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President Trump is scheduled to address a joint session of Congress Tuesday evening and analysts are awaiting any details of his economic plan, particularly his ideas on tax cuts. However, economists are concerned. Lowering the corporate tax rate from 35% to 15% as Trump has proposed is likely to be viewed lowly by Republicans worried about swelling the budget deficit. Other lawmakers are also skeptical of Trump's belief that the government's revenue losses from a tax cut would be made up by the economy's growth. If Trump goes through with his plans for tax cuts, many expect the significant tax reform by August.
A few things to think about:
1. Do you think it is a smart idea for Trump to reduce the tax rate by such a significant amount?
2. Do you think it's possible for the tax rate to change drastically by August?
3. Are there any other economic issues you think Trump should be more focused on?
The large cut to Tax rates for corporations isn't going to help the problems at all. The problems we are facing need actions that increase the amount of money the Government can use to solve its debt and other economic problems
ReplyDeleteNo, cutting the tax rate so significantly won't help at all. It'd be hard to predict how much the economy would grow or not at all in order to make up for it.
ReplyDeleteIn addition to national debt, another economic issue Trump should try to solve is the wage gaps between different races and genders.
ReplyDeleteYee Natalie I agree with you, that idea is much better than cutting taxes by so much. Kanyebe$t <3
DeleteI think Trump is thinking in benefit of large corporations and giving them freedom in hopes that they will being profit to the nation.
ReplyDeleteI agree Trump is thinking for bigger corporations rather than smaller aspects of life.
ReplyDeleteI also agree that cutting the tax rate by 20% wouldn't help the country at all. Trump acts in order to benefit the larger corporations in the hope that there would be a trickle effect to stimulate the economy further. However, this is unpredictable, and even though the market has been improving, I do not think the immediate implementation of this would be beneficial.
ReplyDeletei also think that cutting the tax rate wont help at all so that's not a good idea. I think trump should be more focused on welfare.
ReplyDeleteI think that the tax percentage decrease would not help the country as a whole it will help the larger corporations which some people may think that will help everyone out but it would be a long shot.
ReplyDeleteI agree with isaiah that raising tax wont really help maybe it will help some but not all
ReplyDeleteI think dereasing tax rate by 20% so quickly could hurt more than help. Start small and go bigger, this can still help the bigger places he wants to help just not as fast, which is okay since he has 4 years.
ReplyDeleteI have said it before, and I do believe that as a successful businessman it is possible that he can affect the economy well. We will have to see how the tax rates work out because most of economics is just shots in the dark.
ReplyDeleteWhether it will impact anything by August might be a bit of a stretch, I am not so sure that it is possible for there to be such instant payoffs. Keep in mind that August is in just 6 months.
ReplyDeleteI think our national budget deficit is already too great and has not created a surplus of money, so if we cut tax rates to 15% this will hurt so many publicly funded programs. I think although it can benefit big businesses which could possibly help the nation, I don't know if it would be the wisest choice as of right now with such a huge deficit.
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ReplyDeleteI do not think that cutting the tax rate will help much. He should start with the smaller problems before going to the bigger ones.
ReplyDeleteNo, I do not think that cutting the tax so quickly will help. Although cutting tax is good for big business which would hopefully benefit the economy, we do not know for sure that it will.
ReplyDeleteI dont think it is a good idea to reduce the corporate tax rate as the burden of taxation will then fall on the middle class as it always has. I dont think Trump will cut the tax rate this drastically ever. Trump should focus on making a replacement for obamacare.
ReplyDeleteI think that Trumps reduction of taxes is too abrupt and quick. I believe he should slowly drop the prices of taxes, but not by 20 percent immediately. If I was Trump I would start by either dropping the taxes by 5 percent or maybe even 10 percent. I do believe that dropping the taxes that drastically is possible but I don't think it will happen. If he is allowed to drop the taxes than believe the most he would be allowed to drop is 5-10 percent. I believe that Trump should focus some of his time on infrastructure in the United States.
ReplyDeleteI think that trump is moving way to fast and wants to do everything extremely fast and thats going to end up ruining everything. It is possible but it's not a smart idea.
ReplyDeleteTrump is a successful businessman, so I do believe that he has something else planned. Depending on how much Trump focuses on the tax cut, I believe will effect the time for the cut.
ReplyDeleteI think cutting taxes by this much will not help the US because this means less money for the US budget and other programs. I think cutting taxes by a smaller amount would be beneficial.
ReplyDeleteIf taxes are cut at such a big amount it will not help the US because the money coming in to the US will be cut swell and there will not be as much money entering. I believe that Trump should move one step at a time because he is planning so much in so little time.
ReplyDeleteI do not think it would be a great idea to cut taxes by this much. I think we should be cutting taxes, but by a smaller amount than this.
ReplyDeleteI don't think that cutting the taxes will help. Something so dramatic could not help the economy. I agree that cutting it by August is a bit of a stretch, too.
ReplyDeleteDrastically cutting tax by this amount will not help the economy, put have our economy put in a dangerous position. Donald Trump should be focusing more on jobs and the unemployment rate in America before moving past it to less concerning matters.
ReplyDeleteI think that cutting the tax rate by 20% will help. If he still wants to deduct the percentage, he should start small rather than cutting off so much.
ReplyDeleteI don't think it's fair that Trump is focusing on cutting taxes for corporations who don't really need these cuts. They make enough as it is. These cuts only take from the people who need real help from the government. And I think it's ridiculous to suppose that the economy can grow enough to make up for the 20% he's giving up in taxes.
ReplyDeleteHe should be focusing more on giving people jobs. Now this cut sounds a bit extreme so maybe somewhere between 20-25 percent would be a better step. However these cuts will really only benefit corporations and not the people who really need it.
ReplyDeleteYou right Miguel, I agree that he should focus on things like giving people jobs. But I don't agree with your other recommendation. <3
DeleteIt seems unfair that hes cutting taxes for big companies.
ReplyDeleteI do not think Trump needs to focus on cutting taxes for corporations. These cuts will only take from those who really need help from the government and corporations don't need this.
ReplyDeleteI think that if he wants to do so, he shouldn't do such a large cut so fast. This will hurt the companies who need the help the most.
ReplyDeleteI agree with Stephanie, I dont agree with him cutting taxes on large corporations that can afford it
ReplyDeleteHe wants to pay for all of these extra things yet wants to bring down the tax rate... how is he going to pay for all of it??If he goes for it then sure it could happen. There is way mroe economic issues he can focus on with is orange weave.
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ReplyDeleteHim cutting taxes should't even be a priority its juts not fair to those bigger companies
ReplyDeleteI agree with stephanie and daniela because cutting the taxes would make large corporations not afford it.
ReplyDeleteTrumps choice shouldn't do such a large cut so fast. This would be cause a dramatic change of inflation within companies.
ReplyDeleteI think that making such a big cut should not be made. The change would be too much and quick. If there must be a change then it should be done slow and steady not super quick
ReplyDeleteI do not think that decreasing taxes would be a good idea, while it would be nice for individuals to have more money I think america needs to focus more on getting out of debt and overall increasing the quality of the country.
ReplyDeleteSignificant tax cuts will benefit the middle class and the upper class, but will ruin the lives of the proletariat as the government becomes too low in budget to continue providing them with life necessities for free.
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