Modern Trader readers decidedly have little regard for the policy achievements of President Obama’s two terms in office, but they did view the former president more favorably than President Trump in terms of political style. The favorable marks President Trump received on policy for his first six months in office seem to be grading jawboning and executive orders over substantive legislative achievement. We will check back at the end of the second semester this year to see how actual (or absent) tax, healthcare and immigration reforms, along with regulatory rollbacks, impact the President’s freshman year grades.
In a survey of Modern Trader digital subscribers conducted through June 6, respondents graded both President Obama and President Trump on style and substance. Here are the results.
When President Trump announced his intent to reform the current tax system, Gary Cohn, chief economic advisor to the president, posted on whitehouse.gov that ”In 1935, we had a one-page tax form consisting of 34 lines and two pages of instructions. Today, the basic 1040 form has 79 lines and 211 pages of instructions. Instead of a single tax form, the IRS now has 199 tax forms on the individual side of the tax code alone. Taxpayers spend nearly 7 billion hours complying with the tax code each year, and nearly 90% of taxpayers need help filing their taxes.” Do you agree that the current tax code is in need of reform?