Thursday saw the Republican-controlled House of Representatives pass a massive tax reform package. In the bill, corporate tax rates would be permanently cut to 20 percent, down from 35 percent, and the number of individual tax brackets would be reduced from 7 to 4. The bill would also limit state and local deductions as well as the mortgage interest deduction. Plus, the bill would nearly double the standard deduction and eliminate the personal exemption. Every Democrat and 13 Republicans voted against this bill, giving the final vote total of 227 for and 205 against. With the passage of this plan, a question comes to mind: Is the House tax reform bill good for America?
Those who think the bill is great for America feel that it will do a tremendous amount of good for the economy. They feel that the tax cuts for the wealthy will enable them to invest more in business. Also, this will lead to, not just more jobs, but better paying ones as well. They believe it will give regular people more money in their pockets so they will spend more. Finally, all of this will cause the economy to grow and grow, making America prosperous again.
People who don’t see this bill as good for America feel this is a giant giveaway to Republican donors at the expense of everyone else. They argue that, to pay for these giant tax cuts, deductions are being eliminated that middle class Americans use, so instead of getting their taxes cut, middle class people are getting them raised. Plus, the theory that rich people will invest their money in businesses has been proven historically to be wrong. They believe rich people are going to put that money in the bank, not spend it.
CBS News explaining the House tax reform bill:
Is the House tax reform bill good for America? Will this bill, if signed into law, generate a much stronger economy? Or, is this a giant giveaway to Republican donors?
Yes, the House tax reform bill is good for America
Those in favor of the bill say that, when it is law, it will generate huge growth in America’s economy. They believe that there will be a lot more new and great paying jobs available to people.
What do the wealthy do? They open up businesses. What do businesses need? Workers. What do workers get? Paychecks. More people working= better economy. And that's why the markets been bullish and if you people can't appreciate money in your pockets then you're all a lost cause!
— Michael Cuellar (@7trainboy) November 16, 2017
Thanks! Let's force the Liberals to stop over taxing, stop over spending on sanctuary cities for "illegal" immigrants, stop subsidizing health insurance companies and ALLOW people to keep more of THEIR money. Next step, lower TOP bracket from 39% to 28% rate. ? #GoBold
— Comoelita (@Brownfractals) November 16, 2017
Great job! Now work on your Senate friends to pass it intact especially with repeal of the death tax!!
— ??Travlyn Girl?? (@travlyngirl) November 16, 2017
And again the Libs only hear the FAKE information. Get your own calculator and use that grey matter inside your skull for once.
The tax changes are as much, or more, to build businesses in the US. Any tax benefits are a result. As businesses grow and new ones start, that's jobs!!
— Thomas Lappe (@LappeThomas) November 16, 2017
No, the House tax reform bill is bad for America
People against this bill say that this is just a giant giveaway to the rich, at the expense of the middle class. They believe that this bill will not cut taxes for the middle class, but raise them instead.
If you believe the House is working for your benefit, more power to you. Everything I've read indicates the House bill eliminates all the standard deductions for #MidIncomeFamilies, but are NOT replacing them. Expect your #TaxBill to go up, not down…
— Hal Eskew (@GalleryByHal) November 17, 2017
Where is the jobs part? All I see is payback to corporate donors and rich tax cuts. Permanent corporate tax cuts when the DOW is so high. Shameful
— Indivisible CA-04 (@IndivisibleCA04) November 16, 2017
Thankfully we have @SenJohnMcCain who thinks ahead. We all pay into this system and should not foot the bill for corporations. This bill will die
— ~Liz (@Lil_LizG) November 16, 2017
You made your donors happy but let’s see how we vote in 2018. @SpeakerRyan
— islandgirlsher (@livenlife8) November 16, 2017
Is the House tax reform bill good for America?