United States Treasury Secretary Steven Mnuchin told a conference on the sidelines of the International Monetary Fund (IMF) and World Bank spring meetings in Washington on Thursday that tax reform is coming, Reuters reports.
According to Mnuchin, the Trump administration is set to unveil its tax reform plan “very, very soon.” Although he refused to give specifics of the plan, Mnuchin noted that the administration has been working day and night to get something done.
“It will be sweeping, it will be significant and it will create a lot of economic growth,” Mnuchin said.
“Whether health care gets done or health care doesn’t get done, we’re going to get tax reform done. The plan will pay for itself with growth.”
Should tax reform be a key issue to deal with? Legendary free market economist Murray Rothbard didn’t think so:
“Everyone will agree that the American tax system is a mess. Taxes are
far too high, and the patchwork system is so complicated that even IRS
officials don’t understand it. Hence the evident need for some sort of
dramatic, even drastic, reform. As often happens, a group of dedicated
and determined reformers has arisen to satisfy that need. But before we
embrace this new gospel, we should heed the old maxim about jumping from
the frying pan into the fire, and also remember the warning of the
great H.L. Mencken, who defined “reform” as “Mainly a conspiracy of
prehensile charlatans to mulct the American taxpayer.” And we should
also bear in mind that all acts of government, however worthy they may
seem, have a way of winding up solving no problems and only making
matters worse.”
Simply put: the only kind of tax reform that should be promoted, at the very least is lowering taxes.
Of course, the ultimate goal should be abolishing the tax code entirely.
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