Policymakers in the new Republican-controlled Congress are facing challenges regarding tax cuts. President Trump has been hosting meetings at Mar-a-Lago about the expiration of his 2017 tax cuts. However, there are competing political priorities among fiscal hawks, congressional leadership, and members of the SALT Caucus. Procedural disagreements also pose a challenge. The debate centers on whether to proceed with one reconciliation bill that combines tax reform with Trump's immigration and national security agenda or to introduce two separate bills.

The focus on politics and procedure is affecting the actual policy debate. If Congress does not allocate enough time to address the design of this tax legislation, it could result in financial consequences for American citizens.

This article is a preview of an op-ed originally published in Barron’s.