Essay On Gop Tax

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GOP Tax Plan
The tax plan that was assessed last week by the House and the Senate states that it will “cut taxes for the everyday hard-working Americans” as well as make the tax code simpler to understand for the average American (Lenok, 2017). Republicans have long sought to make these changes to the tax code because they believed that the brackets unfairly targeted the upper class. President Trump has been very vocal in expressing that this legislation would be passed in order to help out the wealthy and that this is one of the things he is particularly passionate about achieving in his first year in office (Cole, 2017). This has been called the most sweeping overhaul of the US tax system in more than 30 years as it builds on the legacy
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Before, anyone making over $418,000 would pay 39% tax on their income (Cole, 2017). Now, this is lowered to only 35%. This is not the biggest tax break for the wealthy however; Congress is also planning on eliminating the estate tax, or sometimes called the death tax. This is a tax passed down to generations when someone dies and has an estate worth over $5.49 million, and this supposedly will save the 1% millions in taxes over their lifetime (Page, 2017).
The main goal of the plan is stated to cut the corporate tax rate from 35% to 20%. Because of this, many citizens oppose this bill because it is “only helping the wealthy”. For the middle class, this plan eliminates the additional standard deduction tax and the personal exemption tax (Lenok, 2017). On the plus side, the standard deductions nearly double for the middle-class taxpayers. This also promises a significant increase to the child tax credit (Long, 2017). The goal of the tax plan for the poor is to make sure they will not end up paying more than they already do, but it is unclear if this will actually work. Corporations might be getting the biggest tax cut of all. Most business now are paying 35% taxes, but Trump’s new plan reduces that down to 20% and plans on closing some loopholes (Cole, 2017). This also will allow businesses to be able to write of their investments right away instead of them having to credit a little bit back every year for several years. They
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