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The Final GOP Tax-Reform Bill Unveiled

Only six weeks after the first draft of the GOP’s tax plan was introduced, both the House and Senate final tax-reform bills were revealed late last week.

Let’s break down the plan–

As you can see, the plan isn’t as simple as some Republicans, like House Speaker Paul Ryan hoped for. 

But the bill is expected to pass in both chambers this week and for it to be on President Donald Trump’s desk to be signed into law before Christmas.

Democrats have been quick to criticize the bill saying it benefits the wealthy the most, but Trump stands by the bill saying that the middle class will benefit, especially from the tax cuts that will entice companies back from overseas and will in turn, create more jobs. 

“It’s going to be one of the great Christmas gifts to middle-income people,” said Trump over the weekend. “The Democrats have their sound bite, the standard sound bite before they even know what the bill is all about. They talk about ‘for the wealthy.’ But this is going to be one of the greatest gifts for the middle-income people of this country that they’ve ever gotten for Christmas.”

“This really will mostly benefit the middle class – and jobs,” said Trump. “Companies are pouring into the country.”

The president also said that this plan could drastically increase the U.S. economic growth from the current 3% to “4, 5 and maybe even 6 percent ultimately.”

Author’s note: Primarily, most Americans will see tax breaks and the GOP has compromised by including current deductions that weren’t included in the past versions. Like Trump said, the massive drop in the corporate income tax in this plan will encourage businesses to incorporate and come to the U.S. 

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