On Wednesday President Donald Trump visited Springfield, Mo., and delivered a speech on tax policy that, by most accounts, was basically what was expected. The assumption had been that the President would advance a general vision on reforming the federal corporate and individual income taxes, with an emphasis on the former. The President did make clear that he wanted corporate income taxes reduced by about half — a reduction that would move the U.S. from its station in the rareified air of practically punitive corporate over-taxation to being one of the most competitive countries in the world to set up a business. He was more vague on individual income tax reforms.
You can find video of the speech here. While the President’s talk was about federal taxation, I hope that his visit to Missouri will also renew the needed discussion for tax reform at the state and local levels as well. Indeed, 2018 could be a big year for tax reform nationally and in Missouri. Let’s hope.
