America on the Rise Finally
The following is a response to the Journal Editorial published on Dec. 7, 2017. I read your editorials in multiple community papers. Please publish this response in every paper in which you printed “America As We Know It Is Over.”
Could the Democrat icon John F. Kennedy win a democrat primary today? I believe not. I think JFK would be labeled a far right wing extremist and attacked within his own party. After all it was JFK who successfully proposed his tax cut in 1961 and had the economy roaring back by the time of his death in 1963.
Likewise the Trump proposed tax cut, “Tax Reduction and Jobs Act” will accomplish the same outstanding performance for this economy. No, this proposed bill is not overly complicated, and we do not have… “to pass it, to see what is in it” like the Affordable Care Act; AKA Obama Care.
The final version of the Trump tax cut has just been passed. This bill is estimated to boost the economy by another 3 percent. This will result in even more jobs and higher wages for our economy.
This tax cut does the following:
- It cuts taxes for individuals and businesses
- It will allow businesses to immediately expense investments in their businesses. Any business owner understands the logic and value of this tax change. This will help businesses compete better nationally and internationally.
- It will double the standard deduction by individuals. This helps everyone including senior citizens and the retired.
- The Tax Reduction and Job Act will however eliminate many historical deductions. State and local taxes will no longer be deductible. Personally it strikes me as counterproductive to be subsiding wasteful and inefficient government spending by making state taxes deductible. Most states will still be better off under the proposed Tax Reduction and Jobs Act.
When tax rates are reduced, the economy’s growth improves and living standards increase. Here is the irrefutable history:
- 1920 Tax Cut: Personal income tax revenues grew and tax revenues grew by 61 percent
- John F. Kennedy tax cut: Across the board tax cuts produced 62 percent growth in tax revenues and an economic boom.
- Regan tax cut: This produced a tax revenue increase of 99 percent and personal tax revenues improved by 54 percent.
We were told by the Obama Administration that we needed to adjust to a new reality and economy. The last administration stated that a 3 percent growth in the economy is no longer attainable or realistic. This quarter our Trump economy just attained 3 percent economic growth! It is time to admit the reality of our remarkable economic turnaround in less than one year! It is time to drop any personal bias and get behind our renewed economic growth and strength.
Republican Town Committee
Vice-Chair: Steve Belmonte
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