Today, President Donald Trump signed the tax law. We will feel the effects in February 2018. He has been talking about it for a long time. Finally, it’s been solidified. Almost everybody is going to save money on taxes. That being said, there is some controversy regarding this law. After all, there is controversy on all major new laws.
Most people will save between a few hundred to a few thousand dollars each year. By most people, I mean individuals or families making less than one hundred thousand dollars a year. The real controversy comes from two main things. Business is going to save a whole lot more. And the business tax cuts are permanent, while individual tax rates will eventually go up in about ten years. First, let’s talk about the business savings.
A business will save either millions or billions of dollar. So, what do they get to keep that much money when families only get to keep a few thousand? The answer isn’t in a dollar amount. The answer is in the percentage of taxes paid. For example, individuals and families will save about 2% of taxes each year. But business will save much more than that. The reason for this is that Congress and the president want businesses to create jobs with their extra money. Will they do this? Only time will tell.
The goal is for more people to get hired, for the economy to grow faster, and for more people to get more raises and bonuses. The great news is that some people will get bonuses. Companies like AT&T and Comcast have announced bonuses to all of their employees. That’s wonderful! I hope they continue to do things like that. And I hope that they give raises as well. Who knows, you or I might also be beneficiaries of these raises!
Different countries and different laws. It would behoove the world travel to brush up on these before visiting any other country on vacation. Actually, people should learn basic laws even if they are visiting other countries for work, or any other reason. It’s one thing to spend a night in jail in America. It’s another thing to spend a night in jail in Tadmor, Syria! Most people should not be visiting Syria anyway since they are still reeling from their civil war.
American cities are not always clean. I’m talking about the large cities, mostly. Chicago, New York, and Los Angeles come to mind. The word “litterbug” comes to mind. A litterbug is someone to throws garbage on the ground, instead of putting it in a trash can. I like to think the majority of Americans do not litter. There are plenty of videos online showing people littering. Some people even throw trash from their vehicles while driving. Where is the respect? Littering in the US comes with fines. Some places have higher fines than others. However, do not litter in Singapore.
Littering in this Asian country will cost $1,000 plus community service. That is extremely expensive for throwing some garbage on the ground. I don’t think there are too many litterbugs in Singapore. Even if there were a lot, they would be easily spotted. Here’s a fun fact: after three littering offenses, the litterbug has to wear a sign on their attire saying that they littered. So, they will be broke, have to work for free, and face public humiliation. That’s not fun! But I suppose that’s what it takes. I’m sure Singapore is one of the cleanest countries in the world.
The takeaway is careful where you are going. What may seem like a small offense in America might be a big offense elsewhere. Don’t let what you may think is not important land you in a foreign jail!
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.