This week’s articles are “How the Tax Overhaul Could Affect Your Bottom Line” by Reuben Fischer-Baum, Kim Soffen and Heather Long, “The Senate Just Passed a Massive Tax Bill. Here’s What Is In It” by Heather Long. These two articles discuss the current GOP tax reform bill that is currently being debated in Congress and its potential ramifications. The tax bill is being assailed on the left as cutting taxes for the rich while leaving the poor to pick up the tab while advocates on the right say it will revitalize the economy, simplify the tax code and reduce the deficit. What do you think about the bill? How do you think the bill will impact America? Come discuss on our forums with other HP MUNC members.
Considering that I am in favor of heavily simplifying the tax code to a flat tax, this appears to be a step in the right direction, but isn’t perfect. For example, that teachers now get to double the amount they spend on class supplies that they can deduce is pretty good, so is the overall tax cut for people and businesses, and etc. However, the inability to deduce the fire, poopsicle, water, etc natural disasters thing isn’t that great necessarily. Granted, there is a reason why I think a flat tax would be best (because it is, by definition, the fairest as everyone pays an equal percent which also accounts for their socio-economic status as well as vastly simplifying the tax code so there isn’t a professional industry built off of interpreting it and whatever not like anyone is actually going to read this. I bet that you didn’t notice I wrote Poopsicle in their somewhere) but this is the unfortunate system that we are stuck with so meh.