Financial Expert Dan Celia: 5 Immediate Benefits of Tax Reform
Simplified Tax Code, Stock Market Gains, Increased Tax Revenues, Job Growth and Higher Wages Will Result from Tax Cuts
PHILADELPHIA, Pa.—Tax reform was at the top of the list of hot topics for Speaker of the House Paul Ryan and Vice President Mike Pence today, with both addressing President Donald Trump’s proposed tax cut plan in remarks on Tuesday.
First, Ryan said his goal is for the House to pass a tax bill by Thanksgiving, according to CNBC, adding that the ongoing tax plan feud between Trump and Sen. Bob Corker (R-Tenn.) will not affect the process.
Then, earlier this afternoon, Pence spoke at the American Enterprise Institute about the Republican effort to cut taxes and streamline the tax code. “The facts speak for themselves, the president has restored America’s strength, at home and abroad,” he said, calling the administration’s tax reform goals “historic,” reported CBS News. “We’re going to cut taxes across the board for working families, small business and family farms,” Pence added, promising the lowest taxes since 1931.
For many months, financial expert and nationally syndicated host Dan Celia has communicated the importance of tax reform and the impact it will have on millions of Americans and small business owners.
“Tax reform is the No. 1 economic issue in America today,” Celia said. “Last week’s passage of the budget opened the door for the real possibility of tax cuts and a simpler tax code that will impact many Americans of all economic levels, ages and occupations. And the fact that the Trump administration seems committed to providing this long overdue tax relief is encouraging and will undoubtedly be reflected in the markets.”
Celia added that five immediate benefits would result once the tax plan is passed:
- Simplification of the tax code will be a great benefit for the American people, in every financial bracket.
- Valuations of currently overvalued stocks will come back in line as we see GDP growth and corporate growth.
- Federal tax revenues will increase dramatically as company profits rise and payroll growth increases significantly.
- The pro-growth corporate environment, and regulatory burden and tax burden being eased will continue to create American and business prosperity for future generations.
- With growth comes a tightening of the labor force and increased wages as profits rise, giving Americans discretionary income that will further stimulate the economy.
In the proposed tax plan, corporations would see their tax rates dropped from 35 percent to 20 percent, CBC further reported. For individuals, the top tax bracket would likely drop from nearly 40 percent to 35 percent, and the bottom tax rate will increase from 10 percent to 12 percent.
Celia leads Financial Issues Stewardship Ministries (FISM, www.financialissues.org) and focuses on important economic news and biblical investing during his daily, three-hour show, “Financial Issues,” which airs on about 640 radio stations around the country and is also seen nationwide on NRBTV, reaching 45 million households.
Read more about Celia, FISM and “Financial Issues” here. Visit the Financial Issues Stewardship Ministries web site at www.financialissues.org, its Facebook page, on YouTube at Financial Issues with Dan Celia or on Twitter @financialissues. Download the new Financial Issues app here.