A Taxing Group Of Politicians

Fresh off yesterday’s failure theater concerning the repeal of Obamacare, the GOP establishment is trying to convince us they are now focused like a laser on tax reform.

Republicans will unveil sweeping changes to America’s tax code Wednesday in a proposal that dramatically lowers taxes on businesses and many households but remains silent on thorny issues such as how to pay for it all.

The framework—a joint product of the Trump administration and Republican leadership—calls for lowering the corporate rate from 35 to 20 percent. It would also bring down the rate for so-called pass-through businesses to 25 percent; currently, they are taxed under the individual code.

The plan, described to CNBC by multiple sources, would collapse the current seven personal tax brackets to just three: 12, 25 and 35 percent. It eliminates the deduction for state and local taxes, but nearly doubles the standard deduction. The child tax credit also would be substantially increased, though it was unclear by exactly how much.

Serious question: Does anyone actually believe GOPe scrubs like McCain, Collins, et al will agree to tax cuts? You can count the true conservatives in the Senate on one hand, and ironically, Donald Freakin’ Trump is acting more like a conservative than most of them.

The Cutting Edge

While the mainstream media is wasting everyone’s time complainang about Melania Trump’s choice of shoes, the president is dividing his time between Texas and taxes.

The White House said that the address is not expected to delve into policy details, including specific tax rates. Instead, Trump is expected to make the case for why he believes changes to the tax code are needed to give people a better chance of achieving the American Dream.

“The president is going to lay out his vision to bring back Main Street by reducing the crushing tax burden on our companies and our workers and also to restore our competitive advantage by repairing and reforming our badly broken tax code,” a senior White House official told reporters Tuesday.

Administration officials said that Trump will talk about how middle-class tax cuts will result in American workers seeing bigger paychecks and how he plans to “un-rig” the economy and eliminate benefits for special interests.

Considering all the obstruction the president is encountering from Democrats and Republicans alike, it’s reassuring to see him continuing on course and working to reduce everyone’s tax burden.