An economist’s perspective on the flawed logic behind the proposed 2017 tax bill, and what policy makers could do to encourage U.S. economic growth.

It started as a tax cut. Now it could change American life. No responsible fiscal conservative could support a plan that will add to debt in order to help corporations buy back more of their own shares and flow more cash to shareholders, while deficits gap, pensions bust, critical infrastructure rots and the social fabric frays further. Madness.