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Right now, a possible solution to my research question/problem is being debated. To learn more about this possible plan, I used an article written by Business Insider writer Elena Holodny. She describes that the wealthy percent of the population will now be forced to pay so much of their paycheck to balance the minimal taxes of those who cannot afford to pay more. Even though this is a blog website, the information here is very credible and understandable. I am researching this new tax plan because it directly correlates to my research question which is looking for ways to aid the poor without taxing the rich more. I believe that this tax plan goes against my question, but it is something good to think about. This relates to my economic principle because this tax plan is describing how the government institution of Congress is trying to make changes. With this new tax plan, the rich will get taxed way more than they already are--which defeats the purpose of my question.
This idea is actually being discussed in Congress right now. This tax plan would bring about a lot of changes; they are going to be both very good and very bad. The main plus of this tax plan is that the level of income that makes someone poor will increase with these new taxes.
Personally, I do not believe that this is the best way to create more revenue and decrease poverty.
It makes me think about the other side of this as well: taxing the poor way too much. This is a hard situation to maneuver around and to find a solution for. I feel that it is way too extreme and these extreme possible solutions are not the way to aid the ever growing poor population. The Joint Committee on Taxation said that “over half of US households would get a tax cut in 2019 under the Senate's plan, about 9% would see a tax increase, and the rest would see a change of less than $100.” I believe that those 9% of people will experience such drastic changes that will do harm than good; that is what I believe. It will be very hard to find solutions, but for now, this new tax plan is one that is too drastic.
For my next blog post, I will be analyzing new and other plans in order to aid the poor.
