Donald J. Trump released his tax reform plan yesterday and it is awesome! This is the third policy position paper by the 2016 Republican presidential candidate. Like the two previous ones on immigration and gun ownership, Trump′s tax reform plan hits the nail on the head! Under the plan, the tax code is simplified, cutting 7 tax rates down to 4. For those singles making $25,000 or less per year, and married couples earning $50,000 or less jointly, their tax rate will be 0%. Other income brackets will pay either 10%, 20% or 25%. The plan eliminates the Alternative Minimum Tax, AMT and slashes the corporate tax rate down to 15%. The dreaded Death Tax is eliminated as well. Trump also offers a one-time, 10% tax rate on repatriation of corporate capital from overseas, which is estimated to be at least $2.5 Trillion dollars. Many deductions used by special interests are reduced or discarded, making the plan revenue neutral over time.
The tax reform plan by Donald Trump would cause a huge unleashing of capital and spur economic growth. US companies hiding money overseas, or taking jobs outside America, would be compelled to return home. We would go from having the highest corporate tax rate in the world to one of the most competitive. Trump believes that his plan would guarantee an annual GDP growth rate of at least 3%, and over the long haul be closer to 4%, nearly double what we′ve had under Barack Obama. Millions of new jobs would result as Trump puts America back to work, making us great once again.
Critics, of course, will claim that Trump′s plan will inflate the National Debt. That may be true for the first year or two. If Donald Trump can reduce government spending by just half of what he is promising to cut, we′ll be on the surplus side fairly quickly. Between a responsible budget and genuine GDP growth, the National Debt can be salvaged and reduced. But then, everybody but Obama has known that all along!
So what do you think about Donald J. Trump and his tax reform plan? Grover Norquist likes it! You should, too! As founder and head of Americans for Tax Reform, Norquist is pleased with Donald Trump, and gives the plan his blessing. That s better than a blessing from a Commie Pope!