On the eve of another painful Tax Day, the U.S. Congress has an appointment with destiny.
At a time when American families are confronting the crushing weight of high prices and economic uncertainty—caused by the failed policies of the Biden administration—Washington has a historic opportunity to renew growth, restore prosperity, and reaffirm its commitment to the principles that have always made our nation strong.
That opportunity lies in swift passage of President Donald Trump’s bold tax plan.
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The current inflation crisis is not some global inevitability—it’s the direct result of the Biden administration’s reckless spending, overregulation, and hostility toward American energy. For more than three years, Washington has waged war on affordable energy, flooded the economy with trillions in government spending, and suffocated businesses with red tape.
The results have been devastating: soaring prices, shrinking paychecks, and deep economic anxiety for middle-class families. It’s time to go big and go fast.
The economic damage done by Bidenomics must be undone with bold, pro-growth action. The longer Congress waits, the more uncertainty grips our economy.
Let’s start with the obvious: we need to lower individual income tax rates and simplify the tax code. The tax system should reward work, savings, and upward mobility—not punish it.
Markets respond to confidence, not delay. Passing President Trump’s Tax Cuts 2.0 would send an unmistakable signal to businesses, investors, and working Americans: help is on the way, growth is back on the agenda, and America is open for business.
Let’s not forget the remarkable success of the 2017 Trump tax cuts, which sparked a historic economic expansion. Those pro-growth reforms delivered tangible benefits to families across every income level, drove up wages, lowered unemployment to generational lows, and brought investment surging back to American shores.
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It worked before—and it can work even better now. With the right moves, we can reignite that same American dynamism and get our economy back on track.
Let’s start with the obvious: we need to lower individual income tax rates and simplify the tax code. The tax system should reward work, savings, and upward mobility—not punish it.
That means reducing the number of brackets, cutting all the personal income tax rates, and ensuring families keep more of what they earn by raising the standard deduction. The American worker is long overdue for a raise—not from a government handout, but from letting them keep more of their own paycheck.
The American people deserve a tax code that works for them, not against them.
Next, we must cut the capital gains tax to 15%. Investment drives innovation, job creation, and retirement security.
Yet under current law, investors face punitive taxes on gains—discouraging capital formation and hurting the very entrepreneurs we need to lead the next generation of American success. A 15% capital gains rate is not just pro-investor—it’s pro-growth, pro-worker, and pro-America. It also has the beautiful benefit of instantly raising more revenue.
Most urgently, Congress must reduce the corporate tax rate to a globally competitive 15%. At this critical juncture, with markets jittery and global uncertainty on the rise, lowering the corporate rate will act as an economic shock absorber.
It will encourage investment here at home, protect American jobs, and help counteract the inflationary pressures created by Biden’s trade and fiscal mismanagement. Simply put, if we want American businesses to lead in a competitive world, we must give them the tools to do so.
Lower corporate taxes aren’t just about Wall Street—they’re about Main Street. They allow small businesses to expand, hire, and raise wages.
They give U.S. manufacturers the ability to compete with foreign rivals. They keep jobs in America instead of shipping them overseas.
In 2017, the Trump tax cuts unleashed a wave of economic growth that lifted every income group, narrowed racial income gaps, and brought record employment. Now is the time to double down. Trump Tax Cuts 2.0 is the next step in restoring American prosperity. Congress must pass it—fully, boldly, and without delay.
The foundation of economic freedom, limited government, and low taxes is not just a theory—it’s a proven formula for prosperity. Congress must act now. Delay is defeat. Swift passage of the Trump tax plan isn’t just smart policy—it’s an economic imperative.
The American people deserve a tax code that works for them, not against them. Let’s give them that—and more. The future of our economy—and the strength of the American Dream—depends on it.
Steve Forbes is Chairman and Editor-in-Chief of Forbes Media, J. Kenneth Blackwell is Chairman of the Conservative Action Project and former Ohio State Treasurer.
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