Posted on 10/19/2017 3:58:39 PM PDT by Tolerance Sucks Rocks
Policymakers want to unleash economic growth in America by fixing our broken tax system. Or so they say.
Now that the conversation has moved beyond just lowering tax rates, pro-growth tax reform is in danger of losing the stuff that actually makes it pro-growth.
That’s because policymakers are caving to big-government advocates and other special interests. Here are the top five worst ideas that would surely dampen pro-growth tax reform.
1. Failing to enact full expensing.
Full expensing—allowing businesses to deduct the full cost of their investments when they incur those costs, instead of spreading them out over many years—is the best way to help businesses make investments that create jobs and raise wages for workers.
While the House Republican tax plan includes five years of full expensing, some policymakers want to reduce that to partial or temporary expensing. The problem with this is that it would leave all the damaging compliance costs of the current system in place.
Permanent full expensing would increase America’s economic output by over 5 percent. You cannot sacrifice more than 5 percent in additional growth and still call it “pro-growth” tax reform.
(Excerpt) Read more at dailysignal.com ...
Only 5 ways?
This is focusing too much on individual concerns (which is NOT to say that it doesn’t matter), however, the corporate rates AND what they apply to are really what matters. The profits sitting offshore are the key to benefits that will otherwise be available. This is where Trump is most like Reagan (exceTHINK SMALL!!!pt for the fact that the opportunity was not recognized or as significant as now.) Had that been the case, it would surely have happened under Reagan. DO NOT BE FOOLED! DO NOT THINK SMALL!!
Eliminating deductions for state income taxes is not going to happen.
I normally just read the excerpt and shoot from the hip. But I’ll read it on your say so.
Not one word on a flat tax or making tax filing easier. Or anything about eliminating insurance tied to taxes.
Here’s the deal: If they eliminate the SALT deduction (falsely proclaimed as a “high earner” deduction) I will contribute an amount equal to my increase in net taxes to the defeat of every Republican until the day I die.
Including Donald J Trump.
And I will relentlessly down-talk all of them, educating everyone I meet on the communist nature of the Republican party.
FORTY THREE MILLION AMERICANS take the SALT deductions in every state of the Union. Their incomes vary from about $75k per year to about $160k per year. The very core of the middle class, voting at least 80% GOP.
Every independent plumber, electrician or carpenter...small business...will take a hit with this.
It’s the most corrupt, and politically STUPID thing I have heard from the GOP since Amnesty.
1. McCain
2. McCain
3. McCain
4. McCain
5. McCain
pinging the sky pilot (how high does he fly?)
Even if there was only one way, figure that to be sufficient to jettison anything positive to come out of Congress.
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