WASHINGTON — Former presidential candidate Gary Bauer called Donald Trump and Mike Pence’s historic win “an American Revolution 2.0 as frustrated voters across the country, struggling under the heavy load of taxes, debt and disastrous polices said ‘No More,’ and elected a President and Vice President committed to making America great for all its citizens, rather than those who profit from government and American decline.”
The chairman of the Campaign for Working Families made the following statement: “This election is the first step toward freeing Americans from the tyranny of political correctness and unchecked political power. Using their votes, Americans who live and work on Main Street overcame the combined resources of the media, the entertainment industry and corporate and political elites. They rejected four more years of more scandals and failed big government policies. The commonsense values of the American people prevailed today. Now the hard work of making Washington work for the people, not the politicians and their special interest, begins in earnest.”
Bauer served all 8 years of the Reagan Administration, as under secretary of education and as President Reagan’s chief domestic policy advisor, later running in the 2000 Republican presidential primaries. The Guardian called Bauer “one of the leading campaigners in the U.S. on pro-life and pro-traditional family issues.”
Source: Campaign for Working Families
Coming Together as Faithful Citizens for the Common Good
WASHINGTON – The American people have made their decision on the next President of the United States, members of Congress as well as state and local officials. I congratulate Mr. Trump and everyone elected yesterday. Now is the moment to move toward the responsibility of governing for the common good of all citizens. Let us not see each other in the divisive light of Democrat or Republican or any other political party, but rather, let us see the face of Christ in our neighbors, especially the suffering or those with whom we may disagree.
We, as citizens and our elected representatives, would do well to remember the words of Pope Francis when he addressed the United States Congress last year, “all political activity must serve and promote the good of the human person and be based on respect for his or her dignity.” Yesterday, millions of Americans who are struggling to find economic opportunity for their families voted to be heard. Our response should be simple: we hear you. The responsibility to help strengthen families belongs to each of us.
The Bishops Conference looks forward to working with President-elect Trump to protect human life from its most vulnerable beginning to its natural end. We will advocate for policies that offer opportunity to all people, of all faiths, in all walks of life. We are firm in our resolve that our brothers and sisters who are migrants and refugees can be humanely welcomed without sacrificing our security. We will call attention to the violent persecution threatening our fellow Christians and people of other faiths around the world, especially in the Middle East. And we will look for the new administration’s commitment to domestic religious liberty, ensuring people of faith remain free to proclaim and shape our lives around the truth about man and woman, and the unique bond of marriage that they can form.
Every election brings a new beginning. Some may wonder whether the country can reconcile, work together and fulfill the promise of a more perfect union. Through the hope Christ offers, I believe God will give us the strength to heal and unite.
Let us pray for leaders in public life that they may rise to the responsibilities entrusted to them with grace and courage. And may all of us as Catholics help each other be faithful and joyful witnesses to the healing love of Jesus.
Source: U.S. Conference of Catholic Bishops
Difficult Fiscal Challenges Will Test the Leadership Skills of the New President and Congress
WASHINGTON — The Concord Coalition salutes all of those who put themselves forward in Tuesday’s elections to lead our nation. We congratulate the winners.
Now that the people have spoken, the task ahead is to govern.
That will not be easy given the deep divisions created during a long campaign, but it will be the true test of leadership.
On fiscal matters, President-elect Trump and the new Congress face an array of problematic issues that range from immediate concerns — such as annual appropriations and an unavoidable debt limit increase — to the longer-term challenges of Social Security, health care costs and tax reform.
Adamant but conflicting campaign promises on these issues complicate the outlook and will need to be resolved.
We urge our newly elected and re-elected leaders to approach the months ahead with open minds toward each other’s concerns. Neither party’s campaign rhetoric has erased some basic facts:
- An accommodation must be reached on spending caps that were approved years ago but are widely unpopular and probably unrealistic. Otherwise it will be impossible to pass appropriation bills in time to avoid yet another government shutdown next fall.
- If an agreement cannot be reached to raise the debt limit, the government will be faced with an unprecedented default on at least some of its obligations as soon as this summer. The harmful impacts on world financial markets and our nation’s creditworthiness could be substantial.
- Health care costs will remain the greatest threat to fiscal sustainability as long as they continue to outstrip economic growth.
- Social Security still promises more benefits than the current system can deliver, putting more and more pressure on the rest of the budget and threatening to eventually require sharp cuts in benefits.
- The tax code remains far too complicated and inefficient, providing subsidies to many individuals and companies in ways that are essentially spending programs in disguise.
This is a time of great challenges but it is also a time of great opportunities. For those who are coming to Washington to solve problems, they will find no shortage of them in the nation’s fiscal affairs. They can choose to butt heads with each other and get nothing done, or shake hands and embark on a path of accomplishment.
The Concord Coalition is a nonpartisan, grassroots organization dedicated to fiscal responsibility. Since 1992, Concord has worked to educate the public about the causes and consequences of the federal deficit and debt, and to develop realistic solutions for sustainable budgets. For more fiscal news and analysis, visit concordcoalition.org and follow us on Twitter: @ConcordC
Source: The Concord Coalition
Crowe Horwath examines tax implications of a Trump presidency
CHICAGO — Following a lengthy and contentious campaign season, the American public has elected Donald Trump as president of the United States. It remains to be seen whether President-elect Trump will preside over significant tax reform, but according to the following summary developed by Crowe Horwath LLP, there are several things to consider across the spectrums of corporate, individual, international, and estate and gift taxation. Crowe is one of the largest public accounting, consulting and technology firms in the U.S.
“As expected, tax policy was a hot button issue on the campaign trail and, conveniently, this election year coincides with the 30th anniversary of the Tax Reform Act, which was the last time sweeping changes were made,” said Howard Wagner, Crowe National Tax Services managing director. “With the election of Donald Trump, we’ll likely see a push around unraveling the tax code, including significant rate reductions for corporations and individuals, as well as radically changing the current international tax system.”
Below are key aspects of President-elect Trump’s proposed tax policy and how they will affect your bottom line if Congress should approve them.
Corporate Tax
- Reduce the top corporate tax rate from 35 percent to 15 percent.
- Reduce or eliminate unspecified loopholes that benefit special interests as well as deductions made unnecessary or redundant by the new lower corporate tax rate.
- Allow manufacturing firms immediate expensing of all new business investments in lieu of a deduction for interest expense.
- Eliminate the corporate alternative minimum tax.
- For investment managers, tax income from carried interests at ordinary income rates.
Individual Tax
- Create three tax brackets with rates of 12 percent, 25 percent and 33 percent.
- Eliminate the tax on net investment income.
- Cap the capital gains tax rates at 20 percent with a lower rate for individuals not in top brackets.
- Close unspecified “special interest tax breaks” and cap deductions at $100,000 for single filers and $200,000 for married filers.
- Eliminate the individual alternative minimum tax.
- Implement new dependent-care savings accounts to be used for child care, after-school enrichment programs and school tuition, as well as in-home nursing and nursing home care for elderly dependents.
- Increase the standard deduction to $30,000 for joint filers and $15,000 for single filers with personal exemptions eliminated.
International Tax
- Tax all earned foreign subsidiary income and impose a one-time 10 percent transition tax on the deemed repatriation of profits of foreign subsidiaries, payable over 10 years.
Estate and Gift Tax
- Permanently eliminate the federal estate tax.
- Subject capital assets exceeding $10 million held at death to income tax, and disallow contributions of appreciated assets into private charities established by the decedent or their relatives.
For more information please visit www.crowehorwath.com/lp/2016-presidential-election-tax-policy-resource-center.
Source: Crowe Horwath LLP