by Countable | 8.30.17
One day after visiting Texas to see the effects of Hurricane Harvey and the ongoing response to the disaster, President Donald Trump gave a speech in Springfield, Missouri Wednesday outlining his vision for a tax reform package that Congress is expected to begin work on when it returns next week.
Trump called for a "pro-growth, pro-jobs, pro-worker, and pro-America" plan to “fundamentally reform our tax code for the first time in more than 30 years.” He outlined his four principles for tax reform:
Tax reform must dramatically simplify the tax code, eliminate special interest loopholes, and be simple enough for taxpayers to file their return on a single page.
The tax code must competitive and lead to the creation of jobs and higher wages for Americans.
There should be lower tax rates for middle class families so that they can keep more of their hard-earned paycheck and drive economic growth through saving and spending.
The tax code should encourage companies to bring back billions of dollars of profits back into the U.S. rather than punishing them through high tax rates.
Do you support or oppose President Trump’s vision for tax reform? Tell your reps what you think using the Take Action button and share your thoughts with the Countable community in the comments below.
— Eric Revell
(Photo Credit: Gage Skidmore via Flickr / Creative Commons)
Written by Countable
Not much there, but sounds like another corporate giveaway. Trickle down economic is bad for middle and lower income families. Trump is just another billionaire looking out for billionaires, screwing over most of his voters along with the rest of us
Unfortunately at this point this president has zero credibility left with me. I can no longer believe or take any of his words seriously in regards to my best interests, as well as those in the middle/lower classes of America where the major majority of us live.
This sounds like campaign rhetoric which is all that seems to be provided. No details. Hard to believe tax cut bull when War talk is brewing, a natural catastrophe is looming, and Trump demands to build that ridiculous wall. Other infrastructure needs are looming. No tax cut talk now. We don't need inflation. We don't need billionaire tax cuts. We don't need tax cuts for corporate buy outs, mergers, and othe "deals." Trickle down economics is bull. We already have tax deductions for expanding businesses and creating jobs, could expand that perhaps or write down investment faster but no corporate hand outs without actual actions. We do not need to expand the national debt to fulfill campaign promises and pander to special interests. Have cut programs enough and have many new needs that private enterprise will not furnish.
I believe trickle down economics was tried before and didn't work
Yes I support tax reform. But hey I'm just a middle class nobody. Taxes need to be fair...... everyone pays the same tax rate and no deductions and no loopholes. Because 10% on 1 million dollars is more taxes paid than 10% on 100 thousand dollars and yet they still pay their fair share of 10%. Get it done already.
What vision? Sounds like his campaign pablum. Kumbaya GOP meatless sound bytes.
Senators & Representative, once again, same old from djt, light on details. The speech was written by nationalist Stephen Miller who should go the way of Bannon & Gorka. This is a tax cut for the rich, more trickle down economics which we know from Reagan and W does not work. He has not released his tax returns. Please continue resisting this con artist's agenda.
I believe that taxpayers making more than $250,000 a year should pay their fair share of taxes, and those making under $250,000 and a year should get tax relief.
While I support a simplified tax system, lowering the corporate rate has never and will not create jobs. A healthy economy depends on a healthy middle class which thrived more when corporate taxes were higher. No more trickle down. It doesn't work!
Blowing smoke is getting old
Please do reform looking to the middle and low class advantage, specially in Hawaii where we are tax to death already
I can't tell what the overall effect is of his proposals. I can't imagine how the middle class would come out ahead. We never have in a Republican tax cut. And after all it is Trump.
Cutting corporate tax rates will not magically create more jobs , it will only increase corporate profits. Those profits will not be spent on goods and services in amounts that will have any effect on the economy. Cutting taxes for the top 2% will also do nothing to positively impact or stimulate economic growth. All of Trumps 'suggestions' are just the same old trickle down crap that the GOP has been pushing for the last 40 years and it does not work, it never has. In fact the trickle down concept has resulted in the ever increasing wealth gap that's eliminating our middle class, as it was intended to do. That's what has destroyed our economy. Trumps vague statements only illustrate that he hasn't filed his own tax returns, ever. For instance , what the hell are "special interest deductions?" We already have single page tax returns and easy to use tax software. The problem is we need to force corporations to pay taxes on the money they have stashed offshore and raise taxes on the wealthy so that we can collect the revenue we need to rebuild our country. It's been proven that increasing wages and giving small tax reductions to the working class puts more money into the economy. Those are the people that consume the goods that keep corporations in business. Also, while I'm ranting please stop calling these tired old attempts to continue our current trickle down tax schedule 'tax reform.' Trump and the GOP are trying to give more tax cuts to the rich and corporations, that's not 'tax reform.'
Per Ticktock's comment;This sounds like a snake oil pitch. Or maybe the pitch a national healthcare program. Everything that Trump proposes will be great for everybody and if the American public continues to believe his declarations then they deserve to be fleeced. Personally, I believe the tax code will be changed to favor the rich. Trickle down economics is what the Republicans call their solution to all tax problems. This has been going on for over 30 years since Reagan. It didn't work then and it won't work now. For the last 30 years or more the wealth at the top of the social ladder has been increasing exponentially while the middle class is shrinking and more of us are joining the poor. Our government at the same time is making it more difficult not to more into the wealthier brackets but just to hold ground. Don't listen to Trump this is an issue that will be decided by Congress, a Republican Congress who is bought and owned by the rich and powerful corporations. (Remember the tax cuts they even included in their healthcare program? They weren't for middle America!) Hopefully the Republicans will screw this up too. In 2018 there may be balanced representation in Congress. Definitely in 2020. I do not want the current Congress to change anything!
Not sure how anyone could think Trump actually outlined anything. He knows nothing about the budget & will have nothing to do with it except to complain that the Republicans aren't doing enough. What he wants them to do is what Gov Brownback has done to Kansas for the last 6 years. Kansas has gone from millions of $$$ in excess to Trillions of $$$ in deficit. How does Trump expect to pay for that stupid wall if he cuts corporate tax from 36% to 15%??? WITH THE MONEY FROM THE PROTECTION OF THE PEOPLE OF THE US.
It is easy to create enticing rhetoric for tax reform but the proof will be in the pudding. While it sounds great to have truly short form I think the biggest impact will be to encourage fraud. Also one must consider the negative impact on a major business sector of accountants and tax preparers. I would also expect over simplification will only lead to increase in modifications and a whole new round of complications By far the biggest emphasis should be on closing loopholes This must take precedence over any rollback on corporate taxes. In short the priorities should be "don't over simplify" and "close loopholes"
If you fall in the top 1% of the citizens of this Country it's great, for the other 99% of us it's horrific !
Wow...if you took a time shuttle back to 1980 you would hear the same jargon. How is Mr Trump expecting to earn the help he needs in the legislature? Unless negotiating includes name calling, threatening and character attacks, I don't see team work happening. He belittled congress in this very speech😳
No tax reform till trump tax returns for 5 years are released. So everyone can see how it is all in his favor.
Trumps tax plan is no reform. It only benefits corporations and the wealthiest Americans. Veto it! It's another war on the poor