The "no income tax" part doesn't kick in until 2017.
Note that the CRS summary says that the bill states that paying off the debt in 7 years is the bill's purpose. The CRS does not assert that it will work.
I suppose it might work, but I can point to one flaw right now: it cancels the income tax in 2017, not "when the debt is paid off".
Seven years is plenty of time for congress to alter that part, and keep both taxes in place. Their justification would probably be to fund the IOU's for all of the money that was borrowed from the "pay off the debt" fund during the first seven years.
- Politician A gets to pass broken legislation now and get credit for "Fixing the Status Quo".
- Years later, Politician B gets to fix the broken legislation and get credit for "Fixing the Status Quo". Of course, this fix is even more broken than the original.
- For extra credit, Politician A and B are the same person, but none of the voters remember that he's been responsible for the mess all along.
Note that the CRS summary says that the bill states that paying off the debt in 7 years is the bill's purpose. The CRS does not assert that it will work.
I suppose it might work, but I can point to one flaw right now: it cancels the income tax in 2017, not "when the debt is paid off".