Thursday, the Republicans in Congress passed a budget resolution by a vote of 51-49, clearing the way to use the reconciliation process on tax reform. This means they only need to get 50 votes to push through a major tax overhaul, with the vice president being the tie-breaking vote. The tax plan will cut rates for corporations and individuals across the board. It will also get rid of trillions of dollars worth of deductions and tax breaks for special interests. Their plan will also add around $1.5 trillion to the deficit over the next decade. If it becomes law, will this tax reform package be good for America?
Those who are in favor of this plan say that it will create countless jobs and greatly strengthen the economy. Plus, in their minds, there is already proof the plan will work because of how well the stock market reacted to the resolution passing. Also, when people have more money in their pockets because they are paying less taxes, good things will happen. Finally, they believe the benefits of this package will help generations to come.
People who are against this tax reform package point out how it will explode the deficit by adding $1.5 trillion to it. They see this plan as a giant giveaway to the mega wealthy at the expense of the poor and middle class. Also, with the possibility of removing state and local tax deductions that many middle class families use, it is nothing more than an attack on the wallets of poorer people so the Republicans’ donors can get a big tax break. Finally, they believe, in the long run, this tax plan will do damage to the economy and put us back on the road that led us to the great recession.
The Republicans and Democrats have a very different philosophy when it comes to economics. Republicans believe that lower taxes will cause stronger growth and, because of that, the tax cuts will pay for themselves. The Democrats believe that government spending is an essential part of a strong economy, and to get the money for spending you need to tax people, especially the wealthy. Which way is right? Only time will tell us.
In this clip, CNN shows President Trump’s meeting with the Senate Finance Committee:
Is the Republican tax reform plan good for America? Is it a key part in an overall plan that will create millions of jobs, or is it a massive giveaway to the wealthiest among us?
Pro tax reform
Those in favor of the tax reform package say that it will spark massive growth in the economy and add millions of jobs.
Dems are against Tax reform because they realize it will work and they will lose more seats. As always, Dems are against what will help USA
— Deplorable Greg (@OBgynFl) October 20, 2017
US Stock Indexes Surge After Senate Moves Toward Tax Reform – US Stock Indexes Surge After Senate Moves Toward … https://t.co/Hkj6MA28Tn
— Jack Litton (@Jack_Litton) October 22, 2017
Another lie. The tax reform lowers federal taxes on the middle class. Your state-local taxes are handled seperately as they should be.
— pegyM (@MAGAalways1) October 22, 2017
Economists say tax reform could help every generation due to higher wages and return on investment https://t.co/u3YkqHkEVx
— Keydreaming (@Texastweetybird) October 22, 2017
Against tax reform
Those against the package say that this plan is nothing but a giveaway to the Republican donors at the expense of the American people.
So far the tax reform is predicted to increase the national debt massively. If so the Dems are right to oppose it — Repubs should too!
— Al Poochini (@alpoochini) October 22, 2017
You think increasing the federal debt to give wealthy folks a tax break is smart? Hmm.
— Bobby Blue Byrd (@bluebirdofunhap) October 21, 2017
Part of tax reform is lowering the annual amount u can put in 401. The GOP screwing up jobs, retirement, unions, & health insurance-WINNING!
— electrotech11 (@electrotech11) October 22, 2017
— The Trucker Vote (@TruckersVote) October 20, 2017
Do you think the Republican tax reform plan is good for America?