The Trillion-Dollar Problem With Trump's Tax Plan

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The message sent from the Trump voters to both the Democratic and Republican Parties is loud and clear: They are sick and exhausted of the corruption in the USA government, the ever-rising costs of health insurance and pharmaceutical drugs, the $19.9 trillion in national debt, the 94 million Americans out of the labor force, the radical Islamic terror attacks, the murders of innocent US civilians perpetrated by criminal illegal immigrants, the extreme violence in the inner cities, the smuggling of drugs and the human trafficking occurring at our southern border and the condescending political correctness of the Democratic political elites, most of the national news media outlets, many Hollywood celebrities and a large percentage of far-left college professors and their students.

Congress and President Trump also have an important opportunity to strike a blow for American businesses by changing the way the United States taxes business income earned overseas. The U.S. can not remain competitive with other nations with a tax rate that is 16.4 percentage points higher than the world average. Our jobs will both stay here in America and come back to America.

"It deserves prompt consideration by Congress so that Americans can get immediate relief from burdensome taxes and a complex tax code as soon as possible, and fill out their tax returns in the future on a short form that should be no longer than one page".

The president also called out Democrats for "looking to obstruct tax cuts and tax reform, just like they obstructed so many other things, including administrative appointments and health care". In part, the president was correct in saying this, as he is the first Republican candidate to win the state of since the late 1980s.

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Trump said his vision for rewriting the tax system, a key campaign pledge, would unlock stronger economic growth and benefit companies and workers alike.

Which brings us to the tax-cut fight. "Ideally. we would like to bring our business tax rate down to 15 percent", he said, adding that cutting it is essential for the nation to regain its competitive edge.

It was not clear, for example, whether the goal for 15% corporate tax rate was workable or would aim to reduce the nominal rate - now 39% - or the actual rate that company's pay, which is closer to 19%.

The third principle outlined by the President - lowering taxes for middle-class families - is probably the most challenging one. The nearly $1 billion cut was meant to help finance Trump's proposed border wall.

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The FEMA cut is the handiwork of House Appropriations Committee Chairman Rodney Frelinghuysen, R-N.J. - the force behind a $50 billion-plus 2013 superstorm Sandy recovery package - and Rep. John Carter, whose home state of Texas is suffering from Harvey.

Considering the fact Trump has not had any significant legislative achievements, Republican leaders and the White House are under pressure leading up to the midterm elections in 2018.

The United States is the only member of the Group of Seven major industrial nations that operates under such a freaky business tax code. That has wounded the president's relationship with his own party.

"We expect to hear their proposal for getting done all that we have to get done in September", said Schumer spokesman Matt House.

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President Trump then highlighted Springfield as the birth place of Route 66 and calls for a comeback of historic proportions.

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