By Charles Benninghoff
Yesterday, President Trump hosted Vice President Mike Pence and five members of the Senate Finance Committee at the White House for lunch in the Private Dining Room to discuss a topic on everyone’s mind: A tremendous tax cut – the biggest in the history of the United States.
The President reiterated his support for the tax bill proposed by Republican leadership and is pleased with the momentum it has inspired for passing crucial legislation well before the year’s end.
As part of the Administration’s continued support, President Trump was to join Senate Republicans today for lunch at the U.S. Capitol, to make the case for swift action.
So, what happened?
The Democrats cancelled this momentous, job saving and family-building meeting with the president because the Democrats want to continue an unlimited invasion of illegal aliens knowing that this is the only way they can promote their globalist objectives of destroying the dominance of the United States in world affairs.
President Trump refuses to allow this to happen and said so in an announcement that stated he was meeting with senate minority leader Chuck Shumer D-NY and house minority leader Nancy Pelosi D-CA, “ [I’m meeting] today about keeping government open and working. Problem is they want illegal immigrants flooding into our Country unchecked, are weak on Crime and want to substantially RAISE Taxes. I don’t see a deal!”
The Schumer-Pelosi act of cancelling this tremendously-important meeting proved President Trump’s statement about the Democrat Intent to be true in every regard.
So, let’s learn more about President Trump’s pro-job, pro-family, and pro-America principles and why Congress must be urged to pass this momentous legislation.
Lowers Rates for Individuals and Families: The framework shrinks the current seven tax brackets into three – 12%, 25% and 35% – with the potential for an additional top rate for the highest-income taxpayers to ensure that the wealthy do not contribute a lower share of taxes paid than they do today.
Doubles the Standard Deduction and Enhances the Child Tax Credit: The framework roughly doubles the standard deduction so that typical middle-class families will keep more of their paycheck. It also significantly increases the Child Tax Credit.
Eliminates Loopholes for the Wealthy, Protects Bedrock Provisions for Middle Class: To provide simplicity and fairness the framework eliminates many itemized deductions that are primarily used by the wealthy, but retains tax incentives for home mortgage interest and charitable contributions, as well as tax incentives for work, higher education, and retirement security.
Repeals the Death Tax and Alternative Minimum Tax: The framework repeals the unfair Death Tax and substantially simplifies the tax code by repealing the existing individual Alternative Minimum Tax (AMT), which requires taxpayers to do their taxes twice.
Creates a New Lower Tax Rate and Structure for Small Businesses: The framework limits the maximum tax rate for small and family-owned businesses to 25% – significantly lower than the top rate that these businesses pay today.
To Create Jobs and Promote Competitiveness, Lowers the Corporate Tax Rate: So that America can compete on a level playing field, the framework reduces the corporate tax rate to 20% – below the 22.5% average of the industrialized world.
To Boost the Economy, Allows “Expensing” of Capital Investments: The framework allows, for at least five years, businesses to immediately write off (or “expense”) the cost of new investments, giving a much-needed lift to the economy.
Moves to an American Model for Competitiveness: The framework ends the perverse incentive to offshore jobs and keeps foreign profits overseas. It levels the playing field for American companies and workers.
Brings Profits Back Home: The framework brings home profits by imposing a one-time, low tax rate on wealth that has already accumulated overseas so there is no tax incentive to keeping the money offshore.
“We have a once-in-a generation opportunity to give American workers and businesses the level playing field they deserve and make us competitive once again on the world stage,” said Director of the National Economic Council Gary Cohn. “The Administration and Congress have worked together to develop this unified framework for tax reform, which will grow our economy, create jobs, and provide relief for working families. This framework will deliver on the President’s promise to end the rigged system that has kept our workers and businesses down for too long.”
It is incumbent upon all Americans who want to see our economy continue to improve, to generate more good-paying jobs for Americans and lower tax burdens to support President Trump’s efforts and work to get this bill passed.
Copyright 2017 by Charles Benninghoff | All Rights Reserved
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