If one were to turn on the television to watch the news they would see headlines talking about a tax cut. The proposed law is officially called the 2017 Tax Cuts and Jobs Act.
Like all major proposed bills, there is bound to be some controversy. Democrats say that the bill is a tax cut for the rich and will hurt the poor. They are strongly against it. However, they are outnumbered in Congress. Republicans say that the bill is a tax cut for the working middle class and all taxpayers. Who is right? It may be possible there is some truth to both sides, actually.
On the Democrat side, they also say that private schooling would be state tax deductible. They argue that the rich already have enough money to send their kids to private school. Therefore, for that reason, they shouldn’t get a tax cut.
On the Republican side, they argue that cutting taxes for all taxpayers will generate an economic boom which will help everyone. They are also planning on increasing the child tax credit. This is probably something that all sides can agree is a great thing.
The bill has already passed both the House of Representative and the Senate. However, each bill is a little bit different. Now that both bills have passed, in essence, committees will have to come together and iron out any differences. Then, if approved by both sides, the bill would be sent to the president’s desk for final signing into law. President Trump will sign it because he has been among the most vocal supporters of the law.
The bill is scheduled to be signed into law before Christmas. That being said, no matter what side one is one, we can all hope that the law will stimulate our economy for the better.