(KLTV) - The Republican tax overhaul plan will be incredible for individuals, businesses and the economy. Or it will be the worst thing imaginable for everyone but the wealthy.
Depending on which political voice you listen to, the tax overhaul plan, the first in 30 years, will, without a doubt, have impact. Perhaps it is a product of the label of "fake news" by the president or just the respective spin machines, but looking at the exact same document has generated wide ranging conclusions that are not the same.
First of all, from Democrats, you hear that this will increase taxes on middle income Americans by a load – by 2027. There is always that date thrown in – 2027. Well this reform bill essentially has an expiration of 2027 when personal taxes will need to be addressed again. Until then, tax rates as a percent of income drop for most Americans.
Now, on the Republican side of the spin machine, you have a big gamble that reduced corporate taxes will naturally spur business expansion which will lead to more jobs, higher wages, and a booming economy. Those components are a gamble and it will take them coming true to offset the revenue drop that will hit the federal government in mean time.