Listen as Larry spoke with Congressman Jim Jordan regarding tax reform and the Manafort indictment.
Big tax cuts could spark America’s greatest economic growth since 1980s (Fox News)
President Ronald Reagan wisely said: “You can’t be for big government, big taxes, and big bureaucracy and still be for the little guy.”
The Tax Reform Act of 1986 stands as the single greatest example we’ve known of bipartisan federal income tax policy. Once it was enacted, our nation had a simpler tax code with fewer tax exemptions and loopholes, and significantly lower rates. This brought relief to American families and businesses.
Now five administrations and two generations later, we must again act boldly and with bipartisanship to jumpstart our economy.
The Trump administration and Congress have an opportunity to build an economic legacy. By enacting comprehensive tax reform, they would spur economic growth and ensure American prosperity far into the future. Both Democrats and Republicans can be heroes to their constituents by passing tax reform and kicking off economic growth similar to what we experienced three decades ago.
Under President Reagan, the highest income tax rate was lowered from 50 percent to 28 percent and the bottom income tax rate went from 11 percent to 15 percent. The change to the tax code also removed the distinction between earned and unearned income.
Additionally, homeownership was encouraged by increasing the mortgage interest deduction. Americans kept more of what they earned and were incentivized to invest. The economy soared.
This is a far cry from our income tax code today, with the highest rate at 39.6 percent. The previous four administrations have reversed much of the progress made in 1986 and have managed to vastly increase the national debt from $2 trillion to more than $20 trillion.
When you factor in the current job-killing corporate income tax rate of 35 percent – the highest among the 35 nations in the Organization for Economic Co-operation and Development – the Trump administration is right to suggest that the time is now for Congress to pass the largest income tax reform measure since 1986. [Read More]
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