13/5/17

[identity profile] abomvubuso.livejournal.com
One of Reagan's famous quotes is that even Einsten couldn't fill his tax declaration on his own and was driven crazy by the complicated tax system - which probably explains his "mad scientist" haircut. Now the guy who often likes to present himself as Reagan v.2.0, Trump has taken it upon himself to revamp the horribly complex federal tax code, which, along with all relevant addenda, rules and regulations, may or may not exceed 70,000 pages in total. What a joy it must be to see the contrast with Trump's reform plan which he presented in April - it's just one page long, people! Come on!

That page includes a lot of ambition. And fundamental changes too, involving both main domains, the taxing of physical persons and the business. The former will be handed just three levels of income tax, as opposed to the current seven. And also a doubling of the tax-exempt minimum, and the elimination of some types of tax and tax cuts that complicate and destroy the declaration process. As for the business, the biggest tax cut is that the corporate tax should shrink from 35% to 15%, and the taxation principle will be such that US corporations would stop holding trillions of dollars in countries with a more favourable tax regime (various estimates tend to assess the total amount between 1.2 and 2.6 trillion dollars).

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