The Tax Overhaul Bill Should Not Be This Complicated

Last updated on: November 3, 2017 at 7:04 am by Mark Meckler

The Tax Overhaul Bill Should Not Be This Complicated 2017-11-03T07:04:00-06:00 Mark Meckler

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Have you ever been on Facebook and seen someone with a relationship status “It’s complicated?” That always makes me pause – what does that mean, exactly? Does it mean the person is in a relationship? Are they in the process of breaking up? Are they in a relationship but unhappy? The status is confusing, mysterious, and odd. However, with the vagaries of the heart, one can excuse a little uncertainty.

Do you know what’s not unclear? The eventuality of paying taxes. In fact, Benjamin Franklin said, “In this world nothing can be said to be certain, except death and taxes.” So why all the hand-wringing and ambiguity? The bill which was revealed yesterday, didn’t even have a name for it just hours before its release. Apparently, President Donald Trump wanted to call it “the Cut Cut Cut Act,” but it will always be known as the Trump Tax Plan no matter how creative they get.

I, along with the rest of America, am tired of hearing how they can’t get their act together on this. We want common sense reforms, and we want them now. Trump called this a ” a once-in-a-generation opportunity,” and he’s exactly correct. We need to get this right. Here are some easy-to-follow suggestions that most Americans want represented in the eventual reform:

1. Lower the Corporate Tax Rate

We have among the highest corporate tax rates in the world. Because of this, corporations are locating elsewhere, depriving Americans of jobs. Use common sense, and lower it. Bring back some jobs. Boost our economy.

2. Allow Repatriation of Overseas Funds.

Trillions of dollars in productive capital is being held overseas by corporations due to the crazy tax burden here. Allow for a low rate, or zero rate, one time repatriation so those dollars can be put to use here. Why are we even arguing about this?

3. Simplify the Income Tax

We need a simple tax code, so we can pay our taxes without the help of “tax professionals.”

4. Lower Middle Class Personal Income Tax Rates

This is needed, rational, and wildly popular. Remember the old acronym, KISS? It stands for Keep It Simple, Stupid. This applies to the tax code. Time to ignore the special interests and hear the voice of the people.

One last thing. I live in California where we pay ridiculously high state income tax. I get to write that off of my federal taxes. Why do people in low tax states have to share the burden of my state’s stupidly high taxes and inefficient government? They shouldn’t. I should not be able to write off my state taxes, and all of the conservatives I know feel the same way. Do the reasonable thing and cut our rates, but take away our state deductions. Make it a big enough rate cut for the middle class so that taking away our deductions won’t result in a net increase in tax payments. We may not be “as happy” as we would with an overall reduction, but we won’t be angry with this fair, reasonable and rational solution.

I, for one, am sick of the ambiguity. I want our so-called Republican leaders to figure this out once and for all. Or else, the “relationship status” they have with the American voters during the midterms will be in real jeopardy.

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