Tax Cuts Are Here to Stay—and So Are Exploding Budget Deficits

President Biden and Republicans are gearing up for a hyperbolic election-year battle over extending the 2017 law that lowered taxes for individuals and businesses. Ignore the noise. Most of the fight is already over, and tax cuts are winning again. 

The core individual tax provisions of the 2017 law, which Republicans pushed through Congress and then-president Donald Trump signed, are scheduled to expire after 2025. That means lawmakers will have to revisit the tax cuts shortly after the election, no matter who wins control of Congress and the White House. Biden calls…