At a recent Lincoln Day event in Jasper County, one of my advisers had an interesting experience. One, I am sure, well-intentioned young attendee asked him why Republicans were not more in favor of higher education. When he pressed him for what he meant, he cited that New York had just passed a bill authorizing free college education for any New York resident making an annual income of $100,000.00 or less. The young attendee thought that might be a good platform plank to attract young people to the Republican side.
Where does your money go? Tax reform is in the news. Tax Freedom Day has come and gone. You know the date until which you have to work to make a profit after all taxes are paid. This year that day was April 24th, one day earlier than last year. Now the money you earn is mostly yours, not the government’s. Americans pay $3.3 trillion in federal taxes each year and $1.6 trillion in state and local taxes, or just shy of $5 trillion dollars each year.
After I published my first thoughts regarding tax reforms, I received a couple comments disappointed that I had only discussed benefits to business. It seemed to some to neglect the individual. I began there because I would like to put an exclamation point on the President's persistent mantra of jobs, jobs, jobs!!! Corporate tax reform is just the first step to achieving that growth and opening the door to more business investment in the USA, not just in the more lenient countries such as Ireland. We start by encouraging money to return to us.
When the President talks about Tax Reform, what exactly should President Trump have in mind? If I were already your United States Senator, I would press the Administration to include a tax cut on businesses that want to move money back into the United States. Currently, American businesses have their hands tied when it comes to competing internationally. Among those countries known as the Group of Seven (Canada, USA, Germany, Japan, France, UK, Italy), only the USA taxes their business transactions outside the country twice.
United States Senator John McCain calls the obnoxious leader of that failed dictatorshipthe "crazy fat kid running North Korea."