PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Senator Rand Paul Nails It on Taxes

By at 27 November, 2017, 8:59 pm

Small Business Insider

by Raymond J. Keating-

In announcing his support for the Senate’s “Tax Cuts and Jobs Act,” Senator Rand Paul (R-KY) said: “The good news is — we can do this every year.”

In a FoxNews.com op-ed, U.S. Senator Rand Paul (R-KY) nails it on taxes. Senator Paul explains why he is planning to vote “yes” on the Senate tax plan, while also calling on Congress to pass annual measures that provide tax relief.

Paul lays out a bit of governing and economic wisdom that most others in Washington fail to seriously consider, that is, “Our default position should be that the money you earn belongs to you, and government has to justify why it should take it from you.”

In the current debate, Paul noted that he pushed for an overall tax cut, not simply a “revenue neutral” measure, and he got what he wanted. In addition, he pointed out, “I’m also pleased to note that, in part by my urging, the Senate tax-plan writers have included repeal of the ObamaCare individual mandate in the tax plan. The mandate is clearly a tax, a fact that was established by the Supreme Court when it upheld ObamaCare. So including it in the tax bill only makes sense.”

Yes, Senator Paul acknowledged, “This bill is not perfect,” noting that he preferred a larger tax cut and more permanence on the individual side. But Paul added, “Some of that is still achievable. Some of it is due to the peculiarities of the budget and Senate rules and will have to wait for another day.”

But then the Kentucky senator hits on a key point that his fellow Republicans would be wise to adopt as part of their governing philosophy going forward: “The good news is — we can do this every year. Want a bigger tax cut? Urge your legislators to do one every single year. I’ll sponsor it. Want them to be permanent? Well, one good start is to keep extending them, every single year.” Sign me up, Senator Paul!

As Rand Paul reminds us, that process has to start now, with the House and Senate sending a substantial tax relief measure to the White House for the president’s signature that will benefit individuals, families, entrepreneurs, small businesses, investors and large firms. How? Well, ultimately, by recognizing that the money earned by workers, entrepreneurs, and shareholders belongs to them, and government must justify why it should take it from them. What a crazy idea!

Thank you, Senator Paul.

See SBE Council’s statement on the Senate Finance Committee “Tax Cuts and Jobs Act,” which was advanced by the Committee on November 17.

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Raymond J. Keating is chief economist for the Small Business & Entrepreneurship Council.

Keating’s latest book published by SBE Council is titled Unleashing Small Business Through IP:  The Role of Intellectual Property in Driving Entrepreneurship, Innovation and Investment and it is available free on SBE Council’s website here.

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