Is it Armageddon or a joke?

Is it the best thing since sliced bread, or is it the end of the world? The answer, no doubt, is somewhere in the middle. Supporters and critics of the tax reform bills passed by the House and Senate are at odds over what the biggest change in tax policy in 30 years will mean for this country. Critics, like House Minority Leader Nancy Pelosi, call the legislation “Armageddon” likening it to the end of the world. That seems a bit of a stretch. Meanwhile, Wisconsin U.S. Senator Ron Johnson seems to be looking at the bill through rose-colored glasses. He referred to predictions that the new tax bill would add $1 trillion to the federal debt over the next decade as a “joke.” And he claimed members of the Joint Committee on Taxation are living in a “fantasy world.” He may as well have called it fake news. But another $1 trillion in federal debt, on top of the current $20 trillion in federal debt, is hardly a joke. The prediction comes from the very non-partisan agency Congress created to help them understand tax laws. They have no skin in the game. To call this tax bill “Armageddon” is certainly hyperbole. But the suggestion, especially by supposed deficit hawks, that fears of increased debt are a joke, is also no laughing matter.