And they’re off to the races…Yesterday the GOP and President Trump finally laid out the specifics on their tax reform plan. The first question is simply, what took so long?
Now, get ready for the same old tired response from the progressive socialists of the Democrat Party and their liberal progressive media accomplices…”tax cuts to the rich.” That they shall decry in that infamous unified incessant noise resembling that of a bunch of sheep. So, before we begin an assessment of the GOP plan, let’s go back down memory lane as to why the left just needs to shut up.
Recently we shared with you a concept of a liberty versus tyranny tax reform system. Needless to say, what Obama and his ilk promoted was the latter.
For the past eight years we tried the progressive socialist version of economics, Obamanomics. What that yielded was four years of trillion-dollar-plus deficits, it’s easy to cut a trillion-dollar deficit in half and claim victory. Sadly, Obama’s lowest deficits were still record deficits for the U.S. economy. Under Obama we went from $10.67 trillion in debt to $19.5 trillion in debt, with little to nothing to show for it, especially considering Barack Obama was the first U.S. president NEVER to achieve 3 percent GDP growth, already achieved by the Trump administration. The left and Obama gave the U.S. a stimulus plan that didn’t stimulate anything, and a massive increase in Americans in poverty and on food stamps. As President Obama said himself, “I guess shovel ready wasn’t shovel ready.” Wages were depressed and the workforce participation rate was at an all-time low, only seen previously under another progressive socialist president, Jimmy Carter. In other words, for eight years we tried the economics of the progressive socialist left, and it failed.
Therefore, it would just be best if all the Democrats just moved their heads north and south and vote yes. They have absolutely zero credibility when it comes to tax, fiscal and general economic policy. Because of the abject failures of Barack Obama, our monetary policy — called quantitative easing, which is abhorrent — had to be instituted to prop up his economic incompetence. Then again, what does anyone expect from the economic framework of Karl Marx? Ours, in America, is a free market/fee enterprise economy, not crony capitalism, and certainly not a socialistic economic model. This has been our success story, and this is what President Ronald Reagan realized…and so did the Democrat House of Representatives led by Speaker Tip O’Neil — or even going further, President John Kennedy. Fundamentally sound economic principles have not changed, but the Democrat Party has…so please folks, spare us the foolishness and antics, or run the risk of losing even more Senate and House seats.
As for the GOP, well, finally, and here is the gang that appears not capable to shoot straight. Their backs are against the wall and this must pass and be retroactive to January 1, 2017. I am glad that the GOP dumped their little progressive tax idea of a border adjustment tax, a hidden value added tax.
What will concern me is if they cower to the leftists and allow for a fourth tax bracket on high wage earners. Right now, the GOP plan condenses the seven tax brackets into three at 12 percent, 25 percent, and 35 percent. Small business owners, “pass-throughs,” who operate from their personal income tax rate, will not be taxed higher than the 25 percent bracket — excellent news. The corporate business tax rate, highest in the world, will go down from 35 percent to 20 percent – and the key here is the effective tax rate. This is why it just needs to be a flat 20 percent with no deductions, eliminating the ability to deduct yourself out of any taxes. And there will be a on- time repatriation, at a lower tax rate, for corporate earnings held off shore, and retroactive to the beginning of the year.
The death-defying death tax is eliminated: hooray! Under Hillary Clinton we would have seen the threshold for this onerous and insidious tax actually lowered.
The real sticking point will be the elimination of the state and local tax deduction. And guess who that hits the hardest? yep, those tax hungry Blue States, uh huh, run by progressive socialists like New York and California. Perhaps instead of raising taxes for their social welfare folly and to support illegal immigrants, they should focus on economic growth policies for Americans. There’s a reason why folks are departing these states, and moving to places like Georgia, Florida, Tennessee, and Texas, economically solid Red States with sound tax policies that spur growth.
The doggone thing is these chuckleheads move from these highly taxed states, and then want the same foolish liberal progressive policies instituted in successful states – that’s what I call the “locust effect.” I would recommend that the states most effected by the elimination of the state and local tax deduction create their own tax reform policy, or at least the citizens should demand it.
Regardless, the GOP must come through here and not allow the folks who gave us eight years of economic despair and failure to bully them. Please, for once, fight back. Y’all, the GOP, bungled the repeal and reform of healthcare issue, you can ill afford to blow this one…or else face the music as Senator Luther Strange did recently. We need a liberty and economic growth tax reform system and this is a good start, as we need all Americans rowing in this boat, not just the top 20 percent of wage earners who pay 80 percent of taxes.
Just remember this video from an interview done by Neil Cavuto with a young delusional progressive socialist Keely Mullen. There should be no way that the GOP loses a debate with the left on economics.
Oh yeah, in closing, I heard that Tennessee Republican Senator Bob Corker won’t be seeking reelection: buh-bye. I firmly endorse and support former University of Tennessee quarterback, and future NFL Hall of Famer, Peyton Manning to be the next Senator from the Volunteer State. And why not, another Tennessee quarterback, Heath Shuler, old number 21, was a member of the House of Representatives. Congressman Shuler was a conservative Democrat, and we know that breed has gone the way of the dodo bird.
[Learn more about Allen West’s vision for this nation in his book Guardian of the Republic: An American Ronin’s Journey to Faith, Family and Freedom]