tax reform

The Tax Bill is Passed. What Now?

President Trump’s Tax reform bill has been passed in the Senate. So, we wanted to take a look at what does that mean to the American public.

But before we move on to the actual tax bill, please note that this is not a bipartisan issue. Republicans don’t want the same things as the democrats. However, we will try to do our best to stay as unbiased as we can.

It’s not a done deal

tax reform

First and foremost, the bill has passed the Senate but it’s not yet finished because what the House had passed a couple of months ago is vastly different. Now both have come together and make a joint plan that fits both.

The chances that it will get passed eventually are high but it is not clear what will be included in the bill exactly.

Is it that bad?

tax reform

Depending on who you listen to, people consider it a great tax plan for businesses and a rather bad one for the small households. Republicans focus on the part that it is a tax cut. It is, and to some degree tax cuts are good in general. But the problem we have is that in a few years the cuts expire for low-mid income families, forcing them to pay more by 2027.

Whatever you think of this bill, the way the GOP handled it is highly inappropriate. Asking to read the 500-page bill just before the hearing only a couple is like asking someone to win a jackpot through no deposit required free spins. Possible but highly unlikely.

Should the rich pay more

tax reform

That seems to be the biggest point of the debate. Republicans say that the rich should not get punished for their success. And by doing so, we are driving the businesses out of the America.

The democrats hold the opinion of being fair means if you have more, you can spare more. Plus, giving tax breaks to the rich only encourages them to pay more to the politicians. But it does not trickle down to the people.

And there is merit in both side’s stances but there is an unresolved issue of small businesses, like one-two people businesses. Or slightly larger. They need the tax cut.

In any case, whether you are a conservative or a liberal, the best way top protect your rights is to stay vocal and vote in all elections, especially local.

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