Again in 2010, I used to be in legislation faculty, discovering, to my nice shock, that I really preferred the category Federal Revenue Taxation. One of many scorching matters in tax legislation on the time was the Bipartisan Tax Fairness and Simplification Act of 2010.
Though nearly all people agreed {that a} simplified tax code could be higher, “nearly all people” didn’t embrace the multibillion-dollar tax prep trade. The Bipartisan Tax Equity and Simplification Act of 2010 by no means grew to become legislation. IT died the tragic demise of a good suggestion in Congress.
Quick ahead to 2024, with Elon Musk set to take over the fake governmental company DOGE within the New 12 months. Finance-verthp-feeds&apiversion=v2&noservercache=1&domshim=1&renderwebcomponents=1&wcseo=1&batchservertelemetry=1&noservertelemetry=1″>Musk claimed in a publish on his web site X that simplifying the tax code would “improve productiveness” and forestall “weird tax-avoidance conduct.”
No person is aware of the complete particulars of what Musk is proposing, however IT looks like a giant a part of IT could be eliminating a lot of deductions and reducing down from the present seven income-based tax brackets to one thing like two or three. Hm, now the place have I heard these proposals earlier than? Oh, that’s proper: the Bipartisan Tax Equity and Simplification Act of 2010, which recommended three tax brackets and a better customary deduction however elimination of most of the extremely particular deductions for particular curiosity teams.
And you realize what? That’s simply fantastic. If Musk desires to take credit score for developing with the thought of simplifying the tax code, and if Donald Trump can really get what appear to be good concepts for doing that by a Congress that he’s going to regulate, nice. Let’s not reduce off our nostril to spite our face right here.
Trump himself has just lately proposed (he did convey this up beforehand in 2019) ending daylight saving time. He promised that the Republican Celebration would attempt to “get rid of” the semiannual clock adjustments.
As soon as extra we now have a good suggestion right here. Not an original idea, by any means. However who cares? The Republican Celebration will management each homes of Congress and the White Home in 2025, so if IT actually desires to kill daylight saving time, IT shouldn’t have any downside doing so. This might profit all of us.
One other DOGE growth is Musk’s criticism of wasteful spending on the Pentagon and personal protection contractors’ abuse of a very inflated price range — ironic, maybe, in that Musk’s own companies have secured billions in Protection Division contracts. Irony apart, this stance has earned Musk some potential progressive allies, together with Vermont Senator Bernie Sanders who said Musk was “proper” about extreme protection spending. Sanders claimed that the Pentagon “misplaced observe of billions” and that the “protection price range [is] stuffed with waste and fraud.”
Wedging aside a industrial protection trade and a navy which might be extra tightly entwined than two unchaperoned teenagers on the Snow Daze dance, and saving some tax {dollars} when you’re at IT, is hardly a brand new idea. This one’s so previous that Dwight Eisenhower talked about IT in his farewell tackle.
In fact, the issue with good, although unoriginal, concepts is that somebody has already tried and didn’t implement them. Musk’s expertise operating his personal corporations as an govt may be very completely different than whipping votes in Congress. We’ll see how a lot sway DOGE has over Congresspeople as soon as a small military of company lobbyists in service to the tax prep and protection industries descend upon them.
Can any of this really get completed? DOGE undoubtedly has its skeptics.
But, Trump has one factor going for him. Though Trump’s lip service to unifying the nation has been totally laughable, there is no such thing as a doubt that he’s succeeded wildly in unifying the Republican Celebration — particularly unifying IT in doing no matter Trump tells IT to do. With nearly each extant Republican a confirmed Trump loyalist, and with Musk’s added threat to fund primary challenges to any GOP mavericks, a few of these proposals have a greater shot of getting applied than they’ve had in a very long time.
Within the meantime, there’s actually no profit to naysaying. Loads of unhealthy concepts are going to be popping out of the brand new Trump administration. Would possibly as effectively attempt to assist usher just a few of the great ones alongside.
When you won’t precisely be hanging your stockings with glee this 12 months, take a bit consolation within the chance that just a few concepts that aren’t the worst might need an opportunity within the new 12 months. One other Trump presidency and the world’s richest man main a pretend authorities effectivity workplace won’t be the Christmas items we wish, however they most definitely are the Christmas items we deserve.
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