Donald Trump's Tax Cuts
The recent president-elect, Donald Trump, has proposed tax cuts both for corporations and individuals. His proposed plan calls for a corporate tax cut of 20%--from current 35% to his proposed 15%--and personal income tax cuts for all classes. These tax cuts are intended to boost the American economy by creating more jobs and increasing the GDP. Although whether or not the tax cuts will actually bring forth those benefits will be proved overtime, it is predicted that such drastic tax cuts will have a global economic impact.
The article on President Trump’s proposed tax cuts connect to the current coursework on Gilded Age. While Trump’s tax cut seems appealing on the surface level, the fact that he is proposing to cut the tax on corporations
and the wealthy people suggest that his administration will be likely to mend the loss that comes with corporate tax cut by reducing the programs that support the poor such as healthcare, education, food stamps, and more. Eventually, Trump’s tax plan will lead to disproportionate wealth where big corporations can grip more power and gain more wealth with less tax to pay while the poor will no longer receive what they have been receiving as part of the government support program for the lower class. The predictable outcomes of Trump’s tax cuts resemble the Gilded Age as the people in that time experienced a disparity in wealth even though the economy grew in general. In the Gilded Age, only big, fitted businesses survived from free competitions and the commonwealth were left poor. Similarly, with Trump’s tax cuts, the American economy might grow altogether but the wealthy will be wealthier and the poor will be poorer because of the aforementioned reasons. Therefore, the economic outcomes of the Gilded Age and the predicted results of Trump’s tax cuts relate to each other as both only benefit the rich and cause disparity in wealth.
The article on President Trump’s proposed tax cuts connect to the current coursework on Gilded Age. While Trump’s tax cut seems appealing on the surface level, the fact that he is proposing to cut the tax on corporations
and the wealthy people suggest that his administration will be likely to mend the loss that comes with corporate tax cut by reducing the programs that support the poor such as healthcare, education, food stamps, and more. Eventually, Trump’s tax plan will lead to disproportionate wealth where big corporations can grip more power and gain more wealth with less tax to pay while the poor will no longer receive what they have been receiving as part of the government support program for the lower class. The predictable outcomes of Trump’s tax cuts resemble the Gilded Age as the people in that time experienced a disparity in wealth even though the economy grew in general. In the Gilded Age, only big, fitted businesses survived from free competitions and the commonwealth were left poor. Similarly, with Trump’s tax cuts, the American economy might grow altogether but the wealthy will be wealthier and the poor will be poorer because of the aforementioned reasons. Therefore, the economic outcomes of the Gilded Age and the predicted results of Trump’s tax cuts relate to each other as both only benefit the rich and cause disparity in wealth.