This past week President Donald Trump spoke of some more details regarding the drastic tax cuts he is trying to pursue for people residing in the United States. And even though it may not be the largest or most impactful occurrence at the moment, it is very a important topic in the long run and still something we should all pay attention to as taxes in general are a major issue for a large some of people in this country.
The details that are being referred to are President Trump’s words but weren’t actually spoken and addressed by him himself but by economic advisor Gary Cohn, speaking in an interview with “Good Morning America” on Thursday. The President’s long term goal it seems is to go through a process that will in time have taxes drastically cut, and this goal is mainly aimed at the middle class who are getting the worst of them. If his goal were to work, this would be a great accomplishment and a great help to a lot of people. But with what was said on Thursday, there may be some stipulations and catches that we may not quite be ready for.
Of course it is all in the air as of right now, but what was said is still something that is enough to turn heads and cause some worry in the States. Even though the middle class are the main target people that the President wants to cut taxes for, according to Gary Cohn he “can’t guarantee” that taxes won’t exceed for the middle class. The reason for this possibility seems to be because the wealthy obviously isn’t really going to benefit from this because they don’t necessarily need to, but the possibility of them not getting a tax cut is very much prominent in their eyes after looking at their plan. Which brings a great amount of question as to how they plan to accomplish this. Especially if it causes the middle class’ taxes to possibly rise from this, the complete opposite of the goal.
This “middle class miracle” at the end is supposed to decrease corporate tax rates from 35 percent to 20 percent, and top individual tax rates from 39.6 percent to 35 percent. The biggest plans or goals with this being to repeal the estate tax, double the size of standard deductions for married couples and individuals, and expand child tax credits. If it works it will be a miracle. From what it seems on paper they’re very confident that it will be very successful, we’ll just have to see for ourselves and hope for the best for the future of this issue.
Works Cited: abcnews.go.com