In 1789, Founding Father Benjamin Franklin stated in a letter, “...but in this world nothing can be said to be certain, except death and taxes.”
Taxes, over the years, have grown to be a necessity in our government today. Though our tax dollars go to plenty of important issues like infrastructure, education, military, etc., they present a heavy burden on the back of the average American worker.
Due to the tax plan of former President Obama, the American citizen will pay roughly anywhere from 10%-40% of their taxable income depending on their tax bracket.
US businesses are also suffer by being pegged with the world’s highest corporate tax rate at 38.9% (NPR.org). These high tax rates on businesses have been one of the main reasons that American jobs are leaving to nations overseas.
During the 2016 Presidential campaign, one of then-candidate Donald Trump’s major promises was to provide middle class tax relief, simplify the tax code, lower the corporate tax rate, and have the largest tax cuts across the board since Ronald Reagan.
With the release of the President’s tax plan in April, it presents that the tax code now only has four brackets instead of seven, and everyone’s taxes will be cut greatly ranging from 0%-25% (donaldjtrump.com).
In it, the corporate tax rate has been slashed down to 15%. This will create more flexibility for businesses, both large and small, to expand their establishments, create jobs, and flourish with prosperity.
The President’s goal is to now push this plan through Congress before the new year begins to provide a much-needed morale boost to the Republican-controlled Congress and the
Unfortunately, he will once again face strong opposition from Congressional Democrats in his campaign to cut taxes for the American people.
By looking over this tax plan, one thing comes certain to my mind. This is the tax plan that the average American citizens needs and deserves.
For too long, high taxes have placed their boot on the back of the common worker; however, with these tax cuts, that worker will now be able to receive the tax relief that is desperately needed.
Now is the time for politicians to finally live up to the promise of cutting taxes for the middle class. Congress now has to do their job, pass the President’s agenda, and relieve the American people from these burdensome tax rates.