This guide is meant to be illustrative of where we are in the current tax reform environment. It does not aim to say much as it is to be informative.
We will try to answer the simple questions: where we are, what we want, and what we need.
Can it be done?
Not likely. Paul Ryan seems like he's the captain of a ship just a bit too big for him. Mitch McConnell would have more success trying to impeach Hillary (and still getting nothing done). The fact is, Democrats are losers in the argument and largely will be left out of the conversation. Republicans have forgotten how to govern. They need to pass some type of "Obamacare" scale tax reform in order to save the party. Right now, the Democrats are coalescing around single-payer medicaid for all type plan, while the Republicans couldn't repeal taxes included in Obamacare.
Republicans need to pass some tax reform, even if it, like Obamacare, isn't a permanent fix. Republicans need to take a big look at what they truly want and see if they can get there in two moves.
The first move requires you to break it. The second move requires you to perfect it.
Obamacare restructured 1/6 of the American Health Care system and still faces dry-pools and limited competition on the exchanges. The next move requires much to fix these problems, but that's not what this article is about. We'll save that for another day.
The tax-reform play will be a success if Republicans can try to tackle both corporate and individual income taxes together.
What We Want
The Holy Grail for all Republicans is to bring individual and corporate income tax rates down to around 10%. Despite having both houses of Congress, the Supreme Court and the White House, this is an impossible reach for the Republican Party, as it has forgotten how to govern.
Historically the Republican has been conservative in it's approach to changing the status-quo. If the next 3 years are to mean anything, it is not that. Steve Bannon, the President's former populist champion in the White House, pushed for high income earners to be taxed in the 40+% bracket. If Donald Trump is to right the ship of his Presidency, it may be to push for a higher tax bracket on those making above, say, $5 million a year.
Individual Tax Rates - HOH
The Republican Party should have no problem simplifying the tax-code in a way that keeps the ship afloat. As of right now, Donald Trump is threatening a government shutdown unless he gets funding for a boarder wall. Priorities.
Corporate Tax Rates
What We Need
We need a unified Republican Party presenting a united front for a fair, simplified guide to tax-reform.