Posted on 04/03/2017 11:44:36 AM PDT by COUNTrecount
Politico reported Thursday that President Donald Trump, chastened by his experience pushing for the failed Ryancare bill, is moving forward on tax reform with is own economic team in the lead–not Speaker Paul Ryan (R-WI):
Just on Thursday, President Donald Trump huddled with Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, senior strategist Steve Bannon, son-in-law and consigliere Jared Kushner and staffers from the National Economic Council and Treasury to delve into the various policy trade-offs and ways to structure a plan.
The key takeaway: The White House is not outsourcing these details to anyone, including the speaker of the House.
The report said White House press secretary Sean Spicer confirmed this new dynamic at Friday’s news briefing: “The president will put out principles, I’m sure, in terms of what his goals are and drive this as the process moves forward.”
A 14-page paper, obtained by Politico and developed during the presidential transition, is the central blueprint for the president’s tax reform program–and it would push Ryan’s own Border Adjustment Tax off the table.
The president is expected to propose cutting the corporate tax rate to 15 percent combined with a wiping out of the tax code’s catalog of tax loopholes and deductions Congress created to ameliorate the 35 percent rate for business profits. Another part of the plan is to simply the individual tax rates, again by lowering the rates and removing specialized deductions.
(Excerpt) Read more at breitbart.com ...
Reagan got the biggest tax cuts ever with a Dem congress, he just went over their head to the people who were sick of Carter era economy.
Now we have an even worse Obama record, so I think Trump can convince the folks to give him the chance to make the economy better. We know already jobs are growing fast under DJT.
That is generally what the GOP does, right?
Nothing.
Always hamstrung by something. Poor guys. D’oh, d’oh, d’oh.
Why are only Republican advisors called "consigliere(s)"? I remember the term being used with Karl Rove; but, never with Valerie Jarrett.
Okay, that's off my chest, now, glad to hear that POTUS has figured out that Paul Ryan is NOT his friend.
Perhaps he will get help from the "Freedom Caucus".
Ryan is not Congress. How did that Ryancare work out? That suppossedly came from Congress didn’t it?
I don’t know but if we look closely at a recent golf game, we might find Rand Paul’s fingerprints on this idea. Just Sayn!
True!
I still hold the belief that Trump never expected Ryan to be any good on health care, but had to give him a chance for the sake of perception.
Now that he’s proven an empty suit, Trump will lose no support either in or out of Congress by going around him.
“... we’ll do research on FairTax.”
Research, OK. But if the FairTax still involves the awful ‘pre-bates’ concept, then it is dead already.
Repealing the income tax would be very difficult and time-consuming itself - though I’m for it.
Doing all that work and then poisoning the plan with pre-bates has always been the fatal flaw of the so-called “FairTax” plan.
It’s like spending all your hard work and political capital to finally re-achieve objective fairness in taxation and then trading all that work for Dem-style subjective fairness instead.
I don’t really know, perhaps the FairTax folks have dumped the awful pre-bates in recent years.
Imagine filling out a tax form that makes the current 1040EZ form look complicated in comparison--just the savings in compliance costs could mean hundreds of billions per year freed up for actual productive economic activity instead of wasting it trying to comply with the tax code.
Wouldn’t that be lovely? I just finished our taxes and am ready to hang them all again. They’ll get our additional money owed on April 18th. Not a day sooner.
And not privy to Ryan????? OK...........
” I like the flat tax plan that Forbes proposed... “
I don’t recall his specifics and I’m not smart enough to know what the rate should be myself.
But definitely flat is fair.
Take it to the American people, this is our ideal tax plan and here’s why. Publish the details for public scrutiny. Allow a feedback period, make adjustments. Submit it to a friendly or friendlies in Congress and the ball’s in their court. Tell the public so and also tell us, if you like what you’ve seen (and opinion polling demonstrates that you do) then contact your Rep and Senator to encourage them.
Taking the lead helps Ryan not lose his job NOW. The methods used to attempt healthcare reform did not rise to even middle-management levels. So poorly done that a manager at a Kmart shoe department maybe could have done better.
So Ryan is being sag d here.
Now that things have settled, it appears that instead of a setback for the president, the failure of the speaker’s health care legislation was really Trump’s liberation.
RE: How did he get elected?
How did the Congress folks get elected?
The so-called "progressive" income tax is a central plank of the communist manifesto, along with inheritance taxes, fractional reserve banking, etc. The "progressive" period of the early 20th century saw an incredible number of developments which represented massive increases in federal power.
Consumption (sales) taxes are inherently more fair: they don't discourage savings, and paying them does not violate violating privacy. There are many other advantages to such traditional taxes—unless one is a big fan of the deficit spending models used by modern socialist governments—and so many negative side effects of income taxation, that I believe preserving the income tax in any form can't be considered "daring".
Patriots should instinctively despise this sort of taxation, which was unheard of at the tome pf the Revolution, and even up until the Civil War.
The income tax should be abolished, but rate reductions and concrete steps in the right direction will satiate me at the moment.
“Income taxation in any form is an abomination.”
I agree. Though it is highly unlikely this prez and this congress are going to start the long process to repeal the income tax.
They could slash income tax to nothing and institute a national sales tax without repealing the income tax. That suggestion usually produces wailing and gnashing of teeth because nobody trusts the feds to NOT re-raise the income tax level(s) after creating the new sales tax.
But, hey, I’m willing to try it.
Because the main problem with income tax is that half don’t pay anything. With a sales tax, even if income tax is again later abused, we’d still at least be taxing everybody something via sales tax.
We will never, ever lower spending significantly if we don’t start taxing everybody something. Ideally all via consumption tax. Which has all the advantages you mentioned.
Plus Hamilton’s barrier.
Plus the giant leap toward getting rid of the IRS at least as we know it today. Because with consumption-based taxes there is no longer a need to know your income, your dependents, what color you are, whether you have health care, how many guns in the house, etc.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.