Tax reform plan critical medicine for all Americans
President Trump and the Republican majority in the House and Senate are pushing hard for tax reform by the end of the year that will make the tax form simpler and the amount coming out of every American’s pocketbook less.
You would think that would be an idea with traction. It’s certainly long overdue since it’s been about 30 years since the last major tax reform.
But the usual politicized battle lines have been drawn. Democrats are highly critical of tax cuts that include the highest income earners and business owners as well as the repeal of taxes on multi-million dollar estates.
In a recent visit to Williamsport, Pennsylvania Sen. Pat Toomey said he is on board and sees the need for tax cuts in every bracket.
Middle-class income earners need the break for obvious reasons – they are stretched to the bone by taxes, health care costs and lack of wage growth over the past decade. But Toomey emphasized American businesses need to become competitive again.
And that’s not possible if they have the highest corporate taxes in the world.
Opponents of tax reform don’t want the dirty little secrets to get out and their sound-bite dialogue gets willing play from a complicit media. The facts are that the wealthiest wage earners in the country already pay about 70 percent of the tax revenue in the country and they, along with successful business owners, large and small, are the ones who employ people.
As was shown during the Reagan era, the last time a measure this size was tried, tax cuts that include all classes mean more jobs, which creates increased earnings for all Americans. That money is churned into the economy and the growth pays for the tax cuts.
Opponents snarkily call this “trickle down” economics. But for a country struggling to keep up with a global economy, that’s pretty much what is needed to get all Americans on an even economic playing field again.