The complainers are coming out of the woodwork like termites wondering why their particular agenda hasn’t been fulfilled yet like a society of entitlement soothsayers… “What about what I want? Me! Me!” Without considering what is required in order to get anything actually – done:
TRUMP ON TAXES – nutshell
- Double the standard itemized deduction value for single taxpayers – $12,000 and married taxpayers – $24,000
- Standardize tax rates to 12%, 25% and 35% – the income levels have not yet been released.
- Curb the itemized deduction for home interest to $500,000 vs $1 million, which effects homeowners who currently write-off on home asset values of $22 million…
- Repeal and curb itemized deductions for taxes, tax prep fees, moving expenses, medical expenses, and theft and personal losses
- Repeal deduction for alimony (not taxable deduction or expense)
- Eliminate recharacterization of IRA’s between traditional and Roth
- provide a one time incentive to bring offshore money home for a 10% tax bill – current estimates state that offshore money worldwide is valued at about $40 trillion.
- Flat tax the corporate rate at 20%.
- Repeal certain depreciable assets and enable 100% of cost as write-off
- Allow businesses a $25 million threshold for cash vs accrual accounting and inventory
- Remove limitations on interest deductions for small businesses
- NOL would be capped at 90% of current year taxable income
- Increase estate tax exclusion to $10 million until 2023 when repealed and gift tax rate lowered to 35%
- Cap small business tax rate at 25%, LLC filers and Sub S Corporations
- Increase child tax credit
- Repeal Alternative Minimum Tax
- Elimination of certain business tax credits, except; research and development, investment and low income housing credits
- Elimination of tax free bonds used to fund the construction of Sports Stadiums
- Simplify and streamline Education credits
Apparently, the plan has drawn criticism… surprise! Ann Coulter thinks it isn’t even an issue with anyone, and instead Trump should be prioritizing building the wall. Paul Ryan doesn’t like it, but few people like Paul Ryan, so his opinion is a non-issue. The complainers have come out of the woodwork and don’t realize that complaining is why nothing gets done! Their complaining is Swampish.
According to Gallup, the biggest issue American’s identify is government corruption. Yet, as Trump slashes the Swamp, everyone complains. Why? Americans have become so paralyzed by party definition that we fail to recognize that Trump is doing exactly what we claim to want. He is tackling the Swamp, and it is far deeper than anyone can imagine crossing party lines, gender lines, and judicial lines.
Issue #2 – The Economy. Ann Coulter seems to have forgotten that one of the prime ways to stimulate the economy is through a reduction in taxes. But Trump has actually gone a step further and is offering to bring back into the US potentially trillions of dollars in offshore accounts! Investable money. Money to ‘stimulate the economy’!
Issue #3 – Immigration. A work in progress, sanctuary cities are the battle ground. The border is the battle ground, and el Salvadoran gangs, etc…are the battle ground. Trump has meticulously attacked each area, and still the sky is falling Chicken Littles – complain. But the race is not won by the Hare who acts impatiently, but by the Tortoise who acts with ingenuity. The immigration problem has been manifested over a 40 year time frame with each successive president prodding its continued growth. It’s like giving birth; the weight gain occurred over nine months, you don’t lose it in one day.
And lastly, Healthcare, which for me is a personal issue that literally takes my breath away at an annual cost of $16,000 including deductible! That’s $8 per working hour, which is about equal to the minimum wage…
UPDATE: My nephew in Arizona was just issued a statement that his private health insurance premiums will increase by 80% in 2018. Thus the premium for him and his wife will be $23,000 with an $11,000 deductible! He ‘was’ retired…
You Can’t Please All Of The People All Of The Time!
But apparently, everyone would like to think that their ‘pleasing’ is most important, and to sit back and complain loudly about everything is their call to action – bonbons and all. There is no such thing as a Bill that will appease everyone, but if we are so self centered that a Bill that has tremendous potential for solving Economic issues through Tax Reform is tabled, then how can we possibly move on to the next issue with any confidence or hope?
If both sides of the media raucously wag gnarly fingers of doom, then that is ultimately exactly what we deserve. Which is to say – NOTHING.
Lets get this done! NEXT!