The Trump Tax Plan Is Everything He Promised And More
You gotta hand it to Donald Trump: Every time we think he’s about to sell out, or at least that he’s slacking off…he delivers, after all. In this case, with the First 100 Days closing out, the big issue for Conservatives is: What legislation promised in the Contract With The American Voter has The Don brought to the table?
After all, everything but the legislation is pretty much a bunch of nice check marks—he’s good there. But, surely the master dealmaker has gotten something done with Congress.
Well, there’s health care—and that blew up in everyone’s face.
But what about Building The Wall, or his tax reform proposals?
Well, Ted Cruz’s helping out with the former, courtesy of El Chapo. As for the latter, I just gotta say:
The new tax plan is simpler. It’s streamlined. And it removes some of the biggest obstacles to economic growth. Observe:
- Three tax brackets, down from seven: 35%, 25%, and 10%
- A slash in the corporate tax, from 35% to 15%
- Switching said corporate tax from a “worldwide” system to “territorial”—
—What’s that, you ask? Well…
A territorial taxation process taxes only the income earned by a company within the specific country. The intention of this switch is to drive investment back into the country and stop companies from moving their headquarters overseas to avoid the burden of heavy American tariffs.
Okay! Moving right along:
- A “sizable increase to the standard deduction…to the tune of a couple thousand dollars”
- A doubling of tax breaks for singles and “married filing separately”—from $6,300, to $12,600
- A near-doubling of the deduction for “married filing jointly”—from $12,700, to approx. $24,000
- Closing of all loopholes except charitable donations, mortgage interest, and retirement savings
- Repealing the alternative minimum tax
- Repealing the estate tax, aka the death tax
And there you have it, folks: Short, simple, sweet—and a general recipe for economic prosperity. And so, of course, The Left is screaming bloody “deficits”.
But at last, the administration’s pointing out a simple fact: That an economic boom kick-started by tax cuts means increased revenues to the government—and therefore, cuts to the deficit.
And incidentally, if the Left were really so concerned about deficits, why are they always so hardline against reforms to Social Security, Medicare, and Medicaid? But I digress.
While we all should be elated at keeping more of our money, the fact is, the best part of this plan is the slashing of the corporate tax. We still have the highest corporate tax in the free world—and we wonder why our companies keep moving jobs overseas? Apologies to the Nationalists, but tariffs aren’t the solution to that—cutting that ridiculous tax rate is.
As such, I was pretty concerned that Trump would overlook this, and focus on tariffs. I’m so happy to be wrong.
In other words: We’re rocking and rolling, folks. All aboard the Trump Train.
Eric was raised by Conservative Christian parents, but first became especially passionate about politics in high school, through reading up on economic theory. He also first read The Fountainhead and Atlas Shrugged around this time, for the ARI's essay contests. He now owns a great deal of Ayn Rand's work. Also included in his library are the collected works of Rush Limbaugh, Mark Levin, Ann Coulter, etc.
Eric is no stranger to writing commentary, as the writer of the Conservative Considerations column on CampCampaign.com, and as a film critic and commentator on FlickRev.com. He has also carried on the Conservative tradition of talk radio commentary, as the host of "Avengers of America" for the USF student radio station, Bulls Radio. In the meantime, he is practicing what he preaches: Striving to enter the professional realm of Hollywood, he has already written and directed short films for the Campus MovieFest, which can be found on his YouTube channel, Hard Boiled Entertainment.