WASHINGTON, DC — What does the movement to repeal and replace Obamacare have to do with tax reform? Plenty! As Newt Gingrich put it in a recent Opinion Article: “Health is the largest sector of the American economy and the most complex. Health care is at least 10 times more complicated than national security. It is one-fifth of our economy.”
Treasury Secretary Steven Mnuchin assures us that tax reform is top of mind for the Trump Administration and that it will fix our broken tax system this year, says Dan Weber, president of the Association of Mature American Citizens. But, Mnuchin points out President Trump needs to deal with healthcare and that should ease the minds of skeptics who were disappointed by the failure to pass first iteration of the American Health Care Act.
“The repeal and replacement of Obamacare is no easy task, as was evident the first time we tried it earlier this year. But, Mr. Trump is not one to give up. He is determined to give us what we want; not what the government thinks we should have. We need to deliver comprehensive health services that make sense and that won’t break the bank,” says Weber.
As the president put it in a recent interview: “We [will save] tremendous amounts of money on health care when we get this done, number one. And most importantly … we’re going to have great healthcare, and all of that savings goes into the tax. If you don’t do that you can’t put any of the savings into the tax cuts and the tax reform.”
Americans paid their taxes this week and surely there were many who were forced to send the IRS money they could ill afford. It’s been 30 years since the tax system in this country was last overhauled. It’s time to revisit the issue for the sake of struggling families hit hard by the seemingly endless recovery from the recession. We need to fix what needs fixing in order to bolster the economy, help create jobs and ensure that our children and grandchildren will be able to keep more of the money they earn, says Weber.
“I don’t necessarily want to put accountants out of work, but I do think that the majority of our citizens would like to have a simpler way to file our tax returns. I also think that we all should be paying our fair share, with the emphasis on fair. Not to disparage the wealthiest among us, but low income earners need a break the most. So, it is only right that the focus be on the needs of the workforce when establishing new tax brackets. After all, it’s America’s workers who keep the economy going.”
There’s sure to be scrutiny with how the new administration deals with corporate America, including small businesses, in their efforts to reform the tax code. They should pay for the opportunity to create profits, but by imposing some of the highest corporate tax rates in the world only serves to hurt our own economy.
Joe Kennedy is a senior fellow at the Information Technology and Innovation Foundation. He is also the former chief economist at the U.S. Department of Commerce. He says “lowering corporate taxes-which are higher in the United States than almost anywhere else in the industrialized world-would kick start new investment and job creation. In fact, sensible corporate tax reform can increase growth, lower compliance costs and improve competitiveness, all without increasing the deficit.”
Weber, who founded the Association of Mature American Citizens and turned it into a powerful, conservative voice for older Americans, believes that Mr. Trump is on the right track. By putting a priority on the two most important issues of the day – healthcare and tax reform – the Trump Administration will go a long way toward reversing the damage caused by the previous administration in two of the most important parts of our lives.
“We’ve already seen how deftly he deals with national security issues. Now, we are about to see how he will put skill at deal making to work for ordinary citizens. He is, after all, the one who wrote the book on ‘Art of the Deal’.”
The Association of Mature American Citizens [http://www.amac.us] is a vibrant, vital senior advocacy organization that takes its marching orders from its members. We act and speak on their behalf, protecting their interests and offering a practical insight on how to best solve the problems they face today. Live long and make a difference by joining us today at http://amac.us/join-amac.