Us congress passed the TAX cut bill what they are calling a bill of the decade for the American people. Trump had declared it a gift to the people of America for the Christmas. republicans are calling it a bill that will save taxes from the middle-class Americans. Trump administration passed without any hearing and discussion in the Senate. democrats have expressed their strong protest against the bill.
People and businesses have been accusing the government of passing a bill that is only for the rich and wealthy. As some reports in the media have also suggested about the bill that it primarily helps the Rich and wealthy people to save more taxes while the middle class and poor people are asked to pay more.
Trump government also repealed Obamacare which was also highly controversial bill considering the amount of protest it drew from all the quarters of society. Republicans were accused of the same charges of being asking lower income group to pay more for their health insurance. There has been a continuous analysis of the health care bill that was passed in America. Many believed it was in the favour Large health insurance companies. according to estimate, 13 million Americans are at risk of losing their medical insurance once the medic aid subsidy drops.
This 1.5 trillion dollar Tax cut bill proposes to cut corporate taxes from 35 percent to 20 percent. It is one of the key centrepieces of the bill which has become bone of contention between republicans and democrats. As promised during his election speeches of reducing income inequality. But as evident from the current tax bill that is not going to be the case.
The individual tax cuts have proposed in such a way that the wealthiest and richest are able to save the largest while poor and low-income group have to pay more or constant.
The inequality debate has gained much ground in a recent decade because of flawed policies and increasingly unequal income ratio.
The top 1 percent have been earning more and more. The other provisions which favour the corporates are a reduction in the taxes for “pass-through” businesses and removal of inheritance tax, and large individual tax cuts for top richest people. While Republicans are celebrating their win by passing the tax cut bill which they think will help the middle class, people have found themselves in lurch since fewer options left for them considering the states they live in.
Another key feature of the bill is the individual tax breaks for people will expire by 2026, while corporate tax is permanent. These irksome features of the bill make it one of the controversial bills in the Congress yet very little is done by trump government which is adamant on branding this bill as the tax cut bill for middle-class Americans.Just when everything was against Trump administration, they have added one more feather in their cap for people to believe they are truly in a state of jeopardy in the public’s view.