On Thursday, House Republicans passed major tax legislation that would cut the corporate tax rate from 35 percent to 20 percent (the largest one-time drop ever), eliminate a range of deductions and reduce the top tax rate on pass-through businesses from 39.6 percent to 25 percent. According to the Joint Committee on Taxation, the Tax Cuts and Jobs Act will slash revenue by $1.4 trillion over the next 10 years — an amount that could be dumped on top of the national debt if there isn’t a corresponding revenue increase or spending cuts.

According to the Congressional Budget Office, deficits will actually increase to $1.7 trillion over the next decade due to the cost of additional debt service. …

While there are significant differences between state and federal tax policy, this tired trickle-down argument should sound eerily familiar to any Kansan who has been following the revenue crisis in our state over the past few years.

Here’s what should be even more familiar to Kansans: The huge reduction in the tax burden for pass-through businesses in the bill. This gives business owners an incentive to establish partnerships, LLCs, sole proprietorships and S corporations to avoid paying as much in taxes.

Rep. Lynn Jenkins is one of the most outspoken supporters of the GOP tax plan, and she insists that comparisons to Kansas don’t make any sense. She’s wrong. The economic logic behind the bill is fundamentally the same as the logic behind Gov. Sam Brownback’s 2012 tax cuts, and the Tax Policy Center (TPC) estimates that the pass-through provision alone will cost around $770 billion over the next decade. …

While reductions in corporate and individual tax rates will likely generate economic growth, it’s unlikely that this will come anywhere close to covering the projected deficits. …

From the massive reduction and ultimate elimination of the estate tax to enormous, permanent tax cuts for corporations to the lightened tax burden for pass-through businesses, the GOP tax bill is a very expensive way to help wealthy Americans get wealthier. But when the fabulous economic growth fails to materialize and inevitable budget cuts begin, just remember which Kansans tried to warn you and which ones didn’t.

— The Topeka Capital-Journal