There is little doubt that tax reforms and major ones, at that, are the order of the day in the U.S. The last major changes to the taxation system were brought about under President Reagan and that goes a long way to show how out- dated the current system must be. Talks were under process during President Obama’s tenure and the discussions included some major revenue positive reforms. And this, according to tax gurus, is exactly what the doctor ordered, where our nation’s long term prospects are concerned. However, will the same tack be followed by the current president and will the right kind of reforms be put in place? Well, let’s say that as of now, this seems unlikely. On the contrary it does seem that the current president is not quite aware that tax relief is the way to go for corporate America, in particular.
Ambiguity continues on policy stance
While the president hasn’t been in office for very long, it is also a good point that, by now, there should have been some clarity on what direction his stance will take on various critical policy measures. The healthcare act brought in by Obama has come under severe criticism from Trump who promised to get rid of it, yet there has been no talk of what exactly will replace it. Very similarly, the Republicans have been making a lot of noise about bringing about sweeping chances to the tax system but what for these will take, exactly, is quite a mystery even now. This is causing a lot of apprehension in various business segments.
A prime opportunity for a complete tax overhaul
The pity is that the Republicans have a prime opportunity to bring about a major tax overhauls right now. After all, they have control over the White House, the Senate and the House of Representatives, which gives them dominance in all policy matters. However, it does not seem like they are leveraging their powerful position appropriately enough to user in key changes.
The need of the day is to bring in tax cuts and combine it with tax reforms that make life easier for businesses and individuals alike. Another important area where attention will need to be given at the same time is federal spending, which has to be brought under some strict control so that the growth of the nation is not affected in any way.