24 AM