Who will give me a break?
The president of the United States
of America has a plan that he believes will work. President Trump has presented
his new tax plan that he hopes will “make America great again.” His proposition
of corporate taxes being cut was presented on Wednesday morning. His plan to
reduce taxes is to decrease taxes by 15% rather than the 35% according to the
data team from The Economist. This means that the president is cutting percent’s
by more than half. The cost of Donald Trump’s corporate tax plan is estimated
at $200bn. The actual potential savings from eliminating all corporate tax
breaks is $126bn. So the plan was presented but the data did not add up.
Many
corporations in America have to pay taxes. The more that is deducted at the end
of the year the less money that will be charged in taxes. Money that is spend
on donations or food for the company can be deducted at the end of the year. So
this means that all the complementary food the bosses provided were not bought with
good intention, but more as money that can be deducted at the end of the year.
However this does not mean everyone does this, it just shows how a simple meal
from the company to the employees can be used as a tax deduction at the end of
the year. In the other hand everyone has to pay taxes. For example if you buy a
sweater you had to pay taxes on the item. In the state of Texas it is 8.25% tax
so the sweater price plus tax. So at the end of the year if you haven’t donated
that sweater and received a tax write of form then you will be taxed more on
the tax return. Now this does not seem fair to many including Sahadi an author
of the alticle “De esta forma el plan de impuestos de Trump” for CNN Español. The
author refers Trumps plan as “a plan for the rich.”
This shows
how many people would disagree on why Trump’s plans focuses on only one side.
Trump wanting major tax cut without knowing a way to pay for it. This proportion
will be difficult getting it passed.
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