In December of 2017, the Senate passed the Republican tax reform bill. This one topic has caused such a huge debate among millions of Americans since the president first announced the proposed bill. It caused tons of controversy because this is the first significant reform of the US tax code since 1986. In addition to that, the tax bill would increase our national debt deficit by 1.5 trillion dollars over the next decade. From those few details mentioned, you can see why this bill has stirred up Americans in a way that hasn’t been done before.
While the tax reform is one that is without a doubt very controversial you may be wondering how does this all affect US? Unless you’re an economist or tax expert, all of this may seem very boring and can be very overwhelming. However, I’m here to break down 3 ways I think the tax reform can affect black people positively.
1. We will all increase our take-home pay and keep more money in our pockets.
One of the staple features of the tax reform is the change being made for both the individual and corporate tax rates. While it has kept the seven income tax brackets the tax rates for 2018 and beyond have been lowered. In addition