- Apr 12, 2011
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from: Trump Needs A Big Win On The Board, Here's How To Get One
Editorial 3/31/2017
Taxes: After the GOP's health care bill debacle, President Trump is now turning his attention to tax reform. But unless he keeps this effort tightly focused, it could suffer the same fate.
Trump met Thursday with his Treasury Secretary Steven Mnuchin on Thursday to talk about tax reform...
...reforming the nation's tax code would be harder than repealing and replacing ObamaCare, a challenge made still more difficult by Trump and House Speaker Paul Ryan's failure to get a vote...
...a multitude of obstacles... ..."an absence of consensus within the House GOP, early pushback from Senate Republicans, budget rules that constrain what can be accomplished in the next few months, the complexity of policies that reach deep into the economy, and a pressured timeline."...
...the U.S. imposes the highest tax rate on corporate earnings... ...the 38.9% the U.S. tax rate is the third highest in the world... ...the gap is widening as other countries move to boost growth by cutting their own corporate tax rates...
...U.S. companies have more than $2 trillion in profits parked overseas — to avoid the high U.S. rate — while others companies have moved their headquarters to foreign countries that have saner corporate tax laws...
...Harvard Business School's eight-point plan for economic growth is "simplify the corporate tax code with lower statutory rates and no loopholes" and "move to a territorial tax system like all other leading nations."...
...Democrats will simply demagogue the entire package as "tax cuts for the rich." Sticking to corporate taxes will at least keep them on the defensive.
One last benefit: If Trump and the GOP can get a solid corporate tax bill done, they will have a much better chance of tackling individual taxes.
Taxes: After the GOP's health care bill debacle, President Trump is now turning his attention to tax reform. But unless he keeps this effort tightly focused, it could suffer the same fate.
Trump met Thursday with his Treasury Secretary Steven Mnuchin on Thursday to talk about tax reform...
...reforming the nation's tax code would be harder than repealing and replacing ObamaCare, a challenge made still more difficult by Trump and House Speaker Paul Ryan's failure to get a vote...
...a multitude of obstacles... ..."an absence of consensus within the House GOP, early pushback from Senate Republicans, budget rules that constrain what can be accomplished in the next few months, the complexity of policies that reach deep into the economy, and a pressured timeline."...
...the U.S. imposes the highest tax rate on corporate earnings... ...the 38.9% the U.S. tax rate is the third highest in the world... ...the gap is widening as other countries move to boost growth by cutting their own corporate tax rates...
...U.S. companies have more than $2 trillion in profits parked overseas — to avoid the high U.S. rate — while others companies have moved their headquarters to foreign countries that have saner corporate tax laws...
...Harvard Business School's eight-point plan for economic growth is "simplify the corporate tax code with lower statutory rates and no loopholes" and "move to a territorial tax system like all other leading nations."...
...Democrats will simply demagogue the entire package as "tax cuts for the rich." Sticking to corporate taxes will at least keep them on the defensive.
One last benefit: If Trump and the GOP can get a solid corporate tax bill done, they will have a much better chance of tackling individual taxes.
