Stuck in the 1970's

This analysis by Yglesias at Vox about the problem with the Republican tax plan debate sounds basically credible to me:

The tax reform debate is stuck in the 1970s

Tax reform is lining up like this: Republicans want big, business-friendly tax cuts to spur savings and investments while Democrats complain it’ll blow a hole in the deficit. These terms of debate made sense 30 to 40 years ago. Back then, the economy was stuck in a particular kind of rut. With inflation high and profits low, companies weren’t investing and creating new jobs even as a torrent of new workers was flooding the labor force. Very high interest rates lurked in the background. 

Both Republicans and Democrats agreed this nexus of issues was a problem, so they had a debate over what to do. There were ideological disagreements about the prescription but consensus on the diagnosis. In his first term, Ronald Reagan implemented the conservative prescription. In his second term, the much-lauded bipartisan 1986 tax reform bill represented a reasonable high-minded compromise of the two poles of the debate. 

But today is different. Corporate profits are high, not low. Inflation is low, not high. The workforce is growing slowly, not quickly. Borrowing is cheap, not expensive. 

Everything about the situation has changed— except the tax policy debate. And the result is that Congress’ No. 1 priority has almost nothing to do with the biggest problems facing the country.