Posted on 04/28/2017 9:23:29 AM PDT by SeekAndFind
During his campaign, Donald J. Trump embraced the cause of fiscal responsibility and accused President Barack Obama of shackling the country with a “mountain of debt.”
Mr. Obama “doubled our national debt. Doubled it,” Mr. Trump claimed in a speech in Virginia Beach.
Then on Wednesday, Mr. Trump unveiled the outlines of his much-anticipated tax overhaul, calling for steep tax cuts with only modest offsetting revenue increases. Economists I spoke to this week estimate it would add trillions to the national debt over the next decade.
“We’ve only done the rough numbers, but this looks like a tax cut of a magnitude of about $5 trillion,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a bipartisan advocacy organization for fiscal responsibility. “That is simply unimaginable given our fiscal situation and the size of the deficit, which is already the worst since World War II.
The sense of incredulity was widely shared.
“Paul Ryan and Kevin Brady must be beside themselves in private,” said Leonard E. Burman, director of the Urban-Brookings Tax Policy Center and a professor at the Maxwell School of Syracuse University, referring to the House speaker and the House Ways and Means Committee chairman. “They put in years of work on a tax reform plan that at least tried to be revenue-neutral,” meaning tax cuts would be offset by closing loopholes, “and wouldn’t explode the deficit.”
Or as Steven M. Rosenthal, a business tax expert and senior fellow at the Urban-Brookings Tax Policy Center, put it: “Mr. Trump’s plan basically is tax cuts for everyone. Real reform, with revenue neutrality, is difficult. There are winners and losers, but Trump apparently just wants winners.”
(Excerpt) Read more at nytimes.com ...
A major reason Obama ran the debt to $20 trillion was to prevent future Republicans from being able to enact tax cuts.
A Tax Expert’s Take on Trump’s Proposal: ‘A Truly Great Tax Plan’
American Thinker ^ | April 28, 2017 | Jack Hellner
Posted on 4/28/2017, 8:45:40 AM by detective
It certainly appears that Trump has more common sense and intelligence on taxes and the economy than many of those advising him, the career politicians from both parties, the bureaucrats, the media and most economists. I am a 64 year old CPA who has been doing taxes for approximately 40 years. This is the most intelligent tax policy I have seen since Ronald Reagan’s and my initial thoughts make me believe that it is better than Reagan’s. It is a simple and logical plan that would give everyone the incentive to earn more instead of spending so much time and money trying to beat the tax man. I believe the impetus it would give to economic growth is immeasurable.
http://freerepublic.com/focus/f-news/3548235/posts
This tax plan is only a bad idea to those, who want to use tax policy to control behavior, to reward bad behavior and punish the productive citizens.
PS: See my tagline re fake news
The issue of the national debt, like the Constitution, is something progressives - Democrats and Republicans alike - only roll out when they think it serves their purposes.
The only way to make sure they get less money is to RAISE tax rates. I don’t want my taxes raised. Do you?
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