White House, GOP celebrate passing sweeping tax bill
One of Trump’s many campaign promises is coming to fruition. A monumental tax bill has been passed by Congress along the party lines and will completely transform the tax system.
The Republican tax plan lowers individual rates, eliminates personal exemptions, caps state and local tax deduction, preserves smaller but popular tax breaks, eliminates the mandate to buy health insurance, cuts the corporate rate, and eases the tax burden on businesses.
However, with these tax cuts come increases in the deficit. It is projected that although taxpayers will have an 8% tax cut in 2019, in 2027 taxpayers earning up to $75,000 will receive a tax increase.
Questions:
According to a new CNN poll, 55% of Americans oppose the plan. Just 33% say they favor the GOP's proposals to reform the nation's tax code. What do you think these statistics say about our partisan government and our participation within it?
Ryan and Republicans alike have been working toward this goal since 1993. Why do you think it has finally passed?
I believe that a majority oppose the plan in theory, but not in practice. Because this bill is inextricably linked with Donald Trump, a polarizing figure, people have gained a bad impression of this new plan without fully understanding it. The fact is, 80% of households will receive a tax cut, and I believe that they will come to appreciate it when it allows them to keep more of their money.
ReplyDeleteAlthough the tax cuts may be appreciated now, I do not think people understand the long term effects, as the Joint Committee on Taxation found that there will be a tax increase by 2027 for taxpayers earning up to $75,000. The fact that no Democrats backed this bill shows that Republicans were finally able to pass this bill with a majority in Congress and a government that is not divided.
ReplyDeleteMy biggest concern with this proposed bill is the increase in deficit. It's statistically proven that there will be an immense amount of money added to the deficit and with the ease of a tax burden on businesses just doesn't add up. I believe this bill has finally passed because of the way the congress is able to manipulate the public into believing this bill is beneficial. The numbers clearly state otherwise, yet words speak louder than numbers.
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