Now we're cookin': President's tax reform plan is a way to bring jobs back

The tax man cometh.

But put away your hard earned cash. He is not here for it. He is here to deliver.

So said Donald Trump Wednesday speaking in Indiana where he unveiled his plan for GOP-driven tax reform that promises a break to the middle class and industry with the prospect of bringing manufacturing jobs back to America.

It also promises to kill off the estate tax -- also known as the death tax -- the much-maligned inheritance tax families of the wealthy or of land or business owners are saddled with after a loved one passes.

But the real crux of the tax plan is that it does away with most standard deductions and simplifies the tax brackets for just about everyone.

Some fear the estimated $5 to $6 trillion plan will increase the already nearly $20 trillion national deficit, but Trump assures that through growth the plan will pay for itself over the next 10 years. Others say the cuts will only benefit the wealthy, who, according to an earlier report Wednesday were further widening the gap between themselves and the rest of the nation despite an uptick in the national median household income.

But the tax plan does promise individual tax rates of 12 percent, 25 percent and 35 percent. So those who can afford to will pay more than those who can't.

Still, as taxes decrease and investment -- as the plan suggests it will ---- goes up, businesses that fled to overseas havens where the corporate tax rates were significantly more business friendly will opt to return to America. Once home they will again employ Americans in jobs that supply the nation with its own goods and export more overseas than it imports from abroad -- a winning economic recipe.

Published in Editorials on September 27, 2017 10:13 PM