Some might argue this fact, but Republicans have one chance to salvage the loss of one of the greatest opportunities the Republican Party ever had. If they had decided to rally around President Donald Trump’s pro-job, pro-growth, America-first agenda of prosperity in the first 30 to 60 days of his presidency, things would be so much different for the American people.
If repealing and replacing Obamacare, working toward tax reform, crafting an infrastructure bill and passing a budget were priorities, Republicans would have gained and taken control of Washington, D.C., for a generation. So the question remains—is that opportunity gone?
Not quite. Republicans still have a chance to take all the credit for unleashing the American economy if they can pull their boots out of the muck of the swamp long enough to pass tax reform and a budget before Thanksgiving.
The tax plan as we know it seems to be a tax plan that Republicans can act on, if they don’t go into defensive mode and waste time defending themselves against the lies of the Left. It doesn’t seem like anyone has figured out that this is a not a good strategy. They seem to have no ability whatsoever to be able to stay on offense, and they haven’t figured out that it’s almost impossible to defend against lies and unsubstantiated, so-called ‘facts.’
If Republicans go on offense and explain to America this pro-jobs, pro-growth, pro-wages and pro-prosperity agenda for America and stop allowing the Left to frame the agenda for them, some Democrats coming up for re-election will have to support the tax cut plan.
One of the first things Republicans must do is to begin to rebuke the lies of the Left’s leadership. Understand that close to 75 percent of small business owners have adjusted gross incomes of less than $100,000 per year. And, by the way, small businesses make up 99 percent of employers in America. Small businesses employ just over 50 percent of all working people. Small business owners are the heartbeat of America and need to once again become a growing segment of our middle class. They are not the “1 percent,” as Democrats and mainstream media might have us believe.
This tax proposal will cut the small business tax rate to the lowest level in 80 years. Lawmakers must listen to the American people and understand how truly significant this is. If the American people realize the truth of what these cuts will mean for their businesses and their families, Democrats coming up for reelection will have little choice but to support the bill. (Perhaps that’s just my pipe dream, but I hope not.) Small business owners will be able to keep more of what they earn, which means those who want to grow will be able to do just that—grow.
Reducing the 35 percent federal income tax for corporate America to 20 percent will also help America compete with other countries. Allowing corporate America to bring back to the U.S. foreign earnings that could be as high as $4 trillion will create jobs, increase American wages, dramatically increase the tax base for many states and create an environment of prosperity.
Individuals will see more money in their pockets and watch their finances stabilize, as well as begin to understand that certainty about the future of taxes and regulatory burden is a very good thing. If passed, this tax plan will go a long way in instilling confidence and positive consumer sentiment. The standard deduction for a married couple making less than $24,000 will double, and singles making less than $12,000 per year will pay zero in federal taxes. Couple with that the increase of a $1,000-per-child tax credit and an increase in the income cap to take advantage of this credit. This, by the way, is a dollar-for-dollar credit on taxes owed, which will financially help families in real and tangible ways. And again, this is discretionary income for families who have a responsibility of providing for their children.
We need to encourage our legislators not to stray or waiver—not to get caught up in an agenda that the Left is desperately trying to frame in hopes that Republicans will stay on defense. The tax plan is a win for America. We must continue to remind lawmakers that we the people will be working hard to continue to drain the swamp and bring America back to greatness.
If this chance to pass tax relief is squandered, it will be a win for the swamp and lobbyists—the 4,000 men and women who represent the complexities of the tax code and those who profit from it.