Let’s make America great again, what
does that mean? I would say that the idea of making America great again is in
the eye of the beholder. Unfortunately, the beholder is President Trump and the
rich corporations that run the country. The recent tax plan proposed by the
Trump administration for tax reform, is a reform to benefit the one percent of
Americans the people and corporations that own this country and President Trump
is one of them. With this lopsided plan, the one percent benefits with corporation
tax cuts, high earner tax cuts and investment income tax cuts.
First, the corporation tax cuts sound
great in theory but when you cut the top end of taxes from 35% to 15%. The main
problem with this is how to pay for it? Well Trump’s administration suggest
that these cuts would cause an economic growth of 3% however even with this
growth the nonpartisan Tax Policy Center says the cuts would cost more than 2
trillion over a ten-year span. Second, high income earners taxes will be cut
from 39.6% to 35%. It also eliminates the alternative minimum tax, which is a
3.8% tax on investment income that helps inforce the wealthy to pay at least
some taxes. Trump also created a big loophole with the corporation tax cut to
15% it would allow high earners to pass their incomer through an LLC and just
pay the Corporation tax of 15% instead of the high earner tax of 35%. Moreover,
Trump’s tax plan give an increase of 14% in after-tax income to the top one
percent, compared to just a 1.2% to 1.8% increase for the middle class.
In the end, you can find positive
out of Trumps tax plan but there minute compared to the benefits he and the
rich would receive if this plan was to pass. Also, it would sky rocket our debt
an additional 7 trillion in the first ten years and 21 trillion by 2036. With a
plan, so lopsided I do not feel it will pass, but I do believe it an ask for
the world approach just to see how much you can get away with. But to have a
tax plan that mainly benefits the man making the plan shouldn’t sit right on
the American mind.