A Quote by Joseph Stiglitz
A politically astute president who understood deeply the economics and politics of corporate tax reform could conceivably muscle Congress toward a reform package that made sense. Trump is not that leader.
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Members of Congress who want to get things done, they need partners who want to move the ball forward on big issues like fundamental tax reform, on regulatory reform, on putting together a replacement package for Obamacare.
I took office as president in January 2003, and in April 2003, I sent to Congress my first proposal for tax reform. Some parts were voted on, with respect to federal taxes, and then it came to a standstill. Why? Because each state is interested in its own tax reform, has its own tax policy, and each state has its federal deputies and senators.
We cut tax exemptions in 1986, it was the most admired tax reform in U.S. history. Congress and the president worked together then to eliminate scores of loopholes and exemptions and deductions; this made taxes much simpler, and allowed a major cut in tax rates.
Now, the president would like to do tax reform, which would obviously lower rates for most people in America and make the tax code fair and get rid of loopholes and special treatment. But absent tax reform, the president believes the right way to get our fiscal house in order is ask the wealthy to pay their fair share.
Have you ever noticed how statists are constantly "reforming" their own handiwork? Education reform. Health-care reform. Welfare reform. Tax reform. The very fact that they're always busy "reforming" is an implicit admission that they didn't get it right the first 50 times.
If you have to change the law to get more money, that's a tax increase, and Americans for Tax Reform supports all efforts of tax reform, getting rid of deductions or credits, or something that's misclassified, as long as you at the same time reduce rates so that it's not a hidden tax.
The day after Republicans won solid majorities in the House and Senate, House Speaker John Boehner and Senate Majority Leader-to-be Mitch McConnell outlined priorities for the newly elected Congress. High on the list is fundamental tax reform. In addition to overhauling the federal tax code, however, Congress should rein in the Internal Revenue Service.
I wish that the Democrats would put some effort into Social Security reform, illegal immigration's reform, tax reform, or some of the other real issues that are out there.
I'm in favor of doing tax reform, but I think tax reform ought to be revenue neutral as it was back during the [Ronald] Reagan years. We've resolved this issue.
We pursued the wrong policies. George Bush is not on the ballot. Bill Clinton is not on the ballot. Mitt Romney is on the ballot, and Barack Obama is on the ballot. And Mitt Romney is proposing tax reform, regulatory reform, a wise budget strategy and trade. The president has proposed tax increases.
Trickle-down economics does not work, and tax reform should not be defined as partisan tax cuts for the wealthy and huge corporations.
Winning control of the Senate would allow Republicans to pass a whole range of measures now being held up by Reid, often at the behest of the White House. Make it a major reform agenda. The centerpiece might be tax reform, both corporate and individual. It is needed, popular and doable. Then go for the low-hanging fruit enjoying wide bipartisan support, such as the Keystone XL pipeline and natural gas exports, most especially to Eastern Europe. One could then add border security, energy deregulation and health-care reform that repeals the more onerous Obamacare mandates.
Mere political reform will not cure the manifold evils which now afflict society. There requires a social reform, a domestic reform, an individual reform.
Trump's corporate tax reform would restore America's position as the most hospitable investment climate in the world. For a change, businesses and their cash would come back home.
President Obama has ignored or dismissed proposals that would address our anti-competitive tax code and unsustainable trajectory of federal debt - including his own bipartisan National Commission on Fiscal Responsibility and Reform - and submitted no plan for entitlement reform.
It's not coincidence that the U.S. is in last place in the world in terms of corporate tax rate. It's because our system is set up to block tax reform.
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