The Spectator

As the Trump presidency reaches the end of its first year, taxes are the #1 priority on Capitol Hill

Parker Amoroso, Staff Writer

Hang on for a minute...we're trying to find some more stories you might like.


Email This Story






On January 20, 1981, President Ronald Reagan took the oath of office for the first of his two terms, beginning what would be one of the most fondly remembered presidencies in American history. To this day President Reagan receives some of the best approval ratings. One of the reasons for these high approval ratings was his economic policy, now known as Reganomics, with a foundation of two large tax cuts. Though these events took place over 30 years ago, they have resurfaced and have become more prominent than ever before with the election of President Donald Trump, whose campaign was founded on a tax bill that would bring newfound economic prosperity in the U.S. As tensions climb on Capitol Hill, this tax cut has been brought to the forefront of Americans politics, leaving onlooking Americans to wonder if the tax reform will be passed and, if so, how it will shape America’s economic situation in years to come.

In Washington, the GOP has been gaining steam with the passing of a $4 trillion dollar budget, which many hope will clear the way for the Trump’s proposed tax plan. One of those people who believe this is Texas Representative Kevin Brady.

“By passing this budget today, House Republicans just provided the legislative runway for pro-growth tax reform. Our successful vote will allow us to move forward quickly on delivering the first overhaul of America’s tax code in more than three decades,” Brady told Fox News.

Though the budget has been passed, the road ahead is still full of obstacles for Trump and his allies. Opposition from Democratic politicians remains stronger than ever before as they look to shoot down the tax plan, claiming that the plan will hurt senior citizens, the sick, and the poor, while helping prop up what they coin as America’s “1 percent”. Furthermore, intra-party conflicts remain in the GOP as some believe that the tax cut is not conservative enough and President Trump continues to feud with politicians, most specifically Senator Bob Corker of Tennessee.

Though opposition has been strong, the GOP is confident it can prove those doubting them wrong. Its supporters believe that the plan will bring economic prosperity by lowering the taxes on large corporations, bringing companies and factories back to America and enticing those thinking about leaving to stay. This seems to be especially relevant in a time when so many American jobs have been lost as companies look to save money in cheaper countries.

Trump and his allies also believe that they will be able to grow the economy and increase economic prosperity in America by streamlining the tax code, which means cutting the tax brackets from seven to as little as three. By cutting the brackets, along with reducing the amount of taxed income to $12,000 for individuals and $24,000 for two-person families, they hope to ensure Americans will be able to have more money left in their wallets and accounts once they finish their taxes.

The plan, which has been years in the making, will in the end rest on the GOPs ability to bring some of the Republicans who currently have some doubts regarding the plan over to the pro-tax cut side. If not, many GOP politicians believe they will be passing on a rare and important opportunity at a time in America when economic growth is crucial. Representative Tom Cole, a Republican from Oklahoma who is for the bill, believes this is an opportunity the republicans can’t pass on.

“This is an opportunity to get it done. It doesn’t come very often…it adds a sense of urgency,” said Cole to CNN.

At the end of the day, the GOP and Trump have lots to accomplished in both the realm of votes and details before the plan can be passed and, even if it makes it through the House of Representatives, changes will be plentiful once it reaches the Senate. Ultimately, with no final bill on the table, it be assumed that it will be quite some time before Trump is able to deliver on his key campaign promise.

Print Friendly, PDF & Email

Leave a Comment

If you want a picture to show with your comment, go get a gravatar.




Navigate Right
Navigate Left
  • As the Trump presidency reaches the end of its first year, taxes are the #1 priority on Capitol Hill

    Features

    The Unknown “Oversleeping” Pass

  • As the Trump presidency reaches the end of its first year, taxes are the #1 priority on Capitol Hill

    Entertainment

    Black Panther Movie Review

  • As the Trump presidency reaches the end of its first year, taxes are the #1 priority on Capitol Hill

    Photo Journalism

    Inside the Dorms: Warner and Atlass

  • As the Trump presidency reaches the end of its first year, taxes are the #1 priority on Capitol Hill

    A&E

    The Top 7 Characters of The Office: Power-ranked.

  • As the Trump presidency reaches the end of its first year, taxes are the #1 priority on Capitol Hill

    Centerfold

    PyeongChang 2018: A United Korean Front

  • As the Trump presidency reaches the end of its first year, taxes are the #1 priority on Capitol Hill

    Entertainment

    I WROTE ABOUT VLOGGING (*not-clickbait*)

  • As the Trump presidency reaches the end of its first year, taxes are the #1 priority on Capitol Hill

    A&E

    Black Attire at the Golden Globes

  • As the Trump presidency reaches the end of its first year, taxes are the #1 priority on Capitol Hill

    A&E

    “The Things They Carried” Review

  • As the Trump presidency reaches the end of its first year, taxes are the #1 priority on Capitol Hill

    Opinon

    New paint in Science Center pods an Upgrade?

  • As the Trump presidency reaches the end of its first year, taxes are the #1 priority on Capitol Hill

    Opinon

    NFL Playoffs: Divisional Round Predictions

The student news site of Lake Forest Academy
As the Trump presidency reaches the end of its first year, taxes are the #1 priority on Capitol Hill