Reducing taxes like Trump is planning on doing will no doubt provide a boost to our economy because the fact is most Americans are spenders not savers and our consumption mentality while having a few downfalls to it, is also what has made us one of the most successful economies in the world. But when it comes to many things including economics, nothing is easy. If there was a perfect tax plan we would already be using it. Both sides realize they’re walking a tightrope because it takes a lot of faith to send tax revenues back to us knowing they have more bills to pay than money coming in thus our $19 trillion deficit and growing.
The Federal Government will only get a fraction of each dollar back while city, county, and state governments will benefit from sales taxes. All new jobs created from the reduced taxes will be highly beneficial because income taxes can be collected and more people will have money to spend, but it takes a lot of incremental sales to create one job which means Federal income taxes will take a while to build up.
I’m all for reducing taxes but I understand we’re rolling the dice a bit. The good news is if it isn’t working, the code can be changed even though Democrats are acting like it will be written in blood. I find it interesting that after eight years of silence regarding the deficit because Obama was breaking all debt records, that Democrats on the Hill are telling their constituents the Republican’s tax plan will lead us to bankruptcy. They should be ashamed.
At the end of the day what we really need is a surplus budget which means massive cuts in special interest programs that were basically political favors to legislators trying to sell their votes. We have over 400 Federal Government agencies with overlap galore. Many of the agencies can be eliminated and as taxpayers we wouldn’t notice them being gone. Almost every teacher I’ve spoken to said we don’t need a Federal Department of Education.
There are over 8,000 “Plum Jobs” (type in plum jobs in your search engine and get ready to become livid), which we could eliminate. The Federal Government has increased its size and it’s paying their employees close to 30% more than those in the private sector. Think about it, if you really want your child to get rich these days, have him or her get a government job. You don’t have to be an engineer to understand that being top heavy in anything, isn’t good.
I want to reiterate the term: “surplus budget” because a “balanced budget” which legislators haven’t been able to produce, won’t cut it anymore because our debt is so high. They need to bring in much more in tax revenues than what they’re spending (surplus), in order to pay down the debt and this means massive cuts in spending. This won’t make them popular but it’s not unlike being a parent, if you’re not making your children mad sometimes for not getting what they want, then you’re not being a good parent. Our legislators need to worry less about their careers and more about the stability of our nation not just for us but more importantly for those who will follow. How is it fair that a child in grade school will have to pay for loans they had no part in asking for?
There’s no doubt that President Trump’s plan has significant tax breaks for the middle-class but CNN didn’t cover this they focused their attention on how Trump will benefit from his tax plan. First of all, it’s not his tax plan. He didn’t write it because contrary to what Democrats and the mainstream media would have us believe, the Executive Branch doesn’t write legislation.
Regardless, anyone can read what Trump has put out so far and see that Democrats are trying to sell the narrative that tax cuts for corporations are the same as tax breaks for the rich which isn’t true. We need U.S. companies to be competitive globally and this is hard to accomplish when they're required to pay far more taxes than their competitors around the world.
In wrapping up, we won’t know how effective a tax policy will be until it’s implemented. If it were cut and dry, there wouldn’t be so many economists disagreeing on the outcome. To me, economists are a lot like psychics as they make their predictions then you don’t hear from them again because they don’t want to be held accountable for the results. Both parties just reload with new economists the next time they need back-up for whatever legislation they’re pushing.
The Federal Government will only get a fraction of each dollar back while city, county, and state governments will benefit from sales taxes. All new jobs created from the reduced taxes will be highly beneficial because income taxes can be collected and more people will have money to spend, but it takes a lot of incremental sales to create one job which means Federal income taxes will take a while to build up.
I’m all for reducing taxes but I understand we’re rolling the dice a bit. The good news is if it isn’t working, the code can be changed even though Democrats are acting like it will be written in blood. I find it interesting that after eight years of silence regarding the deficit because Obama was breaking all debt records, that Democrats on the Hill are telling their constituents the Republican’s tax plan will lead us to bankruptcy. They should be ashamed.
At the end of the day what we really need is a surplus budget which means massive cuts in special interest programs that were basically political favors to legislators trying to sell their votes. We have over 400 Federal Government agencies with overlap galore. Many of the agencies can be eliminated and as taxpayers we wouldn’t notice them being gone. Almost every teacher I’ve spoken to said we don’t need a Federal Department of Education.
There are over 8,000 “Plum Jobs” (type in plum jobs in your search engine and get ready to become livid), which we could eliminate. The Federal Government has increased its size and it’s paying their employees close to 30% more than those in the private sector. Think about it, if you really want your child to get rich these days, have him or her get a government job. You don’t have to be an engineer to understand that being top heavy in anything, isn’t good.
I want to reiterate the term: “surplus budget” because a “balanced budget” which legislators haven’t been able to produce, won’t cut it anymore because our debt is so high. They need to bring in much more in tax revenues than what they’re spending (surplus), in order to pay down the debt and this means massive cuts in spending. This won’t make them popular but it’s not unlike being a parent, if you’re not making your children mad sometimes for not getting what they want, then you’re not being a good parent. Our legislators need to worry less about their careers and more about the stability of our nation not just for us but more importantly for those who will follow. How is it fair that a child in grade school will have to pay for loans they had no part in asking for?
There’s no doubt that President Trump’s plan has significant tax breaks for the middle-class but CNN didn’t cover this they focused their attention on how Trump will benefit from his tax plan. First of all, it’s not his tax plan. He didn’t write it because contrary to what Democrats and the mainstream media would have us believe, the Executive Branch doesn’t write legislation.
Regardless, anyone can read what Trump has put out so far and see that Democrats are trying to sell the narrative that tax cuts for corporations are the same as tax breaks for the rich which isn’t true. We need U.S. companies to be competitive globally and this is hard to accomplish when they're required to pay far more taxes than their competitors around the world.
In wrapping up, we won’t know how effective a tax policy will be until it’s implemented. If it were cut and dry, there wouldn’t be so many economists disagreeing on the outcome. To me, economists are a lot like psychics as they make their predictions then you don’t hear from them again because they don’t want to be held accountable for the results. Both parties just reload with new economists the next time they need back-up for whatever legislation they’re pushing.
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