Tom says Tax Plan is Good for America and Agriculture

Sergio Conner
October 1, 2017

Hardworking Iowans and Americans living paycheck to paycheck are feeling left behind and deserve tax relief. 1986 is calling, and wants its rotary phone back.

Over the past several months, I've worked with House Republicans and President Trump to address this issue.

Our plan is focused on benefiting hardworking American families, not the well-connected with their army of lobbyists. Included in that are lowing corporate tax limits from 35 percent to 20 percent, limiting tax rates on small businesses to 25 percent, and eliminating many itemized deductions. These steps would also reduce the power of the "tax cut for the rich" charge against Republicans. President Trump and I are standing up for you.

Allowing hardworking Americans to keep more of their money is just the start. "If it raises taxes on the middle class, it's political poison".

"I was sitting next to some leadership from Cummins motor, and obviously it gives them the confidence in building equipment and engines across a broad set of industries that will support jobs and job growth". The proposal features many items that could help small businesses, including those that manufacture, distribute and install doors and windows. Small businesses pay less. We are watching the proposals on global business earnings, and how they will fit together with existing treaty networks and the EU's own anti-profit shifting CFC rule proposals. Another way, also consistent with the framework, would be to have the 35 percent rate kick in at a relatively low level, so it applies to a larger share of the income of upper-end taxpayers.

We must also recognize that America has become uncompetitive on the global stage. Lowering the corporate tax rate, which again benefits Donald Trump, is not going to make these corporations bring their money back to the United States, that they're hiding offshore, because even lowering it from 35 to 20%, 20% is still higher than 0%, which is what they're now paying when they stash it offshore in the Cayman Islands, or over in Switzerland.

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Trump argued that the current tax code is the primary reason companies are moving overseas and outsourcing labour.

Nor should anyone who worries about deficits be reassured by the promise that cutting taxes will spur economic growth to compensate for lost revenue. America should be the single best country in the world to start and grow a business, because that's how jobs are created. But eliminating the write-off for state and local taxes, known as the SALT deduction, would reverse a policy that has been on the books since the inception of the federal income tax in 1913.

The Times continued, "The plan would also benefit Mr. Trump and other affluent Americans by eliminating the estate tax, which affects just a few thousand uber-wealthy families each year, and the alternative minimum tax, a safety net created to prevent tax avoidance".

"President Trump's tax plan is morally repugnant and bad economic policy", said Sen. Our Republican tax reform plan is simple, fair, and puts the real needs of hardworking American families first. We have the chance to boost manufacturing in the United States and strengthen the backbone of our economy: American manufacturing workers. After failing repeatedly to fulfill an ill-conceived and unwise pledge to dump Obamacare, the Republican-led Congress is leaving that embarrassing debacle behind and moving on to an overhaul of the tax code. Trump promised to protect Social Security and Medicare, but how will he weigh that promise against his promise to slash corporate taxes?

Of course, even if lawyers wouldn't benefit right way from the new tax framework, they may benefit if it spurs on economic activity for their clients, such as mergers and acquisitions, investments and the development of new products and services.

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