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Mark Levin Saw Trump’s New Tax Plan And Made A Big Announcement About It
Radio talk show host Mark Levin praised most of what he sees in Donald Trump’s tax plan, saying on Monday’s program: “Ronald Reagan could have proposed exactly this plan.”
Levin, who served in multiple posts in the Reagan administration, said that if the U.S. adopted Trump’s tax proposal, “our economy will explode with growth” like that seen under the Gipper, when the GDP grew one-third larger as the economy expanded at its largest rate since World War II.
The talk show host explained some of the specifics of the plan:
From seven tax brackets to four. And the top rate is 25%. The top rate now is 39.6%, but for some people it actually winds up being 43% thanks to the deal the Republicans made with Obama a few years ago. So, the Republican establishment types – the Bushies, the Rep. Paul Ryan (R-WI) guys – they really have no complaint here, because while they voted to increase the top level to 39.6, and in some cases 43%, 25% would be the top rate under the Trump plan – and I would remind you I think it was 27% under Reagan. [It was 28 percent, reduced from a top rate of 70 percent.]
Image Credit: DonaldJTrump.com
Levin also pointed out that the businessman’s proposal cuts the corporate tax rate “from 35% and, in some cases, 39.6% depending on the business type, to 15%. Can you imagine the amount of economic growth that would occur in this country?”
The conservative firebrand also praised Trump’s plan to repatriate the estimated $2.5 trillion in American companies’ cash sitting offshore. Levin explained that current U.S. tax laws encourage businesses to keep their profits out of the country to avoid double taxation. The money is earned in other countries, and companies pay taxes locally. “If they repatriate it, or bring it back to the United States, however, they are taxed on it again. We’re the only major developed, industrial nation that does that to our own businesses,” he charged.
Many economists believe returning this money to the United States would be a major boon to the economy. Trump has proposed a one-time tax of 10 percent on those funds, rather than the current 35 percent tax rate.
Levin really only had one main criticism of Trump’s plan. “This is where I have a disagreement with Donald Trump. Everyone, pretty much, ought to pay something in taxes, so they can’t just vote over and over again to raise somebody’s else’s taxes.” He added people need to know there is a consequence if they decide to vote into office a Big Government liberal. “They need to know, you cannot legalize theft and rip off your neighbor. You’re going to rip off yourself. Everybody should pay some tax. Period.”
That aside, he affirmed “this a pretty d–n good plan.”
h/t: Breitbart
Source: http://www.westernjournalism.com/mark-levin-saw-trumps-new-tax-plan-and-made-a-big-announcement-about-it/
