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President Trump Proposes Tax Reform To Create Economic Growth And Jobs

Today, President Trump announced his plan to grow the economy and create jobs. The announcement revealed his general plan for tax reform. He did not give a detailed description of every aspect of the plan. Instead, the announcement was conducted today to introduce the concept of tax reform so that the public can gain an understanding of Trump’s trajectory for this nation. From what Trump has revealed to the public thus far, this is a step in the right direction. The need for individual tax reform was stressed throughout today’s press conference by Secretary of the Treasury, Steve Mnuchin, and National Economic Director, Gary Cohn. They explained that due to the complexity of the tax code, over 90 percent of Americans need assistance to merely file their personal taxes. There over 2,011 pages of explanation regarding Form 1040 alone. Under Trump’s plan, there will be zero taxes on the first $24,000 that a married couple earns. All tax deductions will be eliminated except for mortgage interest, charitable donations, and retirement payments. Dividend… Keep Reading


Beat The Clock: Libertarian Thinktank Tries To Read Entire IRS Code On Tax Day

Analysts from the Tax Revolution Institute (TRI), a Washington D.C.-based libertarian thinktank, are attempting to read the entire federal tax code outside the Internal Revenue Service (IRS) building. They will read for 14 straight hours today through the convoluted minutia of the documents, hoping to finish reading it in its entirety when the day is concluded. They are calling their display the “Tax Day Reading of Our Glorious Tax Code” and it is already underway. The livestream of this demonstration can be found here. “Complying with the tax code costs the United States a cool trillion dollars per year. That’s the entire GDP of Mexico,” TRI Communications Director Robin Koerner said in a Liberty Beacon op/ed. In the fiscal year 2016, the federal government confiscated an incredible $3.27 trillion from taxpayers, which set a new record. Income taxes contributed a staggering $1.55 trillion to that total, nearly half of the revenue collected. This still wasn’t enough to cover the operating costs of the federal government, as they still ran… Keep Reading

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