So far as I’m concerned, the genuine achievements under the Trump administration can be summed up in two words: tax cuts and deregulation.
Taxes are being collected to help end the financial crisis that ended nearly a decade ago.
An especially controversial feature of President Trump’s proposed tax reform is a cut in the corporate income tax. The current tax is progressive, with rates ranging from 15 to 35 percent on income minus deductions. The Trump tax would have a single rate of 15 percent and would eliminate some deductions.
Americans spend $400 billion dollars per year to comply with the tax code. Americans also dedicate 9 billion hours of labor to comply with the current tax code. Beyond costly compliance, the current tax code distorts investment and work decisions in the economy. Something needs to be done to simplify the tax code and make it pro-growth.