The tax reform bill recently passed in the Senate. As a result, President Donald Trump will have the opportunity to sign the bill and change the tax code. There are numerous changes that will take place with this new tax code. Some critics of the plan say that the new tax plan only benefits large companies. However, there are some tax savings for people who make a low income as well.
There are numerous companies that are trying to maximize financial gains in the years ahead. If companies leaders can adjust their tax strategy, they can be in a better financial position moving forward. Small business owners will also benefit from a reformed tax code.
Even with the tax bill passed in both houses of Congress, there is still a lot of debate around the tax plan. Nancy Pelosi is one of the most prominent Democrats in Congress today. She recently referred to the tax plan as an absolute disaster for working families.
Many political experts believe that President Donald Trump is going to sign the tax bill into law without further debate. This was one of his biggest promises of his campaign, and he is excited to get it passed to help stimulate the economy. Although President Trump believes that the tax bill will help working families, other people are not so sure.
Small Business Owners
There are numerous small business owners who want to expand their business and hire more workers. However, with the current tax code, many of these small business owners pay a huge percentage of their earnings towards taxes. Small business owners generally do not have the resources to avoid taxes like large companies.
Small business owners are one of the most important aspects of the American economy. Every year, a huge percentage of people newly hired workers are in a small business.
Helping the Average Worker
One criticism of this tax plan is that it does too little to help the average worker. Most of the changes in the tax code will benefit large companies or small business owners. As a result, there are many people who disagree with the overall premise of this tax reform bill. With the bill about to take effect, it will be interesting to see if the criticism against President Trump becomes louder. There are many Republican leaders who openly support the bill.