President Trump Signs H.R. 1, Tax Cuts and Jobs Act
Impromptu Signing Before Christmas
This morning President Donald Trump signed into law H.R. 1, the “Tax Cuts and Jobs Act”, shortly after its passage by Congress. According to the President’s remarks in the Oval Office this morning, a “big, formal” signing ceremony was originally planned for shortly after the new year. But the President decided to proceed with an impromptu signing ceremony this morning in response to the mainstream media questioning whether he would sign the bill into law before Christmas as he previously promised.
[T]his is the biggest tax cuts and reform in the history of our country. This is bigger than, actually, President Reagan’s many years ago.
The President touted the bill as “the biggest tax cuts and reform in the history of our country. This is bigger than, actually, President Reagan’s many years ago.” Trump asserted that the bill includes “$3.2 trillion in tax cuts for American families” and a doubling of the Child Tax Credit, which Americans are supposed to see in their paychecks starting in February. The President also touted the reduction of the corporate tax rate from 35% to 21%, claiming it was already having an impact on bringing jobs back to the U.S.
What Wasn’t Discussed About Income Taxes
What hasn’t been mentioned by Donald Trump, congressional Republicans or any Democrat is, perhaps, one of the most important things about income taxes. As was recently reported in The Political News Report article titled “US DOLLAR NO LONGER BACKED BY GOLD” (link below), the U.S. dollar, like most currencies in the world, isn’t backed by anything. And that’s according to the Federal Reserve and the U.S. Treasury.
What this means is that dollars are literally created out of thin air at the behest of the U.S. government. This fact raises a big question about income taxes. If the government can create money at will out of thin air, why does it need to tax the income of its citizenry? Furthermore, why does it have to borrow any money at all? The U.S. national debt is now $20 trillion!
If you had the authority to print your own money, would you bother anybody else for money? Would you ever borrow any money? Then why does the U.S. government, or any other national government for that matter, tax and borrow at all?
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Resources and Additional Info:
- US DOLLAR NO LONGER BACKED BY GOLD
- White House Video: “President Trump Signs Tax Bill“
