GOP Tax Plan Revealed

By Rob Way 11/5/17
The recently released Republican tax plan is already facing criticism from some Democrats.

The Tax Cuts and Job Act, proposed in the House of Representatives, would make significant changes to the tax code.

Courtesy of Creative Commons

One change would be the consolidation of the individual income tax brackets. Right now, there are seven. If the bill passed, there would be four.

The child tax credit would increase from $1,000 to $1,600, while the personal exemption would be eliminated. The deduction for state and local incomes/sales taxes would be eliminated. 
The plan would also drastically decrease the corporate income tax rate. It would drop from 35% to 20%. 
The bill is already facing scrutiny from Democrats. Senate Minority Leader Chuck Schumer said, “I’m not going to rest until this bill dies.” He argued that corporations and the wealthiest Americans will benefit more than the middle class.
President Trump praised the plan on Twitter.