Although he’s getting no recognition for it, in a collection of campaign speeches, President Trump has proposed the most radical revision to the U.S. tax code in a generation.
CLIP: President Trump proposes “Made in America” corporate tax rate (1:26).
During his first term, President Trump cut the corporate tax rate nearly in half, from 39% to 21%. Now he’s proposing, for products completely made in America, a tax rate of only 15%, comparable to the favored long-term capital gains rate.
Remember: corporations do not actually pay income taxes. They only collect the tax from their customers. All the money comes from customers and taxes, like all other costs, are built into product prices.
So it would be a tax break for taxpayers, and would make domestically produced products more price competitive.
That’s not even close to all. Trump has also proposed the following cuts:
— No tax on tips.
— No tax on Social Security payments.
— No tax on overtime.
— A giant increase in child tax credits.
Collectively, President Trump is proposing a vast overhaul of the U.S. income tax system. His three radical “non-tax” categories —tips, overtime, and Social Security— would be a precedent for excluding more broad areas of income from taxation. Assuming Trump’s tax exclusions passed, the same approach would surely expand to encompass even more areas.
Trump’s economic plan would reduce inflation, incentivize work, encourage fertility, and increase domestic manufacturing. It’s win-win-win-win. Critics focused on the cost, ignoring the indisputable reality that tax revenues increase along with a growing economy regardless of rates.
On the other hand, Cackle and the Coach have literally promised to radically increase taxes, for fairness. Vice President Harris moronically told a CBS reporter this week that she would tackle inflation by taxing supermarkets.
Will Americans vote in their own best interest? Partisans perhaps will not. A liberal relative assured me last night that both Trump assassination attempts were hoaxes. Where do you go from that kind of MSNBC programming? Trump’s trickled-out tax plan is possibly the most encouraging campaign development. Our extreme circumstances require big solutions, and that is exactly what the former President is proposing. Stay tuned.
