The Trump administration released a skeletal single-page outline for tax reform on Wednesday, one that was almost entirely ripped from the president's campaign proposals and concentrated on reducing rates for corporations and high earners.
The rollout focused on the easiest part of tax reform — cutting taxes — while avoiding the hard part: picking the losers of reform, who will see their taxes rise to offset the cuts.
"They are telling them all the good news," says Michael Graetz, a tax law professor at Columbia University, "but there must be some bad news for someone."
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There will be, eventually, if Trump hopes to craft a bill with congressional leaders that can make its way to his desk. But first, administration officials will have to fill in the blanks of his outline and make some hard choices about who — now or in the future — will pay the price of tax cuts today.
There are a lot of blanks left to fill in. Here are the most crucial ones: