The Donald decided to not wait until the new year. Keeping his promises and showing leadership. Good Trump is trumping Bad Trump by a fair margin in his first year.
The Tax Cuts and Jobs Act keeps the number of individual tax brackets at seven but reduces the rates to 10, 12, 22, 24, 32, 35, and 37 percent, increases the Child Tax Credit from $1,000 to $2,000 for singles and married couples, and roughly doubles the standard deduction.
On the corporate side, the bill reduces the corporate tax rate from 35 to 21 percent and also eliminates the Affordable Care Act’s individual mandate, which requires individuals to purchase health insurance or pay a penalty to the IRS.
Speaker of the House Paul Ryan (R., Wis.) said a family of four earning an income of roughly $73,000 can expect to receive a tax cut of about $2,059 under the new plan.
“The biggest tax reform in a generation is now the law of the land,” Ryan said. “As promised, the American people will begin the new year with a new tax code.”
“At a time when many Americans still living paycheck-to-paycheck, tax reform means more jobs, fairer taxes, and bigger paychecks,” he said. “Already, workers are reaping the benefits of reform as companies take steps to reward their employees and expand their businesses.”
And in other news hundreds of EPA staff are bailing out!
EPA administrator Scott Pruitt is achieving what President Trump appointed him to do. He is draining the swamp.
As I’ve argued before, the EPA has always had less to do with protecting the environment – Colorado gold mine, anyone? – than it does with killing business.
Essentially, it is a communist sleeper cell introduced to the heart of the U.S. government system by Richard Nixon in the mistaken belief that paying Danegeld to your enemies will make them leave you alone.
Previous Republican presidents – such as the Bushes – were far too squishy to dare reform it.
And something a bit different from Mark Steyn, he introduces a Welsh lady who worked with Dylan Thomas reading his classic Christmas story.
And there is more. Leadership on the climate front.
“Climate policies will continue to shape the global energy system,” a draft of the National Security Strategy slated to be released on Monday said. “U.S. leadership is indispensable to countering an anti-growth, energy agenda that is detrimental to U.S. economic and energy security interests. Given future global energy demand, much of the developing world will require fossil fuels, as well as other forms of energy, to power their economies and lift their people out of poverty.”