Republicans have reached a deal on the tax plan. They plan on sending it to President Donald Trump next week. This is according to inside sources.
Republicans have been hashing out the details of the tax plan for months. Various disagreements have come up. It has taken a lot of time to come up with a plan that is agreeable to all parties. However, it seems like that point has now been reached.
There were plenty of negotiations over the past few weeks, because various details of the tax plan were opposed by certain members of Congress. However, Republicans are now starting to put the tax plan in legislative text. Of course, there is still the possibility of further disagreements.
The Republican tax plan will reform the tax code and will have a sweeping economic effect. The tax plan keeps the 7 income brackets, but changes them slightly and reduces the tax rates for those brackets. It also greatly reduces the corporate tax rates. However, it eliminates certain deductions. For example, it will eliminate deductions for state taxes, which will greatly affect people living in states with high taxes, such as New York and California.
It is expected that the tax plan will change the economy, perhaps for the better. Businesses, with the reduced corporate tax rate, will certainly benefit. This will hopefully improve the economy overall.
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Is capitalism, as an economic policy, something that benefits everyone? New research done by a Nobel Peace Prize winner shows that it has some disadvantages.
In Angus Deaton’s research, he found that mortality rates were rising for working class Americans ever since 1999. This is only in regards to white working class Americans.
Deaton attributes this to a change of life and lower wages for many Americans. In a way, it can be compared to how Native Americans experienced a change of lifestyle when the settlers came and started settling in America. This current change of life can be attributed to many things. Globalization and technology are just two of them.
Angus pointed out that there are ways we can improve this. For example, our healthcare system can be improved. The healthcare system wastes a lot of money. If we took this money and put in back into workers’ wages, then workers would be healthier emotionally and would be in better shape.
Angus also pointed out that many people become rich at the expense of others. Angus has no problem with people making smart inventions and becoming successful. The problem lies with people who lobby Congress to make deals that would benefit them at the expense of the working class.
There are still some unanswered questions. Median wages have dropped in Britain, but they have not experienced the same rise in mortality rates.