Tax Reform Rescue Mission
During a week of inspiring rescues, President Trump introduced his tax reform plan. The U.S. has the world’s highest corporate tax rate at 39%. As a result, over two trillion dollars is parked overseas in low tax countries like Ireland. Trump proposes a 15% corporate rate as ransom to rescue that cash and bring it home. Which in return will lead to growth.
Of course Democrats don’t see it that way. To them it’s all just an elitist gift to the rich. Maybe, but Kimberly Strassel points out in the WSJ that Trump is an ideal pitchman for the plan. He’s rich but he’s also seen as a populist outsider:
Mr. Trump has defined himself as the protector of America’s forgotten man, an outsider to the swamp, an America Firster. The result is that he is uniquely qualified to sell a tax plan decried as “elitist” to average Americans.
In Missouri, Mr. Trump busted up the left’s class-warfare model. He didn’t make tax reform about blue-collar workers fighting corporate America. Instead it was a question of “our workers” and “our companies” and “our country” competing against China. He noted that America’s high tax rates force companies to move overseas. He directly and correctly tied corporate rate cuts to prosperity for workers, noting that tax reform would “keep jobs in America, create jobs in America,” and lead to higher wages.