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December 6, 2017      2:25 PM

HK: Unintended consequences of tax reform

GOP leadership may be correct in predicting massive growth, but any major tax rewrite fundamentally revalues assets creating unforeseen winners and losers which, in this perilous world, is no small concern

Congressional Republicans appear to be on the brink of passing a cobbled together one-party tax bill that they are still reading. By their very nature, tax bills are fraught with danger from unintended consequences.  Even the collaboration between President Ronald Reagan and Speaker Tip O’Neil, while successful on many fronts, ballooned the deficit requiring a subsequent tax increase.

More significantly, it contributed to the worst recession in Texas since the Great Depression and that includes the post-Lehman Brothers meltdown of 2008.

First, a quick history lesson.

By Harvey Kronberg

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