Trump calls tax-reform plan ‘rocket fuel’ for U.S. economy

by
September 30, 2017

Trump-rocket-fuelPresident Trump called his tax-reform plan “rocket fuel for our economy” Friday as he promoted the proposal to U.S. manufacturers and predicted it will lead to a rebirth of American industry.

“Under my administration, the era of economic surrender is over — and the rebirth of American industry has begun,” Mr. Trump told several hundred people at a board meeting of the National Association of Manufacturers in Washington.

Employers are expressing optimism about provisions such as immediate and full expensing of business investments, a reduction of the corporate tax rate from 35 percent to 20 percent, and a new “pass-through” business tax rate of 25 percent. Such pass-through profits are now taxed as high as 39.6 percent.

“For the majority of American manufacturers that file taxes as sole-proprietors, S corporations or partnerships, we will cap your top tax rate at a maximum of 25 percent,” Mr. Trump said. “This will be the lowest top marginal income tax rate for small and medium-sized businesses in more than 80 years — this huge tax cut will be rocket fuel for our economy.”

8 Comments - what are your thoughts?

  • bobnstuff says:

    Giving companies 10% more profit doesn’t mean they will invest it back into the companies any more then they are reinvesting the 65% profit they already have. Corporations will continue to give out large executive bonus or buy back stocks. This tax plan if anything will make it easier to take more money out of the businesses. If you want businesses to invest in expansion and growth you give them reasons to keep the profit invested in the company. If you really want the economy to take off you give the money to the wage earners who use it to buy goods and services, that’s where you get economic growth from the tax cut.

    1. Joseph R. Davis says:

      It’s a waste of time, trying to talk sense to a bunch of people who think that Beck & Limbaugh are intellectuals. And they believe the bull-s**t about the rich being “job creators.”

      https://economix.blogs.nytimes.com/2014/03/31/who-the-job-creators-really-are/

  • Joseph R. Davis says:

    What a wonderful way to start a weekend, with Trump blowing his own horn about the tax breaks he wants to give the rich, the really rich, and the filthy rich. And…HIMSELF…of course.

    1. chw2000 says:

      Apparently you really don’t understand the President’s tax reform. You’re another puppet that absorbs whatever the left tells you. You must be one of bobnbullshit’s buddies.

      1. Joseph R. Davis says:

        No, D**k-head. I’m a moderate Republican, and I’m appalled at what the far-right has done to my Grand Old Party.

        1. chw2000 says:

          You’re the D**k head and an a$$ hole! You what’s appalling about the Grand Old Party. Go phuk yourself!

          1. Joseph R. Davis says:

            What a wonderful example of right-wing intellectualism. Tell me, were you home-schooled?

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