Tags: donald trump | tax | strategy | fiction

Will Fiction Become Reality as Trump Crafts Tax Strategy?

Image: Will Fiction Become Reality as Trump Crafts Tax Strategy?

 (Getty/Mandel Ngan)

By    |   Thursday, 23 Feb 2017 12:42 PM

In a novel written over two years and released just before the election, Marvin McIntyre, Washington D.C.-based financial adviser, and his entrepreneur son Jamie McIntyre predicted that a multi-billionaire maverick would win the presidency.

Despite its early conception, “The Outsider: Invest in America,” contains many eerily prescient parallels between its fictional chief executive and our current president. Chief among those similarities is the fact that their number one fiscal objective is to reduce the corporate tax rate to 15 percent.

The fictional president argues: “Rather than admonish companies that take jobs out of the United States because it saves them money, let’s entice them to keep the jobs here. In fact, let’s give these companies incentives to bring jobs back to America.”

How does President Donald Trump reach across the aisle and gather bipartisan support for this important legislation, particularly when the democratic base appears to demonize anyone or anything that supports any idea suggested by this president? Especially now that a merely intransigent Congress with politicians refusing to even consider compromise has morphed into the mouthpiece for an angry and unyielding citizenry.

Logically, both parties should favor a measure that would not only create jobs but offer the probability of repatriating corporate funds from overseas.

The fictional president and Trump know that passing a bill would not be easy.

To be sure, Trump has promised a long-awaited tax plan soon, but questions linger about what tax reform will look like and when Republicans can pass it.

Trump has vowed to enact a relatively bare bones tax plan, which would slash corporate taxes from 35 percent to 15 percent and cut income taxes while reducing the number of income tax brackets, CNBC reported. Trump also has touted a "phenomenal" tax plan coming in "two or three weeks," but it is unclear if or how he plans to change his previous proposal.

For his part, Treasury Secretary Steven Mnuchin said that he wants to see "very significant" tax reform passed before Congress' August recess and that the Trump administration was looking closely at border tax issues.

"We are committed to tax reforms ... We want to get this done by the August recess." Mnuchin told CNBC, in what was his first interview since taking office last week.

"We've been working closely with the leadership in the House and the Senate and we're looking at a combined plan," he told CNBC. 

Mnuchin said the administration was "primarily focused on a middle income tax cut and a simplification for business," he said.

 

In the McIntyres’ novel, the president took an unusual and daring route.

Instead of cajoling Congress, this overly confident and charismatic leader went directly to the people. “The real power of this country is not in the hallowed halls of the senate or the house. The real power is in the internet.” He held up his iPhone 6. “It’s on your phone, on your tablet, on your laptop, or on your wrist. ”

Under the tagline of #oneflatrate, the president heralded the benefits of a corporate rate cut to the economy and masterfully manipulated social media to create a groundswell.

“Since 1986, we have lost over half of our corporations due to the combination of one of the world’s highest tax rates and onerous, voluminous regulations. Your elected officials, your representatives may struggle to hear your individual voice. They cannot deny your collective one.”

Is it possible that our newly elected president could use a novel as his playbook?

(Newsmax wires services contributed to this report).

© 2017 Newsmax Finance. All rights reserved.

   
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Is it possible that our newly elected president could use a novel as his playbook?
donald trump, tax, strategy, fiction
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2017-42-23
Thursday, 23 Feb 2017 12:42 PM
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