Not so long ago, it was the Tea Party movement, that gathering of like-minded small-government advocates who wanted lower taxes, fewer regulations, and less intrusion into their private lives, that united millions and for a while, exerted significant influence upon the Republican Party. Establishment politicians and the Mainstream Media attacked and vilified the Tea Party then, very much like they are doing to Donald Trump now.
This week, Donald Trump openly embraced those Tea Party principles, Establishment critics be damned.
And during that speech outlining his economic vision for America, Trump came out swinging, calling it time for a “tax revolution” in this country. The New York billionaire derided the influence of Wall Street upon D.C. politicians who then create tens of thousands of pages of regulations that in the end, protect a chosen few at the top and stifle those trying to work their way up from the bottom.
“These reforms will offer the biggest tax revolution since the Reagan tax reform, which unleashed years of continued economic growth and job creation.”
Trump called for a sweeping simplification of the tax code, including eliminating several tax brackets in favor of just three: 12, 25, and 33 percent.
Likely more important to direclty impacting the economy and creating jobs is Trump’s cry that the corporate income tax be slashed from 35% to 15%, a move reminiscent of Bill Clinton in the 1990’s. Unlike her husband, Hillary Clinton is calling for raising the corporate tax rate even more, despite the fact the United States already has the highest corporate taxes in the world. Many economists have warned that a higher rate will only lead to further jobs in America being shipped overseas.
Hillary calls her trillion-dollar tax increased a way for the rich to “pay their fair share” while Trump calls it a fiscal disaster that will only prolong the tepid economy that has been the economic hallmark of the Obama years where higher taxes have done nothing to less government spending leading to stunning trillion-plus yearly deficits that politicians like Clinton and Obama appear all too-willing to push off to future generations.
No greater difference can be found in their respective versions of taxes than that of the estate/death tax. Hillary Clinton wants to see the federal government take nearly half of the value of inherited assets while Trump wants to see the death tax eliminated altogether. He and many economists have long argued that it is morally wrong for the federal government to tax people in life, and then tax them in death as well.
Hillary Clinton wants to further expand and solidify federal government tax control over the entirety of the U.S. economy.
Donald Trump wants that same economy to be given back to the American people.
It will be up to voters to decide in just over 90 days which vision they prefer.