As some of the details of President Trump’s tax reform plan are released, it is obvious that Trump is absolutely committed to his campaign promise to lowering the corporate income tax rate to 15 percent from its current 35 percent level. The important of this move is significant considering that the United States corporate income tax not only has the higher rate of all OECD countries, but is also extremely punishing.

It is also clear that the administration is not married to the idea of revenue neutrality and making the tax cuts permanent. First, as Steve Forbes rightly reminds us, this idea of making the tax cuts permanent is mostly bogus. Nothing is permanent in Washington.