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The Pros And Cons Of Tax Reform

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In this essay, I will focus on the tax reform bill, which the House of Representatives passed on November 16, 2017 (Fox & Walsh, 2017). The bill made a number of changes to the individual and corporate tax codes (Kaeding, 2017). This tax bill is a major overhaul of the tax codes, more than three decades and was the result of a lot of negotiations between both parties and passed with bipartisan support (Fox & Walsh, 2017). Thirteen Republicans did not support the bill and none of the Democrats supported the bill (DeBonis & Paletta, 2017). The income tax system in the United States is the most progressive in the world (Barone, 2017). A progressive tax means that those who have a high income would pay more taxes or a large percentage of their …show more content…

Barone (2017) thinks that the republican tax bill is harmful because they make federal taxation less progressive. The Tax Policy Center analysis that the bill will be a benefit for those top 0.1% of earners by an average of $278,000 by 2027. But bottom 20% of earners will get only a $10 in cuts in the average (American taxes, 2017). Moreover, the Tax Policy Center found that half the benefits of the bill go to the top 1 percent by 2027 (Logan, 2017). In addition, the Tax Policy Center estimate that the tax reform bill would not produce enough economic growth to fully offset the more-than-trillion-dollar revenue losses produced by the measure (Jagoda, 2017). The Joint Committee on Taxation estimated that many low-income earners would end up with tax increases, not tax breaks (Mascaro & Puzzanghera, 2017). Also JCT estimate that most Americans would pay the same taxes or even a lower rate until 2023, then for the next five years 92% would pay either less or nothing as they pay the same. In 2023 it would change, only 40 percent of Americans would pay less and 22 percent would pay more (Long, 2017). Some have a concern about the tax bill's potential additions to the federal deficit (Perticone, 2017). …show more content…

Republicans would like the flat taxes but they do not support a VAT taxes as they think it would expand the government (American taxes, 2017). Barone (2017) said that system can be more progressive with a more progressive income tax rates or raising a specific amount of income as people earn, but it would be at the risk of tax avoidance. It can reduce economic growth like having less of taxes would increase it (Barone,

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