Is the Republican tax reform plan good for America?

Screenshot from CNN's YouTube video: Trump meets with senators on tax reform (full)

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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:

The Issue

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.

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.

Do you think the Republican tax reform plan is good for America?

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