Trump's tax plan hits all the right notes for America's middle class
September 27, 2017
"The last time America passed major tax reforms was 31 years ago when President Reagan signed the Tax Reform Act of 1986 into law. In the 31 years that followed, all the good of the tax reforms of 1986 has been outweighed by the bad as times and conditions have changed. Since 1986, the tax code went from 30,000 pages to now over 70,000 pages. The IRS tax code is out of control and burdens taxpayers with confusion, expense and litigation.
"Since 1986, U.S. corporate tax rates went from being competitive with other countries to the highest in the developed world. We have stifled our competitiveness. Moreover, individual tax rates are too high with too many categories, deductions and loopholes. So it is time now for meaningful, fair, equitable and major tax reforms that make the tax code simpler, corporate rates competitive, and individual tax rates and deductions fairer.
"Today, President Trump and congressional Republicans unveiled a major tax overhaul that makes sense. The plan is to revamp the tax code from top to bottom to reduce confusion, bureaucracy, costs and litigation. A simpler, fairer and more understandable tax code will benefit everyone except perhaps accountants and lawyers who make a living on it.
"President Trump’s tax plan is smart and timely. What matters is not how well Wall Street is doing. What matters is how well Main Street is doing. These reforms will be a tremendous boost to the middle class. It is time for a major overhaul of the U.S. tax code, tax rates, deductions and loopholes. What our economy needs more than anything is fairness and certainty. This plan will bring that."
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