On Wednesday, the Trump administration unveiled details of their long-awaited tax plan, with the goal of bringing relief to millions of businesses and individuals across the country.
The plan, which the White House had been promising for weeks, seeks to overhaul America’s outdated tax code, specifically drop the corporate tax rate from 35% to 15%.
Trump readies plan to cut top tax rate on many owner-operated businesses to 15%, from 39.6% https://t.co/VdWMzQdw6G
— Wall Street Journal (@WSJ) April 25, 2017
To get a better understanding as to the extent of the proposed tax cuts, President Trump’s Treasury Secretary, Steve Mnuchin, called it the “biggest tax cut and the largest tax reform in the history of our country and we are committed to seeing this through.”
In addition to a reduction in corporate tax rates, the administration will “call for allowing millions of small businesses to also take advantage of this lower rate, though he said certain protections would be put in place to prevent high-earners from gaming the system to lower their personal taxes.”
Unsurprisingly, tax-and-spend Democrats have pushed back against the White House’s tax proposal, with Senate Minority Leader Chuck Schumer saying its “not tax reform. That’s just a tax giveaway to the very, very wealthy that will explode the deficit.”
Does anyone really believe that Democrats are concerned about the deficit?
Members of Congress are already freaking out that the Trump tax cuts will result in less government revenue, but the White House believes the reduction will create economic growth that will offset any lost federal revenues.
White House tax reform plan. https://t.co/5xmEt2OFh4 pic.twitter.com/wAF241Q6fG
— Fox News (@FoxNews) April 26, 2017
Major tax reform will not be easy, and Congress is likely going to put up a fight, as its members never want to vote on something that could be perceived as controversial in their home district. Of course, the left, as they already are, will portray the proposal as a tax cut for the rich, when in reality it’s goal is to reduce the tax burden for millions of hardworking Americans.
The Trump administration better be prepared for a fight, as tax reform won’t come easy, but if they gain the support of the American people, then the White House can push tax reform through Congress.
Unlike past tax cuts, President Trump seeks to directly take aim at America’s ridiculously high corporate tax rates. Cutting regulations and taxes on businesses will help American companies invest in this country, and bring billions in offshore profits back home.
Our current tax code encourages American companies to keep much of their profits in other countries, which discourages future investment domestically. President Trump seeks to reverse this trend, and give businesses, both big and small, the financial resources available to hire and invest at home.
Do you support President Trump’s tax plan? Share your thoughts below!