President Trump unveiled the details of his tax reform legislation and I liked almost everything that was said. Now as long as we don’t get a few brain dead legislators on our side of the isle we might actually see some real progress in getting our stagnate economy moving in the right direction again.
The one thing that I heard said today which bugs the crap out of me is when they mention that back prior to the Regan tax cuts the top personal tax rate was 90% without following that up with some form of statement that the 90% was on a much lower taxable income figure due to the almost endless itemized deductions that were allowed at the time.
It’s misrepresentations like that which make the Fair Tax so appealing. Regan did pass tax reform that cleaned up and streamlined a rat’s nest of tax code. However all it did in the long run was clean the slate for our legislators to start over adding tax breaks for high dollar campaign contributors. What Trump is doing is the same thing… cleaning up and simplifying the tax code, but he isn’t going to fix the real problem with the tax code and that is a congress hell bent on giving political favors for money.
I do wish Trump was as on board with the Fair Tax as I am. It would put an end once and for all with the corruption and confusion that is inherent in our current income based tax system and put in place a tax system that is fair (everyone pays the same rate) and simple (no complicated tax reporting, families would have to report their family size and total income on a post card.)