President Trump is making tax reform a priority and has repeatedly stated that the U.S. is the "highest taxed nation in the world." Trump even penned an op-ed in the Journal Sentinel where he claimed American workers and families would benefit greatly from tax cuts.
Our plan will dramatically reduce income taxes for American workers and families. It will nearly double the standard deduction to help families get ahead. It will make our complex tax code more simple and fair. It will put money back into the pockets of the people who earned it. And it will bring back American jobs by making our businesses competitive once again.
But critics argue GOP tax reform policy is based on debunked myths about trickle-down economics that benefit the rich without fostering economic growth.
Modern conservatism was built on cutting taxes, supposedly because cutting taxes for successful people will spur them to create even more wealth, which will trickle down to the rest of us in the form of jobs. So it’s no surprise to see cutting corporate taxes, from a nominal 35% rate to as low as 15%, at the top of the GOP wish list.