The New Tax Reform

Sebastian Minshall, Staff Writer

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The new tax reform created by President Trump is looking to completely change the United States. This new reform entails less taxes for some and more for many. President Trump has removed many things from people’s tax deductions.

President Trump has created a tax reform that first cuts business tax. This cut is in the hope that more business will flood back into the U.S., giving many smaller business owners a small break. Many larger businesses will get an amazing tax break on the other side. The tax brackets have been reduced from seven to four brackets. This in turn made it easier to both be in the lowest bracket and the highest bracket, reducing maximum for bottom tier as a single independent is 50,000 a year; prior being less than 30,000. The highest bracket’s minimum is now 400,000 with our current only 415,000 minimum.  The highest bracket also recieved a .3 percent tax break; the rest were unchanged.

President Trump also has reduced the number of deductions for high and middle brackets, most deductions many middle class used for a fairly substantial tax relief. The lowest bracket has been unchanged with deductions on President Trump’s tax reform. In turn these changes prior have given many lower income households relief, but many middle brackets more tax. The top brackets have in general benefitted only if they own a business, have their own LLC, or have a LLOC.

Many, except the rich, will be affected from these next cuts President Trump has made. These  cuts consist of cuts toward major areas that need improved government funds. College student funds and medical cuts are the two major factors affected by the new tax reform, with the Pell grant funding cut by 3.9 billion dollars and the removal of most of the budget towards medical aid provided by the government with a medical mandate of zero dollars.

President Trump’s new tax reform, if passed, will be sure to change the United States’ economy. The reform being negative or positive is an unknown factor, only to be resolved with time.

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The New Tax Reform