Written by Madeline Head
The House of Representatives seems to have let the American people down with 227 votes. As CNN reports, “The House of Representatives passed major tax reform legislation along party lines, advancing a key agenda item for President Donald Trump and congressional Republicans.”
This new proposal, Tax Cuts and Jobs Act, would continue to destroy what is left of the middle-class by adding $1.4 trillion to the federal deficit over the next 10 years as well as decreasing the number of tax brackets and deductions. The worst offense of this new bill is that it would slash the corporate tax rate to an outrageous 20 percent.
More than 90 percent of American businesses are pass-throughs, which implies, as defined by Investing Answers, a special business structure that is used to reduce the effects of double taxation. They do not pay income taxes at the corporate level. This Senate bill, Tax Cuts and Jobs Acts, as explained by The New York Times, would give pass-through owners at 17.4 percent deduction on their income taxes. This plan and rates still does not put small business on the same playing field of corporations.
Senator Ron Johnson, a Republican from Wisconsin, is at odds with co-Senator Paul Ryan over this bill. Mr. Johnson stated, “the tax code unfairly advantaged those corporations, and that the Senate tax bill would widen those advantages, by cutting corporate taxes more substantially than those for pass-through businesses.”
The dreadful reality of this situation is overwhelming and detrimental to the everyday average citizen. The humorous aspect to this state of affairs is the fact that most GOP representatives believe this “promise” needs to be kept before midterms. There are some Republicans that oppose the bill because of worry “that the state and local tax deduction changes could hurt Republicans with some suburban voters.”
The New York Times states, “an analysis of their plan released Thursday projected the bill would actually raise taxes on low-income families within a few years.” The GOP in the Senate wants to quickly pass this bill so that lobbyists and Democrats cannot rally, which seemed to work efficiently in the House.
The GOP need for speed, to pass this bill, seems to stem out of fear from being unable to pass a suitable health care bill for America. The fact of the matter is this bill is only going to benefit big business and the rich. There is no reason this bill should even be considered for actual law since it will end up hurting more citizens than it would help.
This country is already struggling with the fact that our middle-class is disappearing. The GOP needs to get its act together and figure out a bill that actually defends and supports the citizens that are the backbone of this country. The GOP seems to be fixated on breaking the backbone and this dreadful nonsense needs to end.
When one rushes into anything in their life you see severe mistakes and complications. The New York Times states, “Republicans, who control Congress and the White House, are desperately seeking their first significant legislative achievement of the Trump presidency.” When one starts seeing the actions of desperation, they will see glitches and issues in regards to the Tax Cuts and Jobs Acts. Wait. Be patient. This bill needs to better the backbone of this country. You have one chance, do not f*** this up.