Associated Press: The Inherent Limits of Tax Cuts

The tax overhaul that took effect Jan. 1 provides generous breaks for corporations and wealthy Americans and more modest relief for middle- and low-income households. In addition, the tax cuts for corporations are permanent; those for individuals and families are only temporary.

Richard Phillips is a senior policy analyst at the nonpartisan, liberal-leaning Institute on Taxation and Economic Policy. The following interview was edited for length and clarity. Read the entire Q and A