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Trump's Sweeping Tax Law: For the good of America, or just for the Wealthy?




WASHINGTON - The Republican led house, on Wednesday, passed a sweeping tax law that slashes tax rates for corporations. 

The bill, which is Trump's first major legislative triumph and the biggest in decades was passed across political lines and without a single Democrat's vote. 

The bill, which has always been the republican goal across multiple presidency sees the tax rate slashed from 35% to 21% for corporations and reduces the tax burden overall for businesses in the country. There was a bit of heated argument after a bill was added that would benefit real estate businesses, which is where Trump makes the bulk of his money. 

House Speaker Paul Ryan, R-Wis., praised the bill: "It's not a question of if, it's a question of how much they benefit...(the bill" will put the American economy in a better position," 
"This is a big tax cut for families as well," he added. 
The whole idea hinges on the believe that executives would reinvest the money into higher wages for workers even though statistics proves otherwise. 
The democrats on the other hand fear the tax gives too much advantage to the rich, at the expense of the poor, and those in the middle-class and point to the fact that the Bush administration also passed tax cuts, but it only enriched the already wealthy ones, and didn't improve the economy. 
The bill also cuts heavily into health care and the Congressional Budget Office estimates that it would lead to 13 million Americans going without coverage withing the coming decade, and also raise premiums. 
Tax policy experts have predicted that the bill unfairly favours the rich and benefits 83% of them with a break of up to $193,000 per year while the the middle-class would benefit just $930. 
Chuck Schumer, D-N.Y, head of the Democrats in the Senate said: "Republicans will rue the day that they pass this tax bill because it's so unfair to the middle class. It so blows a hole in our deficit, it so threatens Social Security, Medicare and Medicaid. They will rue the day."
He may be right as according to many polls, support for the law by Americans hovers around the 20%, and up to 63% of Americans believe the law was passed to benefit the rich. 
It isn't clear how this would pan out, and whether it would affect the republican chances of holding on to their majority in both the House and Senate during the mid-term elections in 2018. 


Trump's Sweeping Tax Law: For the good of America, or just for the Wealthy? Reviewed by Odesomi Olanrewaju on 12:11 pm Rating: 5
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