On his campaign trail, President Trump promised the people that he intends to make our country great again by decreasing taxes, thus putting more money in our pockets. Now, this promise of his is finally taking effect.
Obtained by Fast Conservative:
Business Insider reported that on Thursday, House GOP leaders overhauled the U.S. tax system by releasing legislation that proposes sweeping changes to the current system. The 429-page “Tax Cuts and Jobs Act” includes numerous changes to the corporate and individual tax system, building off a nine-page framework that the White House and congressional Republican leaders dropped in September.
“My administration will work tirelessly to make good on our promise to the working people who built our nation and deliver historic tax cuts and reforms — the rocket fuel our economy needs to soar higher than ever before,” said President Trump, who wants to sign the bill before Christmas as a gift of sorts for his supporters.
House Ways and Means Committee Chair Kevin Brady, the author of the tax bill, explained that it will add $1.51 trillion to the federal deficit over the next 10 years. He also said that the House will likely pass the bill by Thanksgiving.
“The plan would help relieve financial burdens on families by nearly doubling the standard deduction and increasing the child tax credit. It would cut the number of tax brackets, streamline the tax system and make it easier to file each year,” Independent Journal Review reported. “Under the president’s plan, most of us will be able to file taxes on a single page — a welcome change, considering the filing process eats up more than 6 billion hours of taxpayers’ time each year. This plan will deliver a fairer, flatter, and simpler system that our nation’s hard-working families deserve.”
“The tax plan will put more Americans to work by cutting the exorbitant business tax rate. As the workforce carries most of that financial burden, a lower rate helps each worker and allows companies to grow, adding well-paying jobs to our economy,” IJR added. “The plan would also protect international businesses from double taxation on money made overseas, giving multinational companies incentive to bring their profits back to the U.S., invest in American jobs, and pay workers higher wages.”
Following eight long years of Barack Obama inflicting an enormous amount of taxes on the American people, we are glad that we finally have a leader who cares about the people. Despite all the obstacles from the media and the left, the President managed to fight his way through them and fulfill his campaign promises.