Excerpt from Forbes.com:
The Obama administration’s history-making regulatory over-reach also ranks high on his list of economic reforms. [Donald Trump] references a report by the Competitive Enterprise Institute that estimates the Obama administration regulatory largess has imposed nearly $2 trillion in regulatory costs and a Federal Register that now contains more than 81,000 pages, an all time record.
Trump took aim at destructive and costly regulatory impositions of the last eight years, “President Obama has issued close to four hundred new major regulations since taking office, each with a cost to the American economy of $100 million or more. In 2015 alone, the Obama Administration unilaterally issued more than 2,000 new regulations – each a hidden tax on American consumers, and a massive lead weight on the American economy. It is time to remove the anchor dragging us down, and that’s what it’s doing – it’s dragging us down. Upon taking office, I will issue a temporary moratorium on new agency regulations.”
More evidence can be found in this Wall Street Journal article, which clearly shows that seven years after the Great Recession of 2008 ended, the annual rate of economic expansion “has been by far the weakest of any since 1949.”
Closing special interest and corporate loopholes that only benefit the wealthy or a particular business or industry is another critical step in the move to create a fair and just tax system. Trump wisely proposes eliminating the carried interest deduction, which allows high earning money managers to count earnings as capital gains (taxable rate of 23.8 percent) instead of ordinary income (taxable rate of 39.6 percent). According to the Congressional Budget Office, this move could generate as much as $17 billion in ten years.
Taken as a whole, while imperfect and short on details, Trump most current tax reform promises are on the right track and a significant effort to unify fiscal conservatives and move the country out of its economic lethargy toward a system that doesn’t favor the wealthy and special interests.
Read more at Forbes.com.
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