But today's 'Big Expletive Deal' pertains to the passage of Trump's Tax Reform Bill(s) in Congress.
The Democrats, to no ones surprise, dismisses this accomplishment by saying the legislation:
- favours the rich
- increases taxes on the middle class,
- pampers Corporations and,
- will add $ Trillions to the Debt.
But here is the truth.
1. The rich will benefit but only marginally. And bear in mind the top 10% of America's income earners pay over 70% of all income taxes each year. I'd say they are due for a modest break.
2. The vast majority of middle income earners will see a sizable drop in the income taxes. Only a small exception will see their taxes rise and that raise will be modest. Again it is important to keep in mind that American's are not overtaxed to begin with...figures from 2015 show that their income taxes are but 26 % of America's GDP whereas the average for other developed countries hovers at around 34%.
3. The US has one of the highest corporate tax rates in the world ...at 35%. In our own country Canada, for instance, the rate is but 15%. The new Trump Tax Reform Legislation will reduce their rate to 22 and perhaps to even 20%. This will give American Companies an important edge to better compete with an ever growing world economy. Americans of all stripes have been complaining bitterly about losing jobs off-shore, this will work to stop and even reverse that flow. And,
4. Finally the claim by the Progressives that the Debt will have to increase by at least 3 Trillion Dollars per year to account for lost tax revenue. This is rather rich coming from the Left who in the last 8 years doubled the Debt from $10 Trillion to $20 Trillion. The fact is, from previous experience, when income taxes were reduced, the debt did not increase, rather it decreased as more economic activity resulted in greater revenues for the Government. And this will happen this time as well to the chagrin of the Left.
So there you have it....a Big 'Expletive' Deal...and America has Trump and the Republicans to thank for it.
If this keeps up, The Donald may well be re-elected in 2020. Maybe they will run Hillary against him..
As I see it...
'K.D. Galagher'
