Let the debate begin……President Trump has announced his Tax Reform.

I’m sure he will be Criticized by the opposition.  I’m just getting familiar with the Tax Reform recommendations but so far I say “GO”! (I do reserve the Right to amend my thinking as I Learn more and talk to professional tax folks whose opinion I respect).

Here are the POINTS I LIKE:

  • Reduce the Current 7 Tax Brackets to 3:  10%, 25% and 35% respectfully.
  • Double the Standard Family Deduction
  • Repeal the Death Tax
  • Keep TWO Deductions; Charity and Home Mortgage Interest (good comment from a friend regarding those with paid off mortgages. I could support a couple more deductions but I hope the reduction in taxes paid will offset the deductions we presently receive.)
  • Reduce Business tax from 35% to 15

Beware of the Smoke Screens

You will hear “How can we pay for it”?  That isn’t even a legit Question.  We Don’t have to “Pay for it”.  IT IS OUR MONEY.  We should be able to KEEP MORE of our income especially if our Representatives will Cut Waste, Fraud and Out of Control Spending.

Second, What about the Deficit?  First is my belief that this kind of Tax Reform will create more Taxable Revenue.  Second, Interesting how those asking about the Deficit didn’t “BLINK” when Obama Ran the Deficit up from 10 Trillion Dollars to TWENTY Trillion DOLLARS in 8 years.

The plan would eliminate the federal tax deduction for state and local income tax. If you are in a State where taxes are high, like New York or California, you would lose a valuable deduction. The simple answer to this Smoke Screen…Reduce Your State and Local Tax Burden.  Why should every tax payer fund deductions for another State’s out of control Spending?

Will President Trump reveal his Tax Returns?  WHO CARES.  We have more than enough information regarding the President’s Tax Return.  I am not interest in HIS Tax Return; I am interest in REDUCING MY TAXES.

Finally, we will hear……”This only helps the Rich”.  Not TRUE.  Tax Reform and Tax Relief will help us All.

I am hopeful we can see Good Tax Reform and Tax Relief PASSED.  GET TO WORK.

Dr. Smiley is the Senior Pastor Lakewood Baptist Church, Gainesville, Georgia.  The 2400 member congregation is a vibrant Christian fellowship locally and globally.  Dr. Smiley’s is the founder of “Life with Smiles Ministry”. His messages are broadcast on WDUN 550 and his”Blog” entries and thoughts on God, Faith, Current Events, and Islam are available at https://tomsmiley.wordpress.com/   His Books, “Runaway Lives: overcoming emotional undercurrents”, “Angels all Around”, and “Uncommon Common Sense” can be ordered at his Life with Smiles website. Contact Dr. Smiley at tsmiley@lakewoodlife.org

Advertisements