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Tuesday, September 12, 2017

The Impending Tax Changes

There's still no bill that has been introduced to accomplish tax reform.  It's coming, or so we keep being told, but it's just not here yet.  Every week, we hear different versions of tax changes being put forward, and then the next week they are just not the same.  It's time now for an actual proposal.

Last week, it looked like Congress was going to be tied in knots all September doing hurricane relief, government funding and debt ceiling raising.  Then President Trump broke the logjam by making an agreement that accomplished all three of those measures in a morning.  That freed the path for consideration of tax reform.  Congress has to act NOW!

This bill can be rather short and simple.  It doesn't have to change the entire tax code.  It just ought to do a few things:

1.  Cut the corporate income tax rate to 20% or so.
2.  Set a special rate for repatriation of the nearly 3 trillion dollars held by US companies overseas with a method for preventing a similar accumulation in the future.
3.  End all the special provisions that provide help for specific industries.
4.  Get rid of the Obamacare surtax on unearned income.
5.  Lower the personal income tax.
6.  Get rid of many of the more arcane tax deductions while increasing the personal exemption.

That's really all that we need to see.  This package would drive economic growth through the roof by encouraging investment in this country that would create millions and millions of jobs.

Tell Congress to get moving.  The time to act is NOW!!

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