Tags: Financial Markets | IRS | Money | Supreme Court | Trump Administration | candidate | disruptive

Tax Reform Will Remake or Break Trump's Presidency

Image: Tax Reform Will Remake or Break Trump's Presidency
President Donald J.Trump waved as he arrived to speak about tax reform during an event at the Harrisburg International Airport, back on Wednesday, Oct. 11, 2017, in Middletown, Pennsylvania. (Alex Brandon/AP)

Monday, 30 Oct 2017 05:16 PM Current | Bio | Archive

It’s been a tumultuous year since Donald Trump was elected in November of 2016. It looks like the Trump presidency is resting on his ability to push tax reform through Congress and ultimately codified into law. The year since his election has been a roller coaster with more downs than ups, but Donald Trump could garner a huge win in tax reform that would out-weigh any of his pitfalls.

The last year has seen Donald Trump taking the Oval Office with a lot of mixed expectations. His ardent supporters were looking to him to "drain the swamp," shaking up politics as usual. Detractors saw a phony who hates all of those not like him and is only out for himself.

The reality is that Trump came into office with only 46 percent of the popular vote. Many Trump voters were voting against Hillary Clinton, but they had mixed feelings about Donald Trump. He is not an easy fit for most traditional conservatives.

He was pro-abortion, until he became anti-abortion. His personal life —  being a playboy — did not rest easy with them. He has spent his business career cozying up to New York Democrats.

For the last six months, Trump’s approval rating has bottomed out at around 40 percent and remained there. The approval number is not terrible given he did not win the popular vote. His first nine months have been tumultuous with very few policy wins and multiple Obamacare repeal failures.

He was effective in getting a young Supreme Court Justice pushed through with the nomination and confirmation of Judge Neil Gorsuch. He has also been effective with the executive pen in taking away many onerous regulations created during the Obama years.

One thing uniting all camps of Trump’s supporters is comprehensive tax reform for businesses and individuals. A simpler tax code encouraging investment, growth, and spending would get an economy that is humming to a full-throated roar. In addition to some pro-growth taxes domestically, Trump needs to bundle it with a repatriation plan to bring back the $2-3 trillion that U.S. companies park overseas. He can charge those companies a one-time fee oin the form of a 10 to15 percent tax. He would be able to get some bipartisan support if he promised those tax dollars to a massive infrastructure plan.

The consequences of not getting tax reform are dire for the Trump administration and Republican lawmakers on Capitol Hill. The success of Republicans in the 2018 midterms is hindering on the ability to get this done. If it continues to stall through 2018, Republicans could face a washout at the ballot box, and the Democrats could smell blood in the water for the 2020 presidential election. If they can block Trump from getting a massive win on taxes through 2018, they can become a do-nothing party that blocks him on every turn until the presidential cycle.

Trump ran as a disruptive candidate, which he has been in a good and bad way. He continues to refuse to act presidential when it comes to his tweeting. He starts fights with people the president of the United States should just ignore. He refuses to abide by the saying "never punch down."

Despite all of the struggles, he can save himself and the Republican Party with a big win on taxes. The people elected him because they wanted a deal-maker who is not the same partisan, Washington, D.C. insider; but now he has to deliver if he intends on remaining president after 2020.

Kevin Broderick serves as a consultant for a Fortune 500 Insurer in the Employee Benefits marketplace for large employers. He received a finance degree from Providence College. For more of his reports, Go Here Now.

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Uniting all camps of Trump’s supporters is comprehensive tax reform. A simpler tax code encouraging investment, growth, and spending would get the economy humming. The consequences of not getting tax reform are dire. He must deliver if he intends on remaining president beyond 2020.
candidate, disruptive, economy
Monday, 30 Oct 2017 05:16 PM
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