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Being ‘fiscally responsible’ means cleaning up wasteful tax expenditures

In 2017, President Donald Trump promised a new tax law that would “dramatically simplify the tax code” and “eliminate special interest loopholes.” As the bill that would become the so-called Tax Cuts and Jobs Act (TCJA) took shape, then-House Speaker Paul Ryan said that congressional Republican leaders were going to be “throwing out the special-interest loopholes that riddle the code.”

But by the time the tax law crossed the president’s desk, the tax code was still littered with special tax breaks — some old and some new.

The above excerpt was originally published in MarketWatch.