Whether you like him or not, you would have to agree that President Trump is not afraid to take on the difficult issues.
It would be much easier to sit back and wait for Congress to pass legislation, although that would pretty much guarantee that very little would get accomplished.
President Trump’s plan to Make America Great Again is not just a one-issue campaign.
Clearly, foreign relations and domestic matters such as border control are a large part of it. But the plan is also heavily focused on economic growth.
Taxes serve to determine how much money people are left with after the government takes its bite.
Hence, it involves the redistribution of wealth, and that is where things become extraordinarily difficult and controversial.
In announcing his overhaul of the income tax, President Trump has stated that his plan will focus on four main goals, all of which American taxpayers will just love.
Via Western Journalism:
“During a meeting at the White House with House Ways and Means Committee Chairman Rep. Kevin Brady, R-Texas, ranking minority member Rep. Richard Neal, D-Mass., Vice President Mike Pence, Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn, Trump said that he would be unveiling a major tax reform proposal on Wednesday.”
Now we get to the particulars.
“‘Our plan is based on four very crucial principles.
First, we must make our tax code simple and fair. It’s too complicated. People can’t do it.
American taxpayers waste 6 billion hours each year complying with the tax code,’ he said.”
Nobody likes doing their taxes, so that should be a winner.
‘Second, we will cut taxes tremendously for the middle class — not just a little bit, but tremendously.
That includes nearly doubling the standard deduction that most families take on their taxes, and increasing the child tax credit families really want, and we’ve talked about it for a long time,’ he said.”
You would think that people would jump at the chance to see their tax rates drop, and many will.
However, this really addresses the redistribution of wealth, and hence is filled with landmines as politicians will be very eager to be sure their particular constituencies win.
Expect this to generate an enormous amount of debate.
“‘Third, we will lower tax rates for businesses to create more jobs and higher wages for Americans.
America has the highest business tax rate in anywhere in the developed world.’
‘Finally, we want to bring back trillions of dollars in wealth parked overseas. We want this money invested right here in America.
You have close to $3 trillion, and it could be much more than that'”
This ambitious plan takes the approach that the best way to make Americans’ economic lives better is to encourage job creation, let them keep more of their income, and make filing taxes a much easier process.
“‘If we do this, we will create millions of new jobs for our people, and bring many, many businesses back to our shores. We will become a competitive nation again.
We won’t see companies leaving our country, firing their people, and going and then selling their product, by the way, back into our country with no tax and no retribution.
That will all stop,’ he said.”
All of this is an effort to put some real substance to the themes President Trump enumerated during his campaign. So in that sense, there are few real surprises here.
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He has steadfastly insisted that if we are to Make America Great Again, jobs need to return to America, and Americans need to keep more of their income. This plan seeks to accomplish just that.
All of that sounds very positive and it is. Yet the attacks from the left have already started and can be expected to intensify, the president’s plea for bipartisanship notwithstanding.
So this will not be a battle that will be easily or quickly won. And there’s no guarantee that all the Republicans will be on board.
Remember that politicians must be seen as taking actions that benefit their voters, so they will not rubber stamps something even if serves the people well.
They will have to leave their marks for political reasons.
But politics aside, tax reform is very badly needed. And it’s essential if we are to Make America Great Again.
Source: Western Journalism