Tax reform would help middle class, business
A major tax reform proposal has been unveiled by President Donald Trump and Republican leaders in Congress.
No tax bill is simple, of course. But what the foundation of what the White House and GOP lawmakers have outlined makes sense. It is simply to give middle-class Americans a break and slash the job-killing corporate tax rate.
At 35 percent, the current corporate rate is among the highest in the world. It is an invitation for companies to shift operations overseas.
Cutting it to 20 percent, as proposed, could create — or bring back home — millions of jobs.
Some critics say reduced tax collections would result in a higher national debt. At first, they would — but eventually, by expanding the economy, they would bring more dollars into the federal treasury. In addition, they would improve many Americans’ standard of living. And, we might note, for those truly concerned about the rising debt, there is a simple solution: Stop spending so much money.
Tax reform is a win-win deal that ought to be accepted quickly in both the Senate and House of Representatives.