- February 16, 2018
- Posted by: Smith & Smith
- Category: Tax System
US President, Donald Trump came up with a slogan called “Make America Great Again” during his 2016 presidential campaign and now he is bent upon making it happen. The Idea of Tax overhaul is to Attract Investors & Business houses who are looking forward to Invest in America. It is also applicable to the ones who are already running a business in the country.
Big Companies pay a lot of taxes in monetary terms but most of them look for a positive change in the taxation rule. With the implementation of tax overhaul, America has started attracting investors. It has a lot of benefits for the people residing in the country.
The decision taken by GOP (Grand Old Party) has not been reflected completely in America yet. But we can certainly discuss the advantages which the country is already getting or will be getting in the future.
Growth in Employment: A resident of every country longs for a better demography and it seems that there could be a growth in job opportunities in America because of tax overhaul. Tax is a huge burden for investors and they will definitely take a sigh if it gets curbed down. Tax overhaul will increase the urge of forming businesses due to which, more companies will come into the picture. Hence, job opportunities will automatically escalate.
A Declination in Corporate Taxes: A massive declination in corporate taxes has also been witnessed ever since tax overhaul got implemented in America. And on the other hand, corporations have been made free from paying corporate taxes on the money which they have been able to make abroad. The idea behind doing so is to get more corporations in the country so that they start investing in America.
A Benefit for the Middle-Class People: Middle-class people have also started getting benefits from the GOP tax cut bill. It has been said that most of them would fall in the 12 percent bracket. And when it comes to the upper middle class households, they would straight away go to 22 percent bracket from 25 percent and to 24 percent bracket from 33 percent.
A Major Economic Growth: There is no doubt in the amelioration of the American economy if the country is filled with companies and investors. The government will invest more in education, healthcare, infrastructures and so on if America starts making a lot of money. Welfare schemes would also improve with a growth in the economy.
We will get to see a lot of positive changes in America with each passing day if the execution of tax overhaul turns out to be a success.