Posted on 11/30/2017 1:39:47 AM PST by Oshkalaboomboom
I am backing President Trump’s efforts for a major tax reduction and reform plan because I think it will create one of the greatest economic booms in history.
Despite serious concerns about some provisions, buried in the Senate and House tax bills is a golden nugget.
The final tax plan won’t be hammered out until the House and Senate each pass their respective bills and send them to the conference committee where the president can truly weigh in.
So far everybody has been talking about the individual and business tax rates, but the true “gift” of the Trump tax plan will be in the proposed special rate for businesses that repatriate money from abroad.
Today, close to $3 trillion in profits sit in the coffers of U.S. company subsidiaries all across the globe. These companies have refused to repatriate these funds because tax rates here are confiscatory — among the highest in the developed world.
Lowering the repatriation tax rate to just 10 percent, as proposed by the Senate plan, will yield tremendous results. Assuming $2.5 trillion is brought back into the U.S. economy, it will serve as the greatest stimulus ever.
Consider that Obama’s stimulus of 2009 amounted to more than $850 billion. This will be almost three times that amount!
This one part of the tax plan will drive the economy for the next 10 years.
Everyone will benefit. And President Trump will see an open path for re-election in 2020. This will happen despite the protestations of CNN, MSNBC, and the elite class.
But there are also poison pills in the tax plans floating through Congress.
Former Bush Ambassador Earle Mack has written in The Hill about the inequities of the individual tax cuts versus the business cuts. For example, the individual tax cuts sunset after 2025.
(Excerpt) Read more at newsmax.com ...
I read that there are tons of Puerto Ricans that settled in Florida!!!
I don't remember the number but it could be 200,000!!!!!!
Congress will never do the right thing and Trump will sign the plan, junk, poison pills, and all.
Well I won’t be spending... I fall into the high tax bracket for middle class Workers, not enough to qualify for the small biz break.
But your welcome for all the money those below me and those above me will have.
This plan punishes successful middle class workers without a half dozen kids.
Ridiculous tax on the middle class, freebies for the rest.
The 2009 Stimulus was taken out of the economy to put back into the economy. At best, it was a zero sum game. At worst it took money that would have been used productively and used it unproductively.
The repatriation is taking money that is currently outside the US economy and put it into the US economy. The two cannot be compared.
No such thing as a permanent tax cut.
Amen. But hey, if the CEO’s can afford 5 vacation homes instead of just 3, it will be worth it.
Glad we could help them destroy America by subsidizing their lifestyles with our money off Middle Class American tables... lucky us.
No, no, no. See, when we use deductions to keep our money,THAT is low rate States subsidizing US. When we pay higher taxes so Corporations and the top 1% can keep more of their money that’s NOT us subsidizing them, it’s just good fiscal sense. See how that works?
Absolutely not! That’s a great big turd. Taking more of my spendable money so I can’t use it to buy a newer car, and giving it to someone who has so much spendable money to buy another home?
It’s the same 30k, why should I subsidize someone who doesn’t need a 5th home. Esp when my spendable income is shrinking.?
Why can’t I keep the 30 K I earned to spend how I see it?
Because you and I paying higher taxes is apparently good for the economy.
Why can’t I keep the money I earned? If you and I and joey down the road all spend the same 30k... I think we are happy. However, if you and I have 30k each skimmed off and put in someone else’s pocket, that’s stealing.
The thief will spend it the money you and I earned, they just didn’t have to work for it.
I’m with you. But the President and the Republicans aren’t.
I understand you... isn’t it funny that the first tax cut to expire is the middle class?
I can’t believe Rand is a yes on this.. it’s a spenderiffic tax bill.
Can’t wait for the chuck n Nancy deal they are cooking up since the last one was so great.. Freegards.
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