Secretary Mnuchin and First Daughter Ivanka Speak on Republican Tax Plan at the Reagan Library

By Debra Tash

Secretary of the Treasury Steven T. Mnuchin, along with first daughter, Ivanka Trump spoke at the Reagan Library on Sunday night.  Notice went out to members the Tuesday before the November 5th event, short notice for many who regularly attend the Library’s programs.  Ms. Trump flew back from Japan at her father’s request to help stump for the recently unveiled tax reform bill. 

John Heubusch, Executive Director for the Reagan Foundation, began the evening with a moment of silence for the Sutherland Springs shooting victims.  He then introduced Ms. Trump, who is currently a White House adviser.  She highlighted the tax plan’s increase of the child tax credit, something she pushed for, both in the dollar amount and the evaluated income cap that will qualify higher earning families to take advantage of it. 

Secretary Mnuchin touted the plan as being the first step towards a stronger economy, insuring a three percent increase or better growth in the GDP (Gross Domestic Product) per year.

He laid out the four most notable benefits of the current proposal:

  1. A tax cut for the middle class
  2. Simplifying the average American’s tax filing
  3. Making American businesses competitive
  4. An initiative to repatriate overseas capital/money

Both Mnuchin and Trump spoke about the “zero” bracket created by raising the standard deduction to $24,000 per year.  

Their talking points included what we’ve already heard; make taxes simple and fair, filing on a single sheet of paper for most, closing loopholes, and lowering the business rate from 35%, the highest in the developed world, to 20%.  This would benefit LLC’s and S Corps, pass through entities for most small businesses. The current proposal would be bring the rate down to 1930 levels. 

Ms. Trump said that the tax overhaul was the administration’s top propriety.  Her father has done a great deal with “aggressive” deregulation and that economic growth is central to the Trump presidency. 

Heubusch, taking written questions from the audience submitted before the talk, asked about high tax states like California and the elimination of the property/state income tax deduction along with capping the mortgage interest deduction.  Again, what we’ve already heard, that this supposedly won’t affect the average person.  Further those earning over one million dollars will see an increase in their taxes, and the Feds need to get out of subsidizing high tax states. 

The plan will go through the process and the Senate is brewing up its own version.  There are points in the proposal that are promising and others that smacks of class warfare and canned rhetoric.  As stated, much of the evening was talking points we’ve already heard and holding the event at the Reagan was, quite frankly, preaching to the choir.

Secretary of the Treasury Steven T. Mnuchin, and Ivanka Trump

 

Debra Tash is Editor-in-Chief of Citizensjournal.us, past president for Citizens Alliance for Property Rights, business executive and award-winning author, residing in Somis.


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One Response to Secretary Mnuchin and First Daughter Ivanka Speak on Republican Tax Plan at the Reagan Library

  1. William Hicks November 6, 2017 at 11:36 am

    Lts see what this all looks like when the dust settles in Congress.

    Reply

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