The Trump Administration, the House Committee on Ways and Means, and the Senate Committee on Finance have developed a unified framework to achieve pro-American, fiscally responsible tax reform. This framework will deliver a 21st century tax code that is built for growth, supports middle-class families, defends our workers, protects our jobs, and puts America first. It will deliver fiscally responsible tax reform by broadening the tax base, closing loopholes, and growing the economy.
Here’s why I predict doom and this tax plan will never get implemented.
- A unified framework. When have the Republicans every been unified other than against President Obama?
- Democrats will declare that it’s “tax cuts for the wealthy” and that people will die because of cuts to some “vital service”… oh yeah, and the children (not that the children will get cut but I’m sure something awful has to happen to the children)
- They repeatedly passed Obamacare repeals while President Obama was in office but couldn’t do it when they have a President that will sign a repeal bill. If they can’t get that supposed “slam dunk” done then how are they going to pass tax reform?
- Their proposal is not true tax reform but a shifting of deck chairs. If they wanted to truly reform and simplify the tax code they’d either implement a flat tax (15% or 20% on every dollar earned) with no deductions, a simplified “progressive” tax (Three brackets, 10%, 20% and 30%) with no deductions, or scrap the income tax altogether and implement a nationwide consumption tax.
No one knows what a tax is for anymore anyway. Most people think it’s to raise revenue for government when in actuality a tax is a mechanism to reduce an activity. Tax cigarettes and you suppress cigarette consumption. Tax pop and you suppress pop consumption. Tax gasoline and you suppress gasoline consumption. Tax income and you suppress the creation of income.
We’re doomed I tell ya!