Tax Reform – Process Failures, Loopholes and Wealth Windfalls. Stephen Shay, November 21, 2017, Paper, “The GOP drive for a political victory on tax reform will come at a high cost if it succeeds. The extreme reduction in capital taxation will result in windfall wealth transfers to the already wealthy. Deficit expanding tax legislation will raise pressure for higher interest rates that hinder rather than enhance economic growth. Rushed tax legislation will be rife with undiscovered loopholes that increase the windfalls and scope of the deficit. Instead of the GOP-promised economic growth and benefits for the middle class there will be increased deficits and/or paygo reductions in Medicare, defense and discretionary spending.Link