Persuasive Essay On Tax Reform

An overhaul of America’s tax system is a rare occurrence, with the last tax reform taking place in 1986. However, Senate Republicans have put together a tax reform plan that is going to change many aspects within America’s economy. These changes include changes to healthcare, individual tax rates, business tax rates and medical tax rates. With every political issue, there is a division between ones who support this bill and ones who do not. This bill is receiving great support from Republicans, while Democrats are greatly opposed. Republicans currently have the majority in the Senate, thus they were able to pass this tax reform. This pass was seen as a large victory for President Trump because this allows him to keep one of his major campaign promises; which was to change ObamaCare. Analyzing this tax reform allows one to see how it will effect all Americans and the economy. Although healthcare is not typically a part of a tax reform bill, the Senate Republicans changed the standards. It has been one of President Trump’s

There are other portions that deal with actual taxes. The first major part of this reform has to do with the middle class. Like stated above, the money saved from repealing the ObamaCare mandate is going to pay for an expansion of the middle-class tax cuts. One specific item under this portion deals with Child Tax Credits. The Child Tax Credit provides money to families, up to a certain amount, until the child reaches 17 years of age. At the moment, the tax credit is worth $1,000 per child, but the new tax reform calls for a “substantially higher” Child Tax Credit. Increasing this will raise the income thresholds for eligibility for the credit, which means that more people will be eligible to receive this credit.4 With the Child Tax Credit currently at $1,000, the Senate Republicans have planned to increase this to $2,000; this is three reductions in marginal tax