Note from Norm: The Gift of Tax Relief for the Holidays
Something remarkable is set to happen next week in Washington, D.C.
Congress will pass a massive tax cut. President Trump will sign the bill.
And, in doing so the United States economy will become unleased in a way we haven’t seen in decades.
Merry Christmas and a Happy New Year to millions of hard working Americans who have been looking for tax relief for far too long.
While this bill should be an opportunity for bipartisan tax relief for America it is clear that few, if any, Democrats will cross the aisle to cast their vote for this remarkable achievement.
The leadership of the Democrats in the House and Senate will continue to call for a different bill – a different approach – a different plan – and be unwilling and unable to offer anything but rhetoric.
What is important about this tax plan is that it provides across-the-board relief to individual Americans, to small businesses, investors and others in an effort to supercharge America’s economy.
More jobs. Lower taxes. Greater investment.
All of these are the promise of the agreement reached by GOP House and Senate negotiators on the tax bill that both bodies will act on next week.
Corporate and Individual tax rates are being reduced.
American companies whose have stored nearly $3 trillion of profits overseas will be incentivized to bring that money back home to America – investing in Americas economy – creating new jobs – and expanding opportunity for millions of Americans.
Repatriating this money, by itself, is one of the most critical and essential elements of this tax plan.
Most importantly, this tax bill puts more money into the pockets of middle-income earners and less money into the hands of government.
As Speaker Paul Ryan stated recently, “Not only will typical American households benefit from an $1,182 tax cut under our plan, but according to countless studies, average wages will increase by upwards of $4,000.”
A simpler tax system that gives more money back to the middle class and less money to the government is exactly the kind of gift Americans want and need in their stockings this Holiday Season!
Is the agreement a perfect solution?
It is not.
Yet, pursuing the unachievable simply stops the achievable from happening at all.
For far too long progress on major initiatives, such as tax reform, haven’t happened because many members of Congress want things their way or no way at all.
This lack of ability to get things done isn’t just bad politics, but it’s bad for America.
Far too many in and outside of government have decided that their goal is to block anything from happening.
We’ve seen the results of this philosophy.
Bitter partisanship on issue after issue and the failure to get things one on issue of critical importance to America’s safety, security and economy.
Even now, Democrats in the Senate are posturing by demanding no votes be taken on the tax bill until the newly elected Senator from Alabama is seated.
It’s the kind of political gamesmanship that is about scoring political points for themselves and their party and does nothing to advance the cause of economic growth and job creation for hard working Americans.
Next week Republicans, and Democrats, have a unique opportunity to move America forward into the next decade.
They can replace an outdated and outmoded tax system rooted in a tired and worn-out economic philosophy that has held our nation and its powerful economic engine in neutral.
In doing so they can modernize our tax system in a way that puts America’s economy back into the global lead for innovation and productivity.
It’s a simple choice.
A vote against the tax bill is a vote to further burden the future of Americans with higher taxes and lost opportunity.
A vote for the tax bill unleashes America’s economy for years to come.
Americans deserve this gift for the holidays.