POLS News Report: Republican Tax Bill- Federal Income Tax System- Newspaper Report Writing Assignment

Internal Code: MAHOZ51

Newspaper Report Writing Assignment:

Task: You are to write a 1-page (A4) double-spaced Newspaper report. The first part is the actual description of the News and the second part is where you provide an insight (thoughts) or review of that particular news. The news must be political/business oriented. News: In second of December 2017, The Senate of America approved the Republicantax bill which is the United States has enacted the first major overhaul of its federal income tax system in more than 30 years.(ABC, 2017)Although the bill’s passage was expected, tensions boiled to a surface as the final vote was held, as Democrats still disagree some point made by Republicans.(ABC, 2017)The detail of the reform includes slash the corporate income tax rate from 35 per cent to 21 per cent, change the personal income tax from seven different level to three different level, which is 12per cent, 25per cent, and 35per cent, (News, 2017)expanded child tax credit and lower taxes on overseas profits. Also, it had abolition of inheritance tax and 8% investment tax that Obama implemented in medical reform(guardian, 2018). Most economists believe the bill will provide a boost to the US economy in the short-term and Republicans insist this move will boost the economy and job growth, Most American taxpayers will see a tax reducing from the bill. the amount of a cut depends on a variety of factors(investopedia, 2018).Sweeping tax reforms geared towards American are a huge political victory for Donald Trump.  “It will be an incredible Christmas gift for hard-working Americans,” Mr Trump said. In my personal opinion, the tax reform are having advantage and disadvantage. Mr. Trump hope that the company have more creativity and competitiveness by reducing the tax rate, As a result of the reforms, US companies with offshore dealings could decide to keep their money at stay at United States, also let the international resources go back to the United States, more job opportunity and promote United States economic growth(vox, 2017). Tax reform presents important changes for investors. The companies with relatively high tax rates particularly multinational corporations and the commercial property industry will gain the most from the new tax bill. Such as oil refiners, airlines and banks are expected to be among the biggest beneficiaries. On the other hand, the tax bill hands the rich an unprecedented windfall, the bill might just fair for the high or middle class in America and nothing change to the lower class. The impact of repealing the individual mandate could be serious, the new tax bill taxes Americans who don’t purchase health insurance, those people who paying for their own health insurance could lose out. Passed a tax reform bill but tax reform is far from finished, tax note should continue to provide topknots coverage of the implementation and consequences of the tax cuts and Jobs Act.