The Trump Administration outlined its tax reform plan Wednesday, with White House economic adviser Gary Cohn saying, “Tax reform is long overdue.”
Among the reforms proposed - and which will be vehemently opposed by elected Democrats and Progressives, and more than likely violently opposed by their street henchmen - is a slash to the corporate tax rate from 35 percent to 15 percent, which will undoubtedly spur economic growth.
The plan also collapses the personal income tax system into three brackets: 10%, 25% and 35%. The current top rate is 39.6 percent, as well as doubles the standard deduction. The current standard deduction would rise from $6,300 to $12,600 for individuals under the proposal. For married couples filing jointly, it would rise from $12,600 to roughly $24,000.
The plan also eliminates all tax deductions but for mortgage write-offs and write-offs for charitable giving. It eliminates the death tax.
Make no mistake. Congressional and Senate Democrats will fight this tooth and nail. Tax cuts translate to the inability to "spend" for the Federal Government. Spending is all Democrats know how to do. They bleed taxpayers to create giveaway programs and funding for special interest initiatives. Tax cuts hobble their ability to fund those fiscally irresponsible avenues.
Viva Tax Reform!!