These tax cuts don't magically pay for themselves. This Congress and administration are putting the nation deeper and deeper in debt to benefit a sliver of the population that doesn't need the help. Someone's going to have to pay for these deficit-financed tax cuts eventually, and it's likely to be your grandchildren.

There's nothing in it for most Americans, and yet all Americans will pay its cost: $69 billion over the near term. That price tag will be reflected in incessant budget deficits, which will further impair the government's ability to meet Americans' needs, and force the government to borrow more, mostly from abroad, to plug the budget gap.

There are more than a few reasons not to like this bill. It is skewed toward the wealthy; average households (earning the U.S. median of about $44,000) would save less than $50 a year, according to the Tax Policy Center of the Urban Institute and the Brookings Institution, while those earning more than $1 million would save almost $42,000. The plan would also add to the deficit.