Praying for a Strong Economy: Tax
Tax reform is a very important part of the Trump agenda and has several components. U.S. corporations have an estimated $2.5 trillion in cash parked overseas as current corporate tax policy allows them to not pay tax on profits which could be reinvested overseas. This policy is negative for U.S. corporations. Trump is proposing a one-time 10-15% repatriation tax (to be paid regardless of whether a company keeps its cash overseas or brings it back to the U.S.). This is an important plank of Trumps economic policy as it destroys the incentive for U.S. corporations to keep cash parked overseas, but can also generate as much as $375 billion in tax revenue to reduce the budget deficit. U.S. Corporate tax policy needs to be greatly simplified, and rates reduced as the top U.S. corporate rate is well above its peers, discouraging business. Labyrinthine complexity makes it much harder for U.S. businesses with tax compliance cost estimated in $316 billion per year. (Source: Spectator, 4/4/16) (Jerry Tuma)1
“Tax collectors also came to be baptized, and they said to him, “Teacher, what should we do?” He told them, “Collect no more than you are required to.” (Luke 3:13; NET)
Give Him 15 minutes in prayer:
Pray that President Trump and Congress will come together to put America on better footing in terms of greatly simplified tax policy, and greatly reducing corporate tax rates to draw new businesses to the U.S.
Intercede for U. S. businesses that have taken their manufacturing offshore that our government would provide incentives for them to be able to do business on U.S. soil once again.
Ask the Lord to download wisdom and creative strategies to reduce our national debt!
A prayer you can pray:
Lord, we pray that our President and Congress, that they would come into a John 17 place of unity, and work together to simplify our corporate tax structure. We need a lower tax rate to draw new businesses to the U. S., as well as see the return of manufacturing to our shores. Pour out Your wisdom and creativity on our governing leaders, so that our national debt can begin to shrink, instead of grow! Thank You, Jesus. Amen.
We decree that God has strategies He is waiting to download to incentivize American corporations to do business on American soil!
Learn more about Jerry Tuma here.