President Trump
promised to "restore America's competitive edge" in the global
economy by implementing a tax overhaul during a speech Wednesday at Andeavor
Refinery in Mandan, North Dakota.
“Our painful tax system
has become a massive barrier to America’s economic comeback. It really is.
We’re penalized. It costs us millions of American jobs, trillions of dollars
and billions of hours wasted on paperwork and on compliance.”
Calling the effort to
reform the tax codes a “once in a generation opportunity” and “a sharp reversal
from the failed policy of the past,” the President called for cutting both
individual and corporate income taxes.
The President said
Wednesday he wants a tax code that is “simple, fair and easy to understand.”
The president said he’d like to bring the corporate tax rate down to 15 percent
from 35 percent.
As is his wont, Mr.
Trump veered off his prepared statement to take aim at the tax preparation
industry saying, “That’s one business I want to drive down. Sorry. H&R Block will not be supporting Donald
Trump, I can tell you that.”
According to the Kansas
City Star, the Kansas City-based tax preparation company ended its
free federal 1040EZ filing promotion and refund advance loans in February of
this year.
Block prepared a total of 10.345 million
individual tax returns and 3.637 million business returns through February 28,
2017.
The Democrats say we
live in a great country and we should pay our taxes with a smile. Willie Nelson
tried that one year but the government insisted on cash.
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