American Congress approved a sweeping tax cut, proposed by Trump last Thursday, the 14th, which will take effect during the start of 2018. Taxes will be cut for corporations, small business, and individual income, projecting a reduce in federal revenue by 3 trillion over a decade.
The tax cut bill passed Wednesday morning, of the 20th of December, as an early Christmas present to America. Trump has promised that the American people will keep more of their hard-earned money, and create countless new jobs. The bill also eliminates the mandate to buy health insurance and cuts the corporate rate from 35% to 21%.
For individual filers, the rates have decreased, or stayed the same, depending on your bracket. The bracket change goes as follows, starting with the top:
39.6% to 37%
35% to 35%
33% to 32%
28% to 24%
25% to 22%
15% to 12%
10% to 10%
Trump took to Twitter, condemning ‘fake news’ while promising positive results, “The Tax Cuts are so large and so meaningful, and yet the Fake News is working overtime to follow the lead of their friends, the defeated Dems, and only demean. This is truly a case where the results will speak for themselves, starting very soon. Jobs, Jobs, Jobs!”
With the tax cuts making life easier on entrepreneurs, it’d be a surprise if the bill didn’t create more jobs. Like always, and unsurprisingly, the left continues to bash Trump’s every move, desperately seeking fault. Democratic House Leader, Nancy Pelosi states the bill will, “Come back to haunt them, as Frankenstein did.” They claim the bill will help the top 1% more than the poor, or middle class.
I guess this is true in the simple sense that, because rich people make more money, they pay more money to taxes; thus saving them a greater amount of money, compared to the average american, when the tax is cut. Still though, the tax rate for the top was only cut from about 39% to 37%.
In a sad, but laughable, attempt to continue to mislead their readers, CNN insinuates that Trump purposely targeted democrat voting states like California and New York. They stated, “The repeal of the state and local tax deduction will mainly hurt upper middle income earners in states with high income taxes — which means California, New York and Illinois.” But where’s the hurt? The only two brackets that didn’t get reduced taxes were the 35% and 10%. They aren’t hurt if everyone around them is benefitted; in fact I’d say they’re benefitted, not directly from a tax reduction that doesn’t affect them, but from the new jobs that’ll be created under small businesses.
CNN concluded, “And so the final question is: Is it really fair that millions of working parents, single and otherwise, should see their taxes increase to help finance a massive tax cut for hundreds of multimillionaire morons?”
Pardon? Where’s the tax increase? I don’t see one for any bracket. As far as families and parents go, “single or otherwise,” the tax credit for every child under 17 increased from $1,000, to $2,000.
Trump keeps giving to the American people, who gain more and more gratitude for his efforts as he serves this term in office.