Finally, Talk about Reducing Taxes!

Hillary Clinton has been silent on the idea of reducing taxes in her campaign. In fact she is promoting increased taxes and increased government spending. Donald Trump has now announced a plan to reduce income tax to a maximum of 33% from 39.6%. He is also proposing to make corporate tax rates more competitive with other countries by reducing the maximum rate from 35% to 15%.

All of this sounds nice, but the real problem is that the Internal Revenue Code, and all the tax regulations and cases are so complex that no human being can fully understand it. Countless billions of dollars are spent complying with Federal tax laws and regulations. There has been no talk about tax simplification by either the Republican or the Democrat.

Also, the tax that hits many people, Social Security, is scheduled to go up to $126,000 of income. That means the combined employer and employee contribution, which is not tax-deductible to the employee, will be over $15,000 a year. Not a word has been said about this by either Trump nor Clinton.

In the next three months leading to the Presidential election, I doubt that there will be serious discussion about true tax simplification. That will save the American people, including the businesses they own, a lot of time effort and money. That would be a huge boost for our economy and our worldwide economic competitiveness and would result in increases in the income for most people. When are the American people going to force our politicians to start acting responsibly?