Trump tax cut plan will be as big a flop as failed healthcare reforms | Nouriel Roubini

Many Republicans are unlikely to support adding trillions of dollars to public debt to reduce corporation and personal taxes

President Donald Trump's first major legislative goal - to "repeal and replace" the 2010 Affordable Care Act ("Obamacare") - has already imploded, owing to Trump and congressional Republicans' naivety about the complexities of healthcare reform. Their attempt to replace an imperfect but popular law with a pseudo-reform that would deprive more than 24 million Americans of basic healthcare was bound to fail - or sink Republican members of Congress in the 2018 midterm elections if it had passed.

Now Trump and congressional Republicans are pursuing tax reform, starting with corporate taxes and then moving on to personal income taxes, as if this will be any easier. It won't be, not least because the Republicans' initial proposals would add trillions of dollars to budget deficits, and funnel more than 99% of the benefits to the top 1% of the income distribution.

Related: Trump's border tax could damage the US a lot more than a wall | Kenneth Rogoff