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Nationalist Pundit

America First, Last and Always!

Trump Tax Reform Speech

August 31, 2017

″I don′t want to be disappointed by Congress, do you understand me?″ That was one of the great lines from the President Donald Trump tax reform speech yesterday. He spoke to a crowd in Springfield. Missouri about tax cuts and simplifying the tax code. The President began by praising all of those in Texas responding to the natural disaster caused bu once Hurricane Harvey. He then expressed his ′empathy′ with the victims of the storm, promising them that his administration stands with them for the long haul in recovery. But, most of the speech dealt with tax relief for the Middle Class, boosting the economy and making America great again for business.

 

 

 

President Trump made it quite clear that he hopes Congress returns to work next week with a renewed spirit to work hard for the America people. He suggested that the voters watch their representatives and senators closely. Those elected officials who fail to work on their behalf need to be replaced. President Trump called out Democratic Senator Claire McCaskill by name in this regard. She is up for reelection next year and may have a hard time if she blocks tax cuts and reform.

 

The tax reform agenda by President Donald Trump will slash the corporate tax rate down to 15%, making it one of the most competitive worldwide. Currently, it is among the highest. He also wants to reduce the personal tax brackets down to 4 rates, with major reductions for the poor and Middle Class. While President Trump will also reduce the rate on the wealthy, he wants this balanced by eliminating major exemptions used by both individuals and corporations to avoid taxation. In effect, many of the richest will actually pay more.

 

Simplifying the tax code is another major plank of the Trump Tax Plan. The President believes that far too much time and money is wasted on preparing tax forms. He wants to work towards a one-page form for most individuals to file. Making such easy enough to do away the need for a third-party to prepare individual tax forms. On the campaign trail last year, President trump often said he wants to put companies like H&R Block out of business. Over $300 Billion dollars a year are spent on tax form preparation, money which could be spent for other purposes, or invested to the benefit of the average American citizen. On average, more money is spent on tax preparation by individuals than on food and clothing.

 

There is no doubt that tax reform is long overdue. The last time there was a major effort to restructure our taxation system was some 35 years ago under then President Ronald Reagan. The effect of which was the longest economic boom in the history of the United States. President Donald Trump would like to repeat that effort, or even go a step better. He is ready to work with Congress to achieve this. The big question is, will our current Congress have the courage to work with him?

 

For more REAL NEWS and views, follow Andrew Zarowny on Facebook and on Twitter @mrcapitalist.

 

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