Julian Zelizer: The budget deal struck last week is absolutely worth doing all the same. He says the bill's weak spot is how it will raise revenue to pay for everything. Zelizer says the tax-side changes are so narrow that relatively few people should even notice. Republicans are trying to peel off Sen. Kyrsten Sinema, who wields a critical vote in the 50-50 Senate, by falsely claiming that middle-class taxpayers will foot the bill, he says. The bill would give money to the IRS, mostly for enforcement but also for customer service and IT modernization, Zelizer writes. The biggest and most controversial provision raises $313 billion: a so-called book corporate minimum tax, which raises $314 billion, he adds. Zelizers:
There are drawbacks to this approach. It effectively creates two parallel corporate tax systems. It would also disproportionately affect the manufacturing industry, which benefits from a key tax break that would become less valuable. Congress is notoriously bad at rescinding specific tax deductions and credits.