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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

An honest examination reveals that the current Tax system is not a “Fair” process.  How can it be when over 50% of Americans pay NO Federal Income Tax.  To make matters worse, they actually collect cash payments through the tax code.

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Regardless of the geographical area of your birth….if you grew up in America, (at least a few decades back) you were taught the basic lesson of being “Fair”.

Is the U.S. Tax system Really Fair?

3 Key Questions to consider:

Are higher-income people paying enough – or would raising their taxes depress their incentive to work?

Are the poor getting gouged – or do too many get off without paying a penny?

Are those in the vast middle getting squeezed?

Ask these questions in light of a government that Demanding more money to spend.

To pay for all the “nannie state” give aways, The White House Plan is Cut taxes for families making less than $250,000, and collect more taxes for families may making more.

The History of our tax code has always had higher-income tax filers pay more in taxes than those lower down the income scale.

But just how much more?

The highest earners ALREADY pay the lion’s share of the dollars Uncle Sam collects.

Generally speaking the top 10% of income earners pay 71% of all federal income tax revenue.

Narrowing it down further:  The top 1% of households, which makes 15%- 19% of pre-tax income, paid 35%-40% of all individual income taxes.

A Tax Foundation survey found over 55% of Americans think the amount of federal income tax they pay is too high. Those most likely to feel that way, according to the survey, include those making between $35,000 and $50,000.

An honest examination reveals that the current Tax system is not a “Fair” process.  How can it be when over 50% of Americans pay NO Federal Income Tax.  To make matters worse, they actually collect cash payments through the tax code.

Given these facts, it is not hard to imagine that the $ 250,000 ceiling of no new Taxes will soon dwindle to much lower income levels.

Given each American Taxpayer owes $133,526 of the National Debt. Who knows, your income level may be the “Next Level” that politicians say isn’t paying ENOUGH!

Dr. Tom Smiley is a pastor, author, speaker, blogger, husband, dad, and Christ-follower.  He is a regional radio talk show host, regularly filling in at WDUN Jacobs Media.  He is the founder of Life with Smiles Ministry.  His Sunday messages are broadcast on WDUN 550, and his “blog” entries and thoughts on God, Christian faith, current events, politics 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 (www.lifewithsmiles.com).  Dr. Smiley is available for speaking engagements and discussion forums and can be contacted at tsmiley@lakewoodlife.org or by calling 770.532.6307.