My view of the tax bill in Congress is probably clear to you by now. I think it's bad for the economy and, in particular, for the middle class and poor. A small number of Republicans can still prevent the bill from becoming law, and I hope they do.
But I also think that some of the commentary about the bill is exaggerating its impact. The goal of today's newsletter is to put the bill in perspective.
It does not fundamentally alter American politics. Its passage would not be as big of a deal as Obamacare repeal would have been (and, no, the bill does not stealthily repeal Obamacare). The tax bill doesn't threaten democratic values in the ways that President Trump, Roy Moore and their various enablers are otherwise doing.
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