President Trump's New Tax Reform Approved by Congress, Favors the Wealthy and Poses Other Complications
United States President Donald J. Trump will soon be signing the tax reforms approved by Congress, which will favor the wealthier population of the country in the long run, as well as add more complications to the country.
Congress has approved President Trump's tax reform policies, regardless of the adamant disapproval of the Democrats, BBC reports. In a few days, the U.S. president will sign off the major legislation, which is the biggest reform of the country's tax code yet.
Because of the approved tax reform lead by his administration, the U.S. president was proud to announce that he was fulfilling his promise to the country.
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"We are making America great again!" the U.S. president announced on his official Twitter account.
However, many have taken notice that President Trump's new tax reform policies will be benefiting the wealthier population of the United States, while the lower-earning citizens will be greatly affected in the long run.
According to non-partisan analysts, Trump's new tax reform promises lower tax bills for the majority of taxpayers. Unfortunately, that part of the reform expires in 2025.
The Tax Policy Center predicts that by 2027, more than half of the United States' taxpayers — most of which coming from the lower income brackets — will receive higher bills because of the tax reform.
Another issue taken with the president's new tax reform is that it will add another $1.5 trillion to the U.S.' debt of $20 trillion, which President Trump promised would be taken care of during the elections. However, the Republican party believes that the new tax reform will enhance their economy.
Aside from that, President Trump's tax reform defeats Obamacare policy on those who don't purchase health insurance, at the same time increases benefits for those who have medical coverage. It also jeopardizes Alaska's Arctic National Wildlife Refuge to oil and gas drilling.
So, even though President Trump believes that he is finally making America great again, the Democrats see that he is "messing up" the country more.
