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Will the GOP’s Tax Plan have a positive Impact?

This bill squeezes the middle class

Actually, it will lift the economy up

 Getty: Chip Somodevilla / Staff

The Republican reform to our tax system will harm America’s middle class and benefit its richest in many different ways, report Dylan Scott and Alvin Chang of Vox. The tax bill, which also undoes Obamacare’s individual mandate, would see the number of uninsured people skyrocket by 13 million over the next decade. In 2019, Americans in the bottom 10% would get a $50 tax cut, while someone in the richest 1% would pay $34,000 less. Lower corporate tax would also disproportionately benefit the wealthy. The GOP’s claim that enrichment at the top would help the poor is wrong, as this hasn’t happened in the past 40 years.

Keep on reading at Vox

The tax bill brought forward by the GOP will not only rekindle the American economy but also lift up its middle class, proclaims Senate Minority Leader Mitch McConnel in the Wall Street Journal. Simplifying the tax code will pave the success of small businesses by reducing needless compliance costs. Lowering corporate taxes will help drive national growth and discourage the shipping of jobs and profits overseas, resulting in a higher tax haul. Families would see many benefits including a doubling of child tax credits as well as taxes reduced by up to $2,200 a year. These changes will benefit America from the very top to the very bottom.

Keep on reading at the Wall Street Journal
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