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« Reply #1 on: August 03, 2017, 05:29:45 PM » |
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The Patriot Post Digest 8-3-2017
From The Federalist Patriot
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Last week, a joint statement24 by House and Senate leaders, the Treasury secretary and the National Economic Council director declared their commitment to tax reform. They stated that the mission of the forthcoming legislation is to “protect American jobs and make taxes simpler, fairer and lower for hard-working American families.”
When the tax system burdens its citizens and business owners while disincentivizing basic things like hard work and saving, this lowers risk-taking entrepreneurship and discourages investing. All in all, a country that doesn’t work hard, doesn’t save, doesn’t create businesses and doesn’t invest in businesses doesn’t have much of an economy, does it? Tax reform measures could restore economic strength to American families and businesses.
The joint statement continues: “There should be a lower tax rate for small businesses so they can compete with larger ones, and lower rates for all American businesses so they can compete with foreign ones.” Furthermore, the objective is to create “a system that encourages companies to bring back jobs and profits trapped overseas.”
The U.S. has the highest corporate tax rate25 of any Organization for Economic Cooperation and Development (OECD) industrialized country. When combining the federal and state corporate income tax rates, the average is over 39%. The average of other OECD developed nations is 25%. The high corporate tax rates force companies to move abroad in order to make their business profitable. A lower rate would encourage them to stay here, which would improve our economy and create American jobs, not overseas jobs.
The joint statement also prudently rejects two tax options: a domestic consumption-based tax and a Border Adjustment Tax. A consumption-based tax comes in various forms but essentially is a higher sales tax (like the Value Added Tax26 or VAT tax prevalent in the European Union). Ideally, a consumption-based tax would shrink the Internal Revenue Service (IRS) and appears to be more fair, because all people have to pay taxes. The problem faced by other countries that have adopted this system, however, is that they create or raise a sales tax but never really get rid of the income tax — which means citizens get doubly taxed.
The statement also rejected the Border Adjustment Tax (BAT) that taxes imports, but not exports. In theory, this would incentivize American people to buy American-made products. In reality, everything imported would cost 20% more and would ultimately cost our economy jobs and businesses, according27 to the National Retail Federation.
Critics of tax cuts claim that our country would not receive sufficient tax dollars to then contribute to the debt. However, these critics fail to see that the deficit is directly related to spending. According to the Congressional Budget Office, tax revenues (i.e. money collected) are above their historical averages. The Heritage Foundation puts it succinctly28: “Washington has a deficit and debt problem because it spends too much, not because it collects too little in taxes.”
Despite the failures of ObamaCare repeal, Republican tax reform has a high likelihood of happening in some form. While most bills require 60 votes and can be filibustered, there is an exception for budgetary bills called “reconciliation procedures.” This only requires a simple majority in both the House and Senate with a signature from the president, which means that passing tax reform under reconciliation could actually happen.
The Marxist graduated income tax was intended to destroy property, money and private businesses. Unless we realize that our burdensome tax system still intends to do the same thing, we will be at a loss. The good news is that our Republican Congress appears committed to reform. If they would lower tax rates for families and job-creating American businesses under reconciliation, that would be a win for the American people and for the economy.
MORE ANALYSIS FROM THE PATRIOT POST
Twilight of the (Elitist) 'Gods’29 — “Newsflash to the Beltway establishment: Americans who elected Trump do not worship the current gods of the city.”
How to Get Congress Moving on Health Care Reform30 — Congress is immune to ObamaCare’s financial squeeze. Trump can change that and get health care reform rolling.
Are North Korea and Iran Working Together?31 — Kim launches another missile and sends official to Iran, while Iran blasts the U.S. for breaking the nuclear agreement.
BEST OF RIGHT OPINION
Veronique de Rugy: Oops, Republicans Did It Again32
Tony Perkins: Coast Guard Fails to Buoy Trans Cause33
Victor Davis Hanson: The Problem of Competitive Victimhood34
For more, visit Right Opinion35.
OPINION IN BRIEF
Tony Perkins: “Ask a liberal how Obama’s [transgender] policy actually improves readiness, and they’ll respond one of two ways: with a personal story or a personal attack. Why? Because there hasn’t been a single scientifically based, rational military argument for it. Without psychology, top brass, or even popular opinion on their side, the Left resorts to a tired playbook — distractions and name-calling. … This isn’t a civilian office, where work can afford to take a backseat to sensitivity. It’s a warzone. If we care about national security, why would we waste resources, money, and training time on a pride parade for the mentally unstable? Political correctness doesn’t save lives in a battle with ISIS. Only an efficient, highly trained, mentally fit force can.”
SHORT CUTS
Insight: “Great spirits have always found violent opposition from mediocrities. The latter cannot understand it when a man does not thoughtlessly submit to hereditary prejudices but honestly and courageously uses his intelligence.” —Albert Einstein (1879-1955)
Political futures: “For all of the GOP’s deriding of Democrats over the years for being ‘tax-and-spenders,’ the sad reality is Republicans are on their way to earning the same label. We might only be six months into the return of Republican rule, but it’s already looking as if this second go-round of Republican control in Washington this century could end up being as disastrous — if not more — than the first one. But as the saying goes, fool me once, shame on you; fool me twice, shame on me. I don’t intend to be fooled twice, and I hope I’m not alone.” —Veronique de Rugy
Non Compos Mentis: “One can’t be sure if withdrawing the white man’s vote could be considered a ‘wrong.’ Furthermore, the point here that has to be made is that banning white men from voting temporarily will help them understand systemic injustice and help them become better, more empathetic allies to the social justice cause.” —Affinity Magazine’s Malia Rolt
Non sequitur: “The pool of potential recruits who meet military standards has been contracting for some time. … Rather than trying to strengthen the recruiting pool, Trump has just made it worse by summarily banning transgender individuals from military service. … Although it may be uncomfortable serving alongside transgender soldiers for some troops, one has to wonder if they would prefer to be in a combat situation relying on a fellow soldier who is overweight, drug addled, slow-witted, or oppositional?” —Pennsylvania State University’s Mark Feinberg
A never-ending nightmare: “Obviously we bear the burden of having lost the Electoral College, so I lose sleep about that every night.” —Clinton campaign chairman John Podesta
And last… “We had an election on November 8, but for many of our colleagues, the election remains undecided. They don’t accept the verdict of the American people, the Electoral College, that President Trump won the election. Hillary Clinton lost.” —Senate Majority Whip John Cornyn
Semper Vigilans Fortis Paratus et Fidelis
Managing Editor Nate Jackson
Join us in daily prayer for our Patriots in uniform — Soldiers, Sailors, Airmen, Marines and Coast Guardsmen — standing in harm’s way in defense of Liberty, and for their families. |
