What to make of the Tax Cuts and Jobs Act, the legislation passed by the Senate at 1:36 a.m. Saturday, by a 51 to 49 vote, with only Republicans in favor? Any final assessment has to await a conference with the House of Representatives that will attempt to bridge differences between the Senate bill and the one already passed by the House. For now, though, the legislation is a mixture of really encouraging developments and really disappointing ones, writes Ira Stoll.
Encouraging is the reduction of the corporate tax rate to 20 percent from 35 percent. Also encouraging is the prospect of politicians actually following through on a campaign promise. Unfortunately, writes Stoll, the content of the bill aside from the rate cuts, and the process behind it so far, are pretty disappointing.