The Hill reports that all Americans may not fully understand the recently passed Tax Cuts and Jobs Act.
An Overview of the Tax Cuts and Jobs Act
President Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017.
Since the inception of the aforementioned law, many claims have surfaced. While many conservatives and GOP members have stated that tax reform will help middle and lower-income Americans, many Democrats disagree. Left-leaning public figures have dismissed the Tax Cuts and Jobs Act as “gimmicks” and “crumbs.” Some of the impacts of the aforesaid gimmicks and crumbs include employee cash bonuses and the doubling of the standard deduction.
Nevertheless, The Hill provided additional intel into the aftereffects of the latest GOP tax reform. In addition to the aforementioned employee cash bonuses and doubled standard deduction, the tax filing process will simplify in 2019 while average American families annual taxes will reduce by approximately $1,000.
The Conflict Regarding the Tax Cuts and Jobs Act
Many Americans have speculated about the glaring discord between perceptions of the GOP tax reform. Democrats overwhelmingly view the Act as further tax breaks for the wealthiest Americans. Republicans have controverted the foregoing assertion, stating that middle and lower-income individuals are the true beneficiaries of the Tax Cuts and Jobs Act.