Friday, November 17, 2017

We should throw away the IRS code and go "flat"

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Maybe there is a reason that tax reform comes along every 30 years! Reforming the tax code is hard because every clause has a godfather and godson, as we Catholics say.
So let’s hope that former speaker Gingrich is right about the differences between the House and Senate GOP:   
As the House and Senate each consider their plans to cut taxes and grow jobs this week, the Left and their friends in the media will try to provoke division by narrowing in on differences between the two chambers’ bills.
However, Americans (including members of Congress) should remember both the House and Senate versions of the Tax Cuts and Jobs Act share many of the same attributes, all of which will grow the economy, create jobs, and help Americans keep more of their hard-earned money.   
Well, let’s hope so. The former speaker then goes on to compare the plans and prove how similar they are. I agree with the speaker that both plans want to create jobs and attract business back to the U.S. 
My problem with tax reform in 2017 is that the IRS Code has to be blown up rather than upgraded.   
The entire code is one page after another of incomprehensible rules that a simple small business person like me can not understand.    
This is why I’m disappointed that President Trump did not go “long” and actually call for replacing the current code with a flat tax or even a national sales tax.   
My guess is that most of the country is ready for something bold like that. And President Trump was in the perfect position as a businessman to propose it.
I do hear from my friends that this reform of 2017 is just to placate the GOP base. In fact, they tell me that President Trump will go for a radical proposal after he gets re-elected in 2020!    
Perhaps my friends are right. Frankly, I hope that they are right and they can make 2020 a referendum on the flat tax, no matter who the Democrats nominate.
In the meantime, let’s hope that Speaker Gringrich is right and that the GOP can pass something that President Trump can sign this year or early next year.   
My hope is that tax reform will do two things: fewer brackets for individuals and incentives for money to flow back to the U.S. The first will make people happy. The second will create the kind of economic jolt that will put the GOP in a pretty position in 2018.
P.S. You can listen to my show (Canto Talk) and follow me on Twitter.

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