Gary Bauer: President Trump Announces Tax Reform Plan

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Wednesday, September 27, 2017
To: Friends & Supporters
From: Gary L. Bauer

Trump Tax Reform Revealed

President Trump flew to Indianapolis today to deliver an address making the case for dramatic tax reform.  This morning, the White House released general details of the plan.  Here’s what we know so far:

  • The existing seven tax brackets will be reduced to three brackets of 12%, 25% and 35%.
  • The president is reportedly open to the possibility of a fourth bracket on the highest earners if it is needed to provide additional relief to the middle class.
  • The standard deduction will be doubled to $12,000 for an individual and $24,000 for a married couple.  This will dramatically simplify tax filing for the vast majority of Americans.
  • Families will benefit from various adjustments to the per child tax credit, including a $500 credit for non-child dependents such as elderly parents.
  • The tax code will be simplified by eliminating many deductions.  The most popular deductions for charitable giving, mortgage interest, higher education and retirement savings will remain.
  • The alternative minimum tax and the death tax will be repealed.
  • The corporate tax rate will fall from 35% to 20%.
  • Small businesses, which often pay the top individual rate of 39.6%, will benefit from a significantly lower 25% tax rate.
  • The president’s plan also calls for repatriating foreign profits held overseas by U.S. corporations due to high domestic tax rates.  Most estimates suggest this could return $2 trillion to the U.S. economy.

Again, these are goals the president is advocating.  On balance, I think they would do wonders for the economy.  How much agreement he gets from Congress remains to be seen.

Fake News Alert

CNN recently reported that White House Chief of Staff John Kelly, a former Marine general whose son was killed in Afghanistan, opposed President Trump’s comments about the NFL anthem protests.  As usual, that was fake news from big media.

Kelly later told CNN he was “appalled” by the protests, adding:

“I believe every American, when the national anthem is played, should cover their hearts and think about all the men and women who have been maimed and killed.  Every American should stand up and think for three lousy minutes.”

America vs. The Elites

Listening to the chattering class and the political consultants on TV, it is easy to come away thinking that there is only one view of the NFL anthem protests and that President Trump is wrong and out-of-touch.

That may be the prevailing view of our cultural and media elites, but a new Reuters poll exposes the growing chasm between the elites and the rest of America.

The poll asked Americans whether they “almost always” stand in silence when the national anthem is played.  Eighty-five percent said yes.  Only 11% said they did not.  And that got me thinking.

A recent Washington Post poll found that 8% of Americans have a “good or great deal of trust” in North Korean dictator Kim Jong Un.  Last month, a Rasmussen poll found that 7% of the public felt that monuments to George Washington and Thomas Jefferson should be removed from the public square.

This roughly 9% of the population that doesn’t stand for the national anthem and prefers Stalinist dictators over our Founding Fathers are the same people we see pulling down statues, wearing black masks and attacking conservatives at public rallies and who are preaching that America is an evil country.

In a country this free, that provides so much to its citizens, it seems that roughly one of ten people can hardly be called “Americans,” they don’t want to be Americans and they side with a foreign tyrant who assassinates his family members.

Back to that Reuters poll, by a whopping 25-point margin (58% to 33%), Americans felt that professional athletes “should be required to stand during the national anthem.”  It seems President Trump is much more in tune with the American people than our cultural and media elites are.

By the way, several NFL sponsors and small business owners are starting to take matters into their own hands.  They are pulling player endorsements and turning off NFL games in their restaurants, bars, etc.

The public is with us on the flag/anthem issue.  This controversy is a great opportunity, but only Trump seems to appreciate that.

Moore Wins Big

Former Alabama Supreme Court Chief Justice Roy Moore won big in last night’s Senate runoff election.  Moore defeated incumbent Senator Luther Strange 55% to 45%.  He now faces former U.S. Attorney Doug Jones (D) in the December 12th special election.
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FGGAM NEWS Just received this news release:

PEARCE: TAX REFORM PLAN STRENGTHENS NEW MEXICO BUSINESSES, FAMILIES

Washington, D.C. (September 27, 2017) Congressman Steve Pearce today released the following statement after the Republicans introduced their plan to reform America’s tax code:

“Small businesses are the cornerstone and families are the backbone of our state. For too long, our nation’s complex, antiquated, and one-sided tax code has caused stress, undue burden, and hard-earned money to ensure compliance. This is simply wrong, and must change not only for the success of our communities, but for the success of New Mexico and the nation. The tax framework released today has the potential to finally bring the relief that has long been needed. Done right, it will strengthen the middle-class and working-class, ease the burden and stress on families, make small businesses a priority, and put America back on the competitive global playing field.

This framework simplifies the tax code for businesses, doubles the amount families and individuals are able to deduct, and has the potential to lower rate for individuals and families throughout the nation with a straightforward tax rate. These changes will allow everyday middle-class families to spend less on taxes and tax preparation allowing those hard-earned dollars to be saved and used where needed. Even more, this framework will help businesses expand, but also allow them to create jobs in communities with desperate for growth and services.

New Mexicans have struggled long enough to find good-paying jobs and deserve to keep more of their hard-earned money. I look forward to working with my colleagues and the Administration to reform America’s tax code to make New Mexican businesses and families a priority.”

Background

To accomplish these tax goals for businesses, the plan restructures the maximum tax rate for small, family-owned businesses to 25% and reduces the corporate tax rate to 20%. It also contains additional business deductions and credits to incentivize domestic manufacturing and production, with a new marginal rate at the lowest we’ve seen it in nearly 80 years.

Click here to view the full tax reform blueprint.

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