U.S.A. Douglas Myser
Its been nearly three decades since any meaningful tax reform came about in Washington D.C. After suffering through one of the worst months in the history of natural disasters, America could really use tax reform. We not only have rebuilding to do here in the continental United States, but arguably our most important territory, Puerto Rico has been devastated. Rebuilding will take years, if not decades, and the tax code is a way to supercharge the effort.
Many of the priorities of our government will have to be examined, and potentially changed, as spending priorities have changed, due to the consequences of both the Houston and Puerto Rico island’s devastation. Billions will have to be spent, that up to a month ago was not even thought of, when determining a budget that was already bloated, filled to excess, and sure to cause consternation among both Democrats and Republicans alike. Tax reform is a nasty business, and this time around, lives are at stake is the short term.
IRS tax help, in the form of tax breaks, can be a powerful incentive for businesses to step up to the plate in the rebuilding process. Placed appropriately in the tax code, tax breaks and incentives for reconstruction projects aimed directly at both Houston and Puerto Rico, can supercharge the effort the rebuild the devastated areas. The question is, can Congress agree on meaningful irs tax help that will give those incentives to businesses to start this process.
Changing and simplifying the tax code can also put money into the pockets of ordinary citizens, adding billions to the economy, and hopefully kick starting growth beyond the meager 2 percent rate we have seen since the recession of 2008. Adding and expanding our economy seems like the only way out of this mess, but that also entails fiscal prudence and the temperament to scale back on wasteful spending that has plagued our government for years. Both parties are to blame and both need to come together to become more fiscally sound in their habits, especially given recent national disasters and the absolute necessity to spend to clean up the mess.