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Is the House tax reform bill good for America?

Screenshot from CBS News' YouTube video: What does the GOP tax plan mean for Americans?
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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:

The Issue

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.

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.

Is the House tax reform bill good for America?

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