Tax Reform: The Rich get Richer

            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.