For many Americans living on the coasts — or working in Silicon Valley or finance — the recession of 2008-2009 may seem little more than a distant memory. But for many other Americans, the last 10 years have been a lost decade, where the economy stumbled and opportunities declined. They suffered through stagnant paychecks, a lack of steady work and retirement that slipped further away by the day.
The release of the Big Six tax reform framework has been, as a whole, an encouraging development. From what we know so far, Congress looks set to finally simplify the tax code and reduce taxes, a winning combination that will ease compliance burdens while putting money back in the pockets of middle-class Americans.
It’s crunch time for Republicans as they work toward releasing legislation to overhaul the tax code — a key priority to deliver after their failure to repeal ObamaCare.
Tension is emerging between Republicans over their tax reform plan, as they made progress this week by passing a budget in the House and advancing a budget out of the Senate Budget Committee.
Easing taxes on manufacturers and other businesses is critical to helping America remain competitive in an increasingly global economy, House Speaker Paul Ryan said Thursday during a visit to a century-old manufacturing business on Maryland’s Eastern Shore.
President Donald Trump will host a roundtable with American manufacturers on Friday, where he is expected to continue advocating for the GOP’s tax reform effort as Congress takes its first steps toward advancing the overhaul.
President Trump has wisely pivoted to tax reform. Success would boost economic growth toward 3% a year, and millions of Americans would see their incomes rise. But discussion of reform’s growth benefits is getting short shrift relative to critics who fail to grasp economic changes.
A handful of Republican senators will have outsize influence on the GOP’s legislative push to enact tax reform.
Re “Sweeping Trump Tax Plan Vague on Details and Cost” (front page, Sept. 28): Low corporate tax rates might seem like a good thing for America’s economy, but too much of a good thing typically carries with it unintended consequences. For example, the last round of Canadian corporate tax reductions (from 22.1 percent to 15 percent) removed in excess of $12 billion yearly from federal tax revenues, materially adding to yearly deficits and overall debt.
The Senate Budget Committee released the text of the Fiscal Year 2018 budget resolution on Friday, a critical first step for Republicans to move forward with tax reform.