In the new form, there will now be only 5% and 18% tax slabs. This means that most everyday items will become cheaper. Food items, medicines, soap, brush, paste, health and life insurance, many such goods and services will either be tax-free or only a 5% tax will have to be paid. Out of the goods which were earlier taxed at 12%, 99% of the items have now come under the slab of 5% tax.
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As with our military potential, our economic assets are more than equal to the task. Our independent farmers produce an abundance of food and fibre. Our free workers are versatile, intelligent, and hardworking. Our businessmen are imaginative and resourceful. The productivity, the adaptability of the American economy is the solid foundation-stone of our security structure.
In 1913 for reasons unknown to mankind, they established the income tax so that citizens, rather than foreign countries, would start paying the money necessary to run our government.
Taxes are not good things, but if you want services, somebody's got to pay for them so they're a necessary evil.
Should any political party attempt to abolish social security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear of that party again in our political history.
We passed massive tax cuts to bring back jobs and factories home from other countries. We've cut a record number of job-killing regulation. We ended the war on American energy. And the United States is now the number-one producer of oil and natural gas anywhere in the world, by far.
Recognizing economic health as an indispensable basis of military strength and the free world's peace, we shall strive to foster everywhere, and to practice ourselves, policies that encourage productivity and profitable trade.
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