GOP Viewpoint: Tax cuts now
Anyone who has operated anything more than a lemonade stand knows to prosper and grow their business requires one’s full attention and efforts. Every penny counts and keeping close watch on the bottom line is critical, which is why whatever can be done to help businesses finally turn the corner after the past eight years is so important.
The following excerpts from the Jan. 27 Wall Street Journal article by Larry Kudlow and Stephen Moore could not have explained the reasons for this any better:
“Congressional Republicans say they plan to wait to take up tax cuts until later in the year, after they’ve dealt with Obamacare, passed a 2017 budget resolution, confirmed President Trump’s first Supreme Court nominee and tackled other initiatives. This would be a big mistake. When Trump addresses Congress in a joint session Feb. 28, he should urge lawmakers to pass a jobs bill, including a tax cut, during his first 100 days in office. The centerpiece of the plan should be a reduction in the tax rates on corporations and, importantly, on America’s 26 million small businesses. Broader reforms, including tax-rate cuts for families, should come in a second round of legislation later this year.”
“The tax plan Trump campaigned on — which the two of us helped write last year — is indispensable to economic revival. Our archaic and uncompetitive business tax system may be the single biggest obstacle to restoring economic growth and living standards.”
“Time is Trump’s enemy. Any delay in passing the tax bill risks putting a damper on investment decisions and slowing the path to real economic recovery. The longer the delay, the lower the odds of getting a tax cut passed at all this year.”
“Trump needs to act with comparable urgency … it should include three initiatives:
- A reduction in the tax rate, retroactive to Jan. 1, 2017, for all businesses to between 15% and 20%, with immediate expensing for capital spending.
- A 10% tax on the repatriation of foreign profits brought back to the U.S.
- An infrastructure fund through which all money raised from repatriation could be dedicated to rebuilding America’s roads, highways, airports, pipelines, modernizing the electric grid, etc.”
“Budget hawks will doubtless complain the plan inflates the deficit. Not necessarily. We believe, and the Tax Foundation agrees, the business tax cut would generate so much capital investment that it would largely pay for itself over time.”
If the optimism generated by President-elect, and now President Trump, with the commonsense steps taken to this early stage are any indication, he is certainly staying consistent with his campaign promises. With his business acumen and stamina, plus the people he has surrounded himself with, the goal of “Making American Great” is within our reach.
The Ridgefield Republican Town Committee meets monthly on the third Thursday in the large conference room of Ridgefield Town Hall starting at 7:30 p.m. Everyone is welcome to attend, listen and participate with their comments. Go to our website: www.ridgefieldcygop.org