It’s about time someone gave Donald Trump’s tax plan the accolades it deserves!
The plan is well calculated to greatly SIMPLIFY the tax code and also create a rocket ship under the American economy.
That’s not just my opinion. Or Trump’s opinion. That was the opinion of TheHill.com.
The headline read:
Trump’s tax plan is a bold step toward draining the swamp
Here’s a part of the article, from TheHill.com:
Wednesday, the Trump administration delivered a two-fer: On the one hand, it took its boldest step yet in its quest to drain the swamp that is Washington, D.C., while on the other hand it played its strongest card in its effort to jump-start the kind of economic boom that would extend the benefits of the anemic Obama “recovery” beyond the bicoastal elites by fueling the kind of economic growth the nation has not seen since the Reagan years.
Revealing details of a tax code-based attack on the Creatures of the Washington Lagoon, Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn released the administration’s proposal for a comprehensive reform of the nation’s tax code, what it calls the largest business and middle income tax cut in the nation’s history. If President Trump can sign it, or anything like it, into law, he will have taken great strides in draining the Washington swamp and moving political power out of Washington, DC even as he generates massive job growth.
Trump’s proposed reforms would vastly simplify the system by wiping out all but the charitable contribution and mortgage interest deductions in exchange for dramatic lowering of personal and corporate income tax rates. This would represent a massive tax cut that would likely spur a huge boost in economic growth and job creation, while simultaneously leaving more money in taxpayers’ wallets.
On the individual side, the code would shrink the number of different tax brackets from seven to three – set at 10 percent, 25 percent, and 35 percent. The reform would repeal ObamaCare’s 3.8 percent tax on investment income, and would repeal the Alternative Minimum Tax and the Estate Tax (AKA the Death Tax). The reform would eliminate itemized deductions other than the charitable contribution and mortgage interest deductions, and would double the standard deduction.
On the corporate side, the reform would more than halve the tax rate, dropping it from 35 percent to 15 percent. Small business owners – many of whom file their business taxes through their personal returns – would be eligible for this 15 percent rate. The reforms would eliminate special interest loopholes, and would include a one-time repatriation tax designed to bring back to America an estimated $2 trillion in profits currently held overseas.
Removing all the special interest loopholes and deductions other than the charitable contribution and mortgage interest deductions would greatly simplify the system. That would drastically cut down on the six billion hours Americans spend preparing their returns every year, and save much of the $400 billion they spend to ensure they’re complying with the complicated code.
Read the full article here: http://thehill.com/blogs/pundits-blog/economy-budget/330835-trumps-tax-is-a-bold-step-towards-draining-the-swamp