Tax Plan Essay

(Black, 565-483) This means that every working family still pays taxes, however their taxes would be cut, meaning they would be paying less taxes than before. As for the “ millionaires” and higher class of society they will still pay the same taxes as they did before. This policy is more likely to be considered as equal because it is not rated fair when people from different social classes with a big difference in their incomes pay the same taxes. Especially because the taxes will eventually be lowered for the lower classes because they would be unable to afford paying the regular and high taxes. This will also lead in the cut of taxes for the high social class, which then makes the whole concept unequal. Not just for the people but also for the national economy (Witcover, 791-545).

However, raising taxes on the rich and corporations is not as helpful to our economy as most people think. Although raising taxes on the top percent of people and companies appears to create more income for the government, the result will make it harder for middle class and lower class citizens to grow. Some argue that by combining several key changes, including the simplification of the tax code to avoid loopholes and the decrease of taxes on the rich and corporations, there will be an improvement in the national economy. Although this may seem a bit counterintuitive, it makes more sense when looked at closely. By lower taxes and remove all loopholes, smaller businesses are given further opportunities to grow instead of facing financial roadblocks and government

Fox News: Other than the fact that the new tax plan is biased, the amount of changes specified alone generate a significant number of opposers.The GOP tend to make it seem like their tax package will be change that’s beneficial for every American, however, they always make decisions that contradict their opposing side (Democrats). Fox discusses how the Republicans avoid mentioning the costs of creating new tax reforms similar to how they promised to make insurance coverage the same as Obamacare now. In all honesty, after this article referred to Obamacare, the rest of the “information” seems like fluff. I attempted at reading the paragraphs that were oddly formed, but in my eyes they had no correlation to the tax reform/ Obamacare. I recall one piece that discussed how Trump didn’t remember a meeting he had with his former foreign policy advisor that was from his campaign, and as I read I thought to myself, “How does this relate to the tax cuts?”

Many individuals and groups that oppose the plan are bringing to light all the new taxes

The debates on tax cuts are making their way to headlines of every radio station, newspaper, and television station in America. Today, tax cuts would only benefit the wealthy and wouldn’t really benefit the lower class. “The administration and it’s congressional alleys are proposing to sharply reduce taxation of the business income primarily benefiting

As said on npr.org by Danielle Kurtzleben “Donald Trump’s tax plan is indeed a large tax cut, but those cuts would largely benefit the highest earners. According to a recent analysis from the right-leaning Tax Foundation, the top 1 percent could see their after-tax incomes increase by up to 16 percent. Meanwhile, the bottom four quintiles would see their incomes grow by 1.9 percent or less.” Donald Trump is focused on making the rich richer and the middle class less fortunate than they already

Today, tax cuts would only benefit the wealthy and wouldn’t really benefit the lower class. “The administration and it’s congressional alleys are proposing to sharply reduce taxation of the business

On December 1st, 2017 the Senate passed the most sweeping tax rewrite in decades. Republicans were lining up to approve the bill that will cover almost every corner of the United States economy, affecting families, small business owners and multinational corporations, with the biggest benefits flowing to the highest-earning Americans. Parts of these bills include the Child Tax Credit, the 529 Plan, Blocking Arctic Drilling, and Remove Endowment Tax Exemption.

This article by Mathew Yglesias is about the up and coming tax reform the Republican party is trying to promote and pass before the years end. It explains how this affects businesses, upper, middle, and lower classes of individuals to. It defines tax reform and gives examples of how it could affect everyone. It talks about what good can come from the proposed reform and describes the Senate ‘Byrd Rule” in somewhat generic terms for understanding. Throughout the article both sides are represented in what they want in the new reform bill and gives a brief list of what Republicans are trying to push through the Senate. It supplies a table of how much the government receives now and how the cuts effect certain programs. It gives a brief history

The flat tax will restore fairness to the tax law by treating everyone the same. No matter how much

This may sound like a tax plan that will relieve the financial burden on lower-income taxpayers, directly benefiting the poor, but in actuality, cutting taxes for all in a regressive manner gives substantially more money to the wealthiest taxpayers and a very small amount to lower income taxpayers. According to his plan, a typical American family of four will be able to keep at least $1, 600 more of

The encouragement of economic disparity because of these tax cuts is bad for America. The US should be aiming for more social and economic equality for everybody. Tax cuts can slow down the economy by putting more money into the wealthy peoples’ hands and giving less to the people who need it.

Very recently, there has been news of the new GOP’s tax plan consideration. It is also known as the Republican tax reform bill. This new plan would allow small businesses to have the lowest tax rates since the 1930’s. The three main proposals of this plan is to cut the rate from thirty five to twenty percent, protect money made abroad or outside the United States, and provide a tax cut to the “pass-through” businesses (what most businesses are in the United States). Even though this is thought to impact the small to medium businesses the most, larger businesses, such as Amazon, could potentially prosper or dwell from it, too. If the plan works out well, it could be extremely beneficial to a company like Amazon, which deals with many

So as a result, from this tax plan house hold with income $30,000-$50,000 will save $638 on their income tax, house hold with income $50,000-$75,000 will save $1.035 on their income tax, household with income $75,000-$100,000 will save $1,439 on their income tax, household with income $100,000-$200,000 will save $2,356 on their income tax, household with $200,000-$500,000 will save $5,090 on their income tax and household with more than $500,000 will save $29,901 on their income tax. From these calculation results we can clearly say household with better income sources will get most benefit from this tax plan instead of saving money for low income middle-class families. According to this tax plans, the middle-class families not only getting less tax cuts but also losing government incentives. That’s why Cohen states that many households would pay less in taxes, but some would pay more which including about 13 million middle-class families, according to estimates by

On the other side of this, the tax code will be simple enough that anyone can calculate it. This means that people can estimate how much they are going to spend on taxes. The argument is that this will boost the economy because people are able to plan and spend their money better. With better planning, people may invest more and save more. Better money management also leads to better credit scores and will help to loosen up the credit market. However, that won 't always be the case since there are many different factors that play into how a consumer spends their money.