Our economy is the foundation of the United States. One thing that allows the economy to naturally fluctuate and control itself is taxes. Taxes are defined as mandatory contributions to state revenue, collected by the government to fund essential aspects of a country. Some examples of the different types of taxes include, but are not limited to: income tax, sales tax, and excise tax (The Balance). Throughout the country, citizens and businesses complain that taxes are too high and are not spent on the necessities they should be. This claim makes taxes one of today's biggest political issues. How does this issue impact Americans as individuals? Well every citizen in the country that has a car, owns property, or even buys things from the …show more content…
So if you went to the store and bought a soda for a dollar you would pay a total of $1.07. But if the sales tax percent went down to 5, then you would only have to pay $1.05. This may not seem like a big deal to you all because after all there was on a two cent difference, but on larger scale that 7% tax paid makes a huge difference. In the past, all attempts to revise tax laws have all had the same goal of decreasing the amount of taxes citizens must pay without taking too much away from the government. The last time any president has tried to rewrite the majority of the tax code was in 1986. Ronald Reagan’s plan was similar to Donald Trump’s but there is a few subtle differences. One difference is the fact that the 1986 reform was meant to be more egalitarian where as Trump wants the reform to be aimed more toward decreasing taxes for business which overall will help the economy. Reagan's reform decreased the amount of personal tax a citizen has to pay for a while, but it later returned to it’s former amount. After this reform there were several other little temporary changes to the tax code. The last time Republicans passed temporary tax cuts was under George W. Bush in 2001 and