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The Senate has their bill, the House of Representatives have their bill, and there is very little agreement on a number of key components. Nonetheless, Trump's hope for Tax Reform and Tax Cuts is being worked on, and we hope it will emerge by the end of the current session before Congress goes on Christmas Vacation.
Personally, I'd like to see a repeal of the 16th Amendment, and a return to taxation prior to the Progressive Era's offering of direct taxation against the people, and the emergence of the IRS. Before Income Tax, it was the States who paid the bulk of the federal budget. . . which gave them oversight over it, while protecting the people from endless taxation which now fuels a massive budget filled with unconstitutional federal spending.
Also, the tax credit per child would increase from $1,000 to $1,600, if the House Bill were to pass.
How is that an unfair assault on Americans, and specifically, the middle class?
The bills are designed to simplify the complicated tax code. Laws are not supposed to be complicated. One wonders with the simplification how much money people will save regarding no longer having to hire accountants and lawyers to help them maneuver through the system.
The biggest advantage, if we get through the congressional battle over tax reform, is the reduction of the corporate rates. As stated already, less taxation against business owners means that they will invest more into their businesses, incentivizing growth, expansion, and the hiring of more people - which will provide a vital punch the economy needs, and result in economic prosperity for everyone as wages and the number of jobs available naturally rise, and the increase of the movement of products drives down prices.
Personally, I'd like to see a repeal of the 16th Amendment, and a return to taxation prior to the Progressive Era's offering of direct taxation against the people, and the emergence of the IRS. Before Income Tax, it was the States who paid the bulk of the federal budget. . . which gave them oversight over it, while protecting the people from endless taxation which now fuels a massive budget filled with unconstitutional federal spending.
But, my desire for a return to constitutionality is not something that can be done with the flip of a switch. It must be a process. So, first we must reduce taxes so as to encourage economic growth, and then work towards the eventual elimination of direct taxation piece by piece, and bite by bite.
The latest attempt to reform our progressive tax system is seen by Democrats as being an assault on the American People. Why? Because they believe nothing gets done unless the federal government does it. The States can't be trusted. The private business sector can't be trusted. Individuals can't be trusted. Therefore, the federal government, from the liberal left Democrat Party's viewpoint (and unfortunately, a large part of the Republican Party's point of view) must spend money on interior issues hand over fist.
Never mind that the Constitution doesn't authorize the federal government to do such things.
The reality is, when more money is left in the pockets of citizens and business owners, it enables the movers and shakers to do their thing, leading to innovation, and economic prosperity - which turns into growth in the business sector, more manufacturing, more consumerism, and more jobs.
The House bill, despite the screams of "unfair" by the Democrats, would actually expand standardized deductions, nearly doubling it for single filers and married couples filing jointly. What that means is tax relief through deductions for 90% of Americans who claim the standard deduction. That's a drastic rise from what is currently for from 60% of all filers.
Also, the tax credit per child would increase from $1,000 to $1,600, if the House Bill were to pass.
How is that an unfair assault on Americans, and specifically, the middle class?
Also, the elimination of the state and local tax deductions targets high tax States, and expose them for who they really are. The result? In some cases, it may result in some of those States lowering their tax burden, which would be beneficial to all residents of those States. Besides, if you really look at it, the State and local tax deduction is really nothing more than a lopsided federal subsidy giving preferential treatment to wealthier states with higher tax rates.
The bills are designed to simplify the complicated tax code. Laws are not supposed to be complicated. One wonders with the simplification how much money people will save regarding no longer having to hire accountants and lawyers to help them maneuver through the system.
The biggest advantage, if we get through the congressional battle over tax reform, is the reduction of the corporate rates. As stated already, less taxation against business owners means that they will invest more into their businesses, incentivizing growth, expansion, and the hiring of more people - which will provide a vital punch the economy needs, and result in economic prosperity for everyone as wages and the number of jobs available naturally rise, and the increase of the movement of products drives down prices.
-- Political Pistachio Conservative News and Commentary
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