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Make America Great Again” said Donald Trump in his countless pre-and post-election speeches and addresses. The tax reforms that Donald Trump have announced, aims to do just that, according to him and his Republican party. The new tax plans are billed by Donald Trump as a boom for millions of hard-working middle-class Americans. The bill has drawn both praise and criticism from all corners of the American Society. There will be both positives as well as negatives effects when this tax plan is passed and implemented completely.
The tax plan will offer major benefits and can improve the lives of millions of Americans, especially the middle class. A typical middle-class family will save around 1187 Dollars when this bill is implemented. The bill is dubbed to improve the economic activities in the country and will save the time the Americans spend while paying their taxes (Nunns et.al, 2017). The biggest benefit that Trump’s tax plan will have is that now the small and medium-sized business owners will have to pay 20% tax as compared to 35% previously. Businesses pass the weight of taxes on to the employees (lowers their income) and customers (increases the prices of products and services). As a result of lower tax rates, they are set to benefit (Handler, 2017).
The proposed tax cuts will enable millions of Americans to save money. Lowering the tax rates will also lower the prices of goods and services and together, these two factors will increase the spending power of Americans, especially the middle class (Scott, 2017). This will also help in keeping the inflation in check and driving up the economic activities in the country. It will be a chain of reactions where the tax cuts lead to several positive outcomes for the American society (White, 2017).
It has been widely debated that the tax plan will actually benefit the wealthiest Americans including Trump himself. The tax plan eliminates the estate tax, and this benefits only a few thousands of uber-wealthy families in the country (Binyamin, 2017). It has also been debated that many wealthy Americans owns companies, and the reduction of corporate taxes will benefit only these business owners who will refuse to pass the benefits of lower tax rates to the customers and the employees, and this saving on tax will go in their own pockets (Dean, 2017).
The jury is still out on how effective the tax plans will be. Theoretically, these tax reforms are to benefit millions of American middle-class earners and will improve their lives and spending powers. There are arguments both in favor and against the reforms and only time will tell how beneficial Trump’s tax plans prove to be for the country.
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