The tax reduction proposed by President Trump could result in a historic economic boom ahead.
Jobs Creation … up
Entrepreneurship and business startups … up
And, yes, millennials with jobs…up.
Our economy is ripe for a recession with the massive deficit, skyrocketing national debt and excessive job killing taxes and regulations.
But if congress passes the Trump tax plan…plus the repeal of unnecessary regulations…the cut back in overspending by Congress and Washington…all of which have been a huge drag on people’s progress… you’ll see a historic boom ahead.
The Trump Tax plan can turn everything around.
Today excessive high taxes are killing jobs and business growth. Large companies have trillions overseas because we have the highest tax rate in the world.
Look at it this way.
Tax Freedom Day is the day when Americans have earned enough money to pay their taxes at the federal, state and local levels.
Nationally, Tax Freedom Day was on April 23, 2017. For our California readers it lands on May 1, 2017 days later. California taxes more, so its taxpayers work longer for the government.
Americans will pay $3.5 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total tax bill of $5.1 trillion, or 31 percent of national income.
That’s more than Americans will collectively spend on food, clothing and housing combined.
It’s time for massive tax reform…and freedom.
Trump’s new tax plan will dramatically reduce the tax burden, increase job and increase wages.
President Trump went big on his tax cut plan. He proposed:
- A 15% business tax rate from 35% that would be available to businesses of all sizes
- Eliminating the Death Tax, which as double taxation, unfair and destroys family members
- Eliminating all special interest deductions except for mortgage interest and charitable giving
- A one-time tax for the repatriation of trillions of dollars now overseas
- A plan that does NOT include the onerous job killing Border Adjustment Tax
- A simplification of tax filing
- A repeal of the Unfair AMT
- Capital gains and dividend taxes drop to 20%
- Individuals would also benefit from a doubling of the standard deduction, meaning couples would see their taxable income reduced by $24,000
This is huge.
But the media and collectivist politicians are spreading falsehoods and distortions. They say it’s a giveaway to the rich and other nonsense.
Form a small business owner perspective and from an economic perspective – put on your seat belt, the economy, wages and jobs will take off in a historic economic recovery.
It’s now up to Congress to pass legislation and not water it down.
See Neil Cavuto on what to expect to the markets if this becomes law, about 3.5 minutes. Click here.
See here what this means to the economy, about 3.5 minutes. Click here.
What do you think? Email me at [email protected]