The newer labor force entrants causing the
The release of more details about the Republican tax plan has only unearthed more tax cuts that will only benefit the wealthy one percent and eventual tax increases for everyone not in the one percent. Corporations and limited liability companies will benefit most from the tax plan, having their tax rates reduced from 35 percent to a low 20 percent permanently. The rich continue to become richer by abusing loopholes to lower their taxes even further. The tax plan was said to have left most of these holes unpatched allowing the wealthy’s enormous fortunes to continue growing. The majority of Economists have agreed that the tax cut will have no effect on the economy’s growth.
The tax cut would have a negative effect because the nation is already at full output which means private investment will be crowded out. The middle class will not have enough money to purchase things reducing consumption because of the increased taxes and the extra money that corporations receive will just be given to the shareholders or the people that own the most money’s worth of stock. Job creation is discouraged from various increases in start up costs making it harder to find work for newer labor force entrants causing the pool of unemployed workers to swell. Education is a valuable contributor of the country’s progression and attempting to lead the world in various fields of research. Increased taxation of universities only lessens the quality of education that students can be given from that institution because they can’t buy new projectors or pay teachers to host classes. Our students will enter the workforce lacking a certain skill that was lost to tax increases therefore reducing effect of how much competition American students bring to the international work force.
The tax plan will increase my taxes if/when it is passed because I am in the category of people who make under $30,000 per year along with my sister. The reduction in the amount of tax breaks for things such as increasing housing prices for me living off campus, student loans and going to college only add to the misfortune of giving more money to the government when you have little to give compared to others. My middle class family’s supposed tax cuts would be minimal and temporary, expiring after a suspected 10 years ultimately leading to increases in taxes. The money given to the rich was misused and is going to be paid for by the middle class eventually. The money would have been better spent on things that give a return on the investment. Infrastructure is a great example because increased quality of roads lead to easier movement and easier conduction of business. The Tax Plan proposes increases in wasteful military spending when millions of dollars worth of artillery is tested reducing its value to zero. This wasted money could’ve been spent on saving the climate or solving various world issues instead of lining the pockets of the already wealthy because of their ability to fund decisions in their favor.