Trump: 'More Regulation Busting to Come'

President Donald Trump, saying consumer confidence is high, vowed to kill more regulations while he works on tax cuts.

" Consumer confidence is at a 16 year high....and for good reason. Much more regulation "busting" to come. Working hard on tax cuts & reform! "

If Trump wants to lower taxes all on his own, he could do a number of things. For one, income is not defined in the IRS code. It has been interpreted in a myriad of IRS regulations and court decisions. He can do a lot of tinkering with the definition of “income” so that people and companies can get big tax cuts.

For example, a company can deduct maintenance expenses on its equipment and building, the things that it uses to generate revenue. Those are deducted from revenue to determine profits. And the profits are the income. A person who works for a living and thus earns a living has a body and mind that are required for him/her to earn revenue. There is no reason that bodily maintenance, care, repair and design should not be deducted from revenue to determine a person’s individual profit and their income.

Thus, health care (both preventive (maintenance) and for injuries or illness (repair) should be an expense that reduces personal profit. Health insurance should be fully deductible. Work clothes are no different than painting a building. Transport costs to work are no different than if a company has to transport its assets to a location.

Redefine “income” to exclude these expenses, or make them an expense that reduces income, and you will reduce individual taxes for a middle class person by 30 percent or so. And that’s just one type of thing that Trump could do.

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