Posted on 01/06/2017 2:50:32 AM PST by expat_panama
President-elect Donald Trump spent much of his campaign promising to reduce taxes for American businesses and families. His Treasury Secretary nominee Steven Mnuchin, along with Congress, now bear the weight of seeing that promise fulfilled, namely through comprehensive tax reform. Fortunately, a healthy bipartisan appetite exists for lowering the business tax rate, simplifying the code and applying it in a uniform fashion that does not penalize success.
There's good reason that America's antiquated and labyrinthine tax code was a frequent target on the campaign trail. Our statutory corporate rate of nearly 40% (combined federal and state) is the highest in the world among advanced countries.
That's not a point of pride...
...the incoming Trump administration appears to understand that it is, in fact, the manifest result of an inhospitable American tax structure...
...Trump and his Cabinet nominees recognize the need of America's business firms...
...If reducing the U.S. global trade deficit ($500 billion in 2015), preventing inversions, discouraging tax-motivated outsourcing, and curbing transfer price abuses remain objectives of the Trump administration, the blueprint's cash-flow tax — adjusted at the border at a suggested rate of 20% — is one way to address these issues...
...Whatever Trump decides on that difficult question, comprehensive reform offers great promise for the American economy. To illustrate, the nonpartisan Tax Foundation concluded that the blueprint approach "would raise American GDP by 9.1% in the long run, lift wages by 7.7% and add some 1.7 million jobs." For certain, it would avoid the pitfalls of piecemeal reform, and instead provide smart guideposts for leveling the global playing field, thereby promoting growth and creating jobs at home.
(Excerpt) Read more at investors.com ...
Yes, and I believe those whoosh away from helping Trump will fear being called out on Twitter...which as other freepers have said, is his press secretary.
As long as Trump keeps his promises, I’m good with that.
Shine a 10M lumen spotlight on any critter that works for himself against those who voted for Trump...I’ll call those the real Americans.
For a person on welfare to go to work and get off welfare is success. That success should not be penalized.
We are crazy to pay more to people on welfare than people can take home from work after taxes (FICA, SS, Medicare).
Agreed.
On the other end of the spectrum is punishing success.
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