A tax law so simple everyone understands it, and that will keep as much money as possible out of government’s hands, is the best formula for a growing economy.
John Stossel writes:
As you read this, President Trump’s tax plan is being debated. Congress will change it. Where this ends, no one knows.
I want two things:
1. Simplification.
2. More money in private hands.Trump offers some of both.
His cuts would leave more money in private hands, where it will be used more efficiently. Politicians’ spending decisions already put us $20 trillion in debt; they shouldn’t be trusted with more money.
Cutting the corporate tax rate isn’t popular (rich people!), but a cut is needed. Economic growth is really important. It’s stifled when America’s taxes are higher than other nations’.
Trump also offers some simplification. Good. The more complex the rules, the more time we waste hiring accountants and the more time lawyers spend fighting over who qualifies for what. Trump would double the personal exemption (fewer people will itemize) and kill the “death tax,” deductions for local taxes and the alternative minimum tax.
It’s a start. But that’s not nearly good enough. Heck, the “simplification” bill itself is 400 pages long.
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