I included source links for everything to help you out.
@playstation man @Wolfwood It seems like the republicans just hope that companies will hire more workers, or that companies will hike wages. That's a big if though.
Good thing that the companies are already hiring more workers and giving huge bonuses and wage increases to employees...
Source 1Source 2Source 3Source 4Source 5Source 6Source 7Source 8Source 9Source 10Source 11Source 12Source 13The list goes on, but there have been hundreds of companies so far that have publicly said they are raising their wages for employee's, hiring new people, or giving bonuses. They are all directly tied to the tax plan.
The tax plan seems to really favor the wealthy, and corporations, while sort of helping the poor. It does hurt the housing market however.
Well your wrong in saying that is "sort of helps the middle class." It totally helps the middle class.
It will resoundingly help the middle class. This
graph breaks it down nicely.1. It lowers the tax rate.
2. Gives a Larger Standard Deduction
3. Bigger Child Tax Credit (Helps families)
4. Eliminates Obamacare Mandate Fines (which were over $450 to $2,000 dollars in most states)
5. Gets rid of the AMT (The AMT is a parallel tax system that forces people to calculate their taxes twice, and then pay whichever version comes out higher)
Opponents of this bill have made a number of claims, either misunderstanding the policies in the bill or deliberately misrepresenting their effects. It lowers tax rates, doubles the child tax credit to $2,000, and doubles the standard deduction to $24,000 per family. This means a larger "zero income tax bracket," which will take about 3 million more lower-income Americans off the tax rolls altogether. Yeah, those lucky folk!
For example, a single parent with two children earning $52,000 a year will see a 36 percent reduction in their taxes. A family with two kids earning $85,000 a year will see a 20 percent reduction in their taxes. And a family with two kids earning $165,000 a year will see an eight percent reduction in their taxes. This is because the biggest proportion of tax benefit goes to middle-class families at the lower end of the economic ladder.
As well what helps the higher earning income brackets will help the lower income brackets too. The higher earners are the ones providing jobs and building businesses. If they have more money to invest, it will help the lower earners as well. Evidence was posted in my first paragraph above.
...yet it throws more money at the US mountain of debt and hopes that it goes away.
The amended House Republican tax plan will increase budget deficit by $1.7 trillion over 10 years.
Under President Obama, the United States accumulated more debt under
his presidency then all the president's combined in American history. He added
$17,687,136,723,410.59 in debt which was a 70% increase over Pres. Bush. So for all of a sudden certain political parties to NOW care about the "tiny" $1.7 trillion in comparison makes me laugh. I agree, we need to get rid of debt, but there have been several measures already taken into effect to chip away at this. Not to mention the huge drop in wasted government spending and jobs. We'll know more when the end of the year financial are revealed.
In all, there is a lot of good in this bad boy.
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