Trump’s Economic Tea Party Revival…

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. 

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Trump Tax Plan – Check Out The Details Here.

Donald Trump initially hinted at the scope of his tax reform plan via a lengthy interview given to CBS’s 60 Minutes program. This morning he followed up that hint up with yet more details via a press conference devoted to the subject and a now available written tax reform proposal for both the media and voters to review.

Republican presidential candidate Donald Trump

“You earned and saved that money for your family, not the government.”  -Donald Trump

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Interest in the Trump tax plan is apparently high as web traffic initially crashed the Trump site as tens of thousands attempted to access the online version of the tax plan shortly after Mr. Trump’s press conference was concluded.

The plan is based upon four primary principles:

-Tax relief for millions.

-Simplification of the tax code.

-A tax code that encourages business, job creation, and keeps those jobs in America.

-Tax reform that does not add to the national debt.

Mr. Trump then goes on to further detail how the four principles above can and will be accomplished should voters choose him to be America’s next president:

  1. If you are single and earn less than $25,000, or married and jointly earn less than $50,000, you will not owe any income tax. That removes nearly 75 million households – over 50% – from the income tax rolls. They get a new one page form to send the IRS saying, “I win,” those who would otherwise owe income taxes will save an average of nearly $1,000 each.
  2. All other Americans will get a simpler tax code with four brackets – 0%, 10%, 20% and 25% – instead of the current seven. This new tax code eliminates the marriage penalty and the Alternative Minimum Tax (AMT) while providing the lowest tax rate since before World War II.
  3. No business of any size, from a Fortune 500 to a mom and pop shop to a freelancer living job to job, will pay more than 15% of their business income in taxes. This lower rate makes corporate inversions unnecessary by making America’s tax rate one of the best in the world.
  4. No family will have to pay the death tax. You earned and saved that money for your family, not the government. You paid taxes on it when you earned it.

The Trump plan is by far the most comprehensive tax reform proposal since the Ronald Reagan era and has within it aspects which should please both lower income citizens and those hoping to start and/or maintain businesses. It’s primary message appears to be one of placing both money and business creation potential, and thus power, back into the hands of the American people – particularly the Middle Class, and not the federal government.

Will voters approve?

You can access the entire Trump Tax Reform proposal:  HERE