Experts discuss tax reform, cuts.

Weeks before Thanksgiving, Congress and President Trump are talking turkey. On their tables are tax reform and tax cuts. In fact, the president has indicated he expects the as-yet-unfinished overhaul of the tax code on his desk by the holiday, which doesn’t seem likely. Yet as members of Congress, lobbyists and the Trump administration hammer out the details, there’s a good chance that you’ll feel the effect of some change in your finances.

Personal exemptions could be doubled. There’s talk of altering deductions to mortgage interest and 401(k) retirement plans. Oh, and corporate tax reform is also on the agenda. Leaders in Congress are contemplating a cut to boost U.S. competitiveness.

Proponents of reform, including the administration, make the case that simplified and lower rates would be a shot in the arm for the American economy. Mainstream economists tend to be naysayers: Without eliminating some of the most popular tax breaks to help pay for lower taxes in equal proportion, the result would be more borrowing — higher deficits and greater debt that make for a shaky fiscal foundation.

As Congress prepares to thrash out the fine print for changes to the tax code, we turned to two people familiar with fiscal policy:

Adam Michel, a policy analyst specializing in federal tax and budget issues for The Heritage Foundation’s Roe Institute for Economic Policy Studies.

Alan Green, associate professor and chair of the Economics Department and program coordinator for Global Development at Stetson University.