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PCP: Republicans bridge House and Senate bills, finalizing tax plan bill

PCP: Republicans bridge House and Senate bills, finalizing tax plan bill

President Donald Trump signed the $1.5 trillion tax bill Dec. 22, which will go into effect when citizens file their 2018 taxes in 2019. The Senate voted 51-48, and the House voted 227-203 in favor of the bill.

January 17, 2018

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New legislation to cut taxes

New legislation to cut taxes

Plan helps large corporations

The tax bill will be very impactful to all of America. According to Bloomberg Politics, the current corporate tax rate in the United States is one of the highest in the world at 35 percent which means that large corporations are being taxed heavily.

The new tax bill plans to bring it down to 21 percent by 2018 which brings it closer to the worldwide average.

By lowering the corporate tax, companies that moved overseas will return and build new factories create more jobs.

This could lead to an immense boost in the U.S. economy.

According to the Washington Post, most middle class families will receive tax cuts that will increase the child tax credit to $2,000 per child. Most families will be able to reap the benefits of the tax bill.

The tax bill has caused some staggering changes. According to CNNMoney, Walmart is already raising wages to eleven dollars an hour as a direct result of this new tax legislation.

This is just one of the ways the tax bill has already helped to boost the U.S. economy by raising wages for workers.

Those are just some of the ways the tax bill will help out the United States. Most people will get tax cuts with the new plan which will help everyone from middle class families to large companies in order to boost the economy.

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Tax bill neglects Americans in need

Tax bill neglects Americans in need

Legislative decision hurts working class

The new tax bill passed by the House of Representatives is ridiculous to say the least. A legislative proposal that solely benefits President Trump and his rich cronies is the exact opposite of making America great.

Americans fall into seven different tax brackets depending on their income. The lowest tax bracket will have no tax cuts with the new bill while the highest tax bracket will receive a 2.6 percent cut in their tax payments.

This is an extremely unequal economic decision because 27 million households fall into the lowest tax bracket while less than one million fall under the highest.

A decision that neglects almost 10 percent of Americans is irresponsible, corrupt and destructive. This bill continues to disadvantage the lower classes of our society and allows higher class citizens to use their privilege to make themselves richer.

Furthermore, large corporations will receive a 14 percent tax cut, according to the Tax Foundation. This provides an incentive for large companies to keep out- sourcing, potentially weakening the American economy this bill is supposedly fixing.

Lawmakers are letting down their constituents with these new tax laws. Representatives generally run on the platform to help the working citizen. Contrary to their promises, it is middle class individuals and families who will suffer because of this bill.

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