The media is propagating a dangerous liberal economic myth.
Don’t fall for it.
They are falsely saying that President Trump’s tax cuts will benefit only the “rich.”
Let’s look at the reality.
Trump’s tax reform will:
- Grow jobs
- Increase wages
- Deliver real simplicity and fairness for all Americans.
The greatest job creators in the world are the small business owners, of which I am one.
We are trying to run successful businesses and provide for our families, but are being held back by an outdated, complicated tax code.
Today’s tax code is unbelievably burdensome and makes life harder on American businesses, workers and their families.
We must simplify Tax Day to one postcard anyone can fill out without software or a CPA.
Fixing this would strengthen our local economies.
Did you know that at the end of the day, more businesses close than open?
A reformed tax code would encourage entrepreneurship and startups, innovations and technological advances.
Bottom line for your bottom line: Simplifying the tax code is the best way to increase the economy.
Consider what happens with tax deductions and reform:
- Incentives for job creation and business grow.
- They reward working, which translates into saving, investing, starting up and building a business.
- It frees up money to use resources efficiently and effectively.
- Higher incomes and expanded employment opportunities. The impact of tax relief reaches beyond the simplistic view that only upper-income earners and businesses will profit.
When a society realizes how an economy grows – through greater risk taking through innovation, entrepreneurship and investment – it becomes clear that reducing the costs of suck risk taking through tax relief is a positive that impacts the entire economy.
It boosts growth, productivity, incomes and employment.
HOW MAJOR TAX REFORM IS CRITICAL TO YOU AND YOUR FAMILY
Major tax reform is critical to fueling our country’s economy.
As a business owner who has helped create thousands of new jobs and create new careers and business, I can tell you, taxes are killing us right now.
If the politicians and special interests would get out of the way …
- Taxes, both business and individual, will be drastically cut. That means more money in your pocket.
- Taxes will be structured to reward, not punish, companies to bring offshore monies back to America.
- Tax cuts will create new start-ups and create innovative technology.
Taxes make or break a country’s economy.
So, tax reform unleashes America’s economic potential.
Now Congress must move quickly on tax reform to spark economic growth.
President Trump’s tax reform, over the next 10 years, will create:
- 12 million new jobs
- $10 trillion in additional economic activity
- $3 trillion in budgetary savings
Under existing policies, the Congressional Budget Office (CBO) projects economic growth at a paltry 2% over the next 10 years.
But we could see 4% to 6% growth with major tax reform.
A CBO study concluded that more than 70 percent of the corporate tax burden is put on American workers.
But tax cuts can drive the economy in a positive direction:
- President Reagan’s 1986 corporate income tax cut contributed 3.3% to economic growth over 10 years.
- President Kennedy’s 1962 and 1964 tax cuts added 6.2% to economic growth over 10 years.
Look what tax cuts did for the creation of new jobs:
- After President Reagan’s 1981 tax cuts, the economy created 11.7 million new jobs over 5 years.
- After President Kennedy’s tax cuts, the economy created 9.3 million new jobs over five years.
Highlights from Trump’s plan include:
- Lower individual tax rates from 7 brackets to 3, paying 35%, 25% and 10%.
- Double the standard personal tax deduction, which will bring it to $12,700 for individuals and $25,400 for joint filers.
- Provide child and dependent care tax breaks.
- Eliminate itemized tax deductions, except for charitable donations and mortgage payments.
- Eliminate the estate tax.
- Lower the corporate tax rate from 35% to 15%.
- Allow a one-time repatriation of corporate profits at a reduced rate. U.S. companies hold an estimated $2.5 trillion overseas.
These tax breaks would boost the economy because economic activity is dynamic and not static.
As business creates new jobs and products and services, wealth is created for all … that’s the difference between socialism that stagnates welfare for all and a capitalist free enterprise that raises everyone’s standard of living.
It’s time to change the tax code. It’s time to stop punishing family businesses and middle-class Americans.
A thriving economy, after all, benefits everyone.
What do you think? Write me at [email protected]