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Wednesday, May 17, 2017

Keep Moving on Tax Reform

Cannot Congress juggle? Juggling is about prioritizing and acting to get things done. Surely, Trump is a distraction. However there are two audiences that demand attention: 1) Citizens, and 2) the Stock Market.

When the stock market performs well, so do all Americans. Attending the matter should be bipartisan.

The trouble is that the radical right is running from social and environmental responsibility to feather their financial beds. Democrats want tax reform to distribute the wealth and to attend to citizens' needs including the poor and middle-class.

When both parties address the making the middle-class great again, that should result in tax reform that simplifies the code, eliminates corporate and wealthy loopholes and makes business happy because their consumers are happy and can buy more.

"Some of the stock market’s sluggishness since the S&P 500 SPX, -0.85%  hit a record on March 1 has been blamed on the absence of meaningful policy change since Trump took office. As a result, hints that the president is committed to delivering on tax reform and deregulation have been helping to offset worries about soft economic data, most notably tepid auto and retail sales."

"Cut taxes for every working family, but not millionaires 
President Obama and Democrats in Congress cut taxes for every working family, putting more money in the pockets of Americans who need it most. A typical family has saved $3,600 during his first term. Now he's fighting to stop middle class families and those aspiring to join the middle class from seeing their taxes go up and to extend key tax relief for working families and those paying for college, while asking the wealthiest and corporations to pay their fair share. That is why we will always vigorously oppose the type of tax reform supported by Mitt Romney, which independent experts have found would require raising taxes on typical families with children by at least $2,000 if it were paid for. At the same time, Mitt Romney's plan would cut taxes for those making over $3 million by an average of $250,000 and would create incentives that will lead to hundreds of thousands of jobs going overseas at the expense of American workers.
Source: 2012 Democratic Party Platform , Sep 4, 2012 
Cut taxes for middle class, not the wealthy
Cutting taxes for middle class Americans. First, we must restore our values to our tax code. We want a tax code that rewards work and creates wealth for more people, not a tax code that hoards wealth for those who already have it. With the middle class under assault like never before, we simply cannot afford the massive Bush tax cuts for the very wealthiest. We should set taxes for families making more than $200,000 a year at the same level as in the late 1990s, a period of great prosperity when the wealthiest Americans thrived without special treatment. We will cut taxes for 98 percent of Americans and help families meet the economic challenges of their everyday lives. And we will oppose tax increases on middle class families, including those living abroad.
Source: The Democratic Platform for America, p.23 , Jul 10, 2004
Cut taxes for working families, not richest 1%
Today, for most families, the federal tax burden is the lowest it has been in twenty years. The Bush tax slash takes a different course. It is bigger than any cut Newt Gingrich ever dreamed of. It would let the richest one percent of Americans afford a new sports car, and middle-class Americans provide a warm soda. Under the leadership of Al Gore, Democrats want to give middle-class families tax cuts that will not injure economic vitality."

There is a win-win when 1/2 of the Republicans in Congress join with Democrats to produce a meaningful compromise.

Competence and Reputations are on the line.

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