Donald Trump introduced a raft of tax cuts
Trump's tax reforms dramatically reduced the American tax burden. In the twelve months between November 2018 and 2019, tax liabilities dropped from a total of $1.619 trillion tp $1.552 trillion, or 4% overall.
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The Argument
President Trump has always had a plan to reduce taxes on the American people. While in office, Trump signed the Tax Cuts and Jobs Act and cut corporate taxes, making America’s companies and families wealthier. As President Trump’s tax cuts have been beneficial to the economy, he should be re-elected in the 2020 presidential election. [1]
The Tax Cuts and Jobs Act temporarily lowered individual tax rates. Most income brackets received a drop in tax rates, saving taxpayers billions of dollars. Trump also saved Americans from traditional tax penalties associated with the Affordable Care Act and personal exemption. [2]
Trump also significantly slashed corporate tax rates, boosting the US economy in the process. President Trump cut the highest corporate tax rate from 35% to 21%. The extra money saved by large companies would trickle down to benefit American families and spur the US economy.[3]
President Trump has appealed to taxpaying citizens and companies with his raft of tax cuts. To continue a prosperous America, President Trump should be re-elected in the 2020 presidential election.
Counter arguments
Although President Trump claims to have benefitted all taxpaying citizens, he mainly benefitted the ultra-rich. An analysis by the Tax Policy Center contends that the largest tax benefits would apply to the top 1 percent. Trump’s tax cuts mainly benefit America’s wealthiest citizens, people who do not desperately need a tax break. [3]
Trump’s tax cuts are trivial for most Americans. Slashing taxes for large conglomerates and the top 1 percent has not had a substantial impact for most Americans.