Trump’s Tax Plan Benefits America, Shows Promise for Economic Growth
January 18, 2018
President Donald Trump’s awaited tax reform was released over almost a year in office and now Americans are weighing the effects.
And as expected, Democrats have criticized and complained about the tax reform but fail to see its benefits.
Democrats have labeled the plan as “detrimental to the middle class” and, according to Katrina Heuval from The Washington Post, “entirely divorced from reality.”
Frankly, democrats are just scared that Trump can get something this big done in office.
At its basic level, the tax plan has decreased the number of tax brackets to five from seven, cut taxes across the board and most importantly has reduced the corporate rate from 35 to 21 percent.
The tax bracket change only moves 50 families up a bracket, and the rest will either stay in their tax bracket or move down.
Other changes include a larger standard deduction to “avoid raising taxes on those currently in the 10 percent tax bracket, according to Business Insider. Trump’s plan also eliminates the estate tax and state/local tax deduction.
Junior Kolten Ackerman believes that the reduced corporate tax rate will increase productivity in our country.
“That change is what is going to bring companies back into America and create jobs and economic growth,” he said. “The better economy should promote more innovation, competition and jobs in America.”
But the Democrats are still under the impression that the “rich will get richer.” However, they fail to realize that the big corporations are putting the money they save into the employee’s pockets in the form of raises and bonuses.
I work at Walmart, one these “big corporations” benefiting from the massive tax relief. They raised its $9.50 starting wage to $11 and gave all of its employees a $200 bonus because of the tax cuts.
The only real argument that Democrats have is that the tax plan with increase our deficit, but this plan is meant to boost the economy which will ultimately overcome that.
This tax plan will improve the economy and ultimately go down as one of Trump’s greatest accomplishments in office.