The politics of the tax cut

Kani Green, News editor

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Albert Einstein once said, “The hardest thing to understand about the world is the income tax.” Taxes may have just become even more complicated due to the latest tax reform, the first  reform of this magnitude in 31 years. The Tax Cuts and Jobs Act of 2017 promises great changes in how taxes affect every American. The why and how the new bill was passed are still unclear. The radical nature of the changes and the already confusing and stressful nature of taxes have made people too busy to look into the politics of the bill.

One of the first and most obvious changes are the new tax rates. While there are still the same seven brackets, the thresholds have been increased  and the rates have been decreased.  The new rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The corporate tax has been dropped from 35% to 20%.

When asked about the rate drop Senator Marco Rubio, Republican from Florida, tweeted, “It is wrong for negotiators to reject the plan to expand tax benefits for working families as anti-growth, when they were fine to cut tax for couples making $1 million.”

The express goal of the new tax laws was actually to lower the stress on taxes but the issue is that taxes are necessary and this cut could be detrimental to the overall American economy. Some economic experts even hypothesize that it might increase the deficit.

The future law’s contribution to the debt will likely be even higher if individual tax cuts are re-upped in the next eight years. The Senate Finance Committee released this statement, “The new tax plan could increase deficits by 1.46 trillion over the next decade.”  

Despite this the law was still passed with the vote splitting down to the parties.  Every democratic senator voted against the bill and only one republican voted against it every other was for it. One might wonder why if these tax laws are so harmful how could they ever get passed. There is a common belief that the new bill is a sort of payback for obamacare. Many republicans were against the Patient Protection and Affordable Care Act. Many complained that it was rushed and poorly thought out. Rhetoric very similar to what is being said about the reform. The issue has even been directly addressed by republicans. “You complain about process when you’re losing”, said Mitch McConnell, the Senate leader.

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