Although there are still some unknown details, the important parts of the bill for most Americans are already known and would greatly improve our current, woefully out-of-date tax code.
The bottom line is that taxpayers across America can expect a tax cut. The bill would lower tax rates for individuals and businesses, double the standard deduction, and significantly increase the child tax credit.
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I have a simple take on taxes. The lower the better. Why? Have you took a close look at the way our Federal government runs these days? Our Federal government is taking in record revenue month after month. Check the data for your self here. In spite of record revenue we still spend billions and billions of dollars each month we do not have.
If we held spending to what it was just five years ago, current revenues would be balancing the budget and actually reducing the national debt!!!!!
But alas my friends, we just take the tax dollars of hard working Americans and throw them down a black hole in Washington D.C. Consequently, if we ever have the opportunity to cut taxes I say DO IT!
The truth is economic growth spawned by tax cuts will more than compensate for the reduction because the government will end up netting the same receipts or more anyway. I pay my taxes and will always do so, but whenever I can work to see them reduced I will do so without any regrets.