The Trump tax cuts, the Democrats and what you need to know

The proposed tax cuts from the Trump administration will do a number of things to stimulate the economy.  Cutting the corporate tax rate is not only going to affect big business, but small businesses as well.  This will pump more money into businesses thus allowing many businesses to expand and hire.  What some people do not understand is business taxes hurt small business owners since they do not have the corporate attorneys and CPA’s to handle taxes in addition to the tax rate they must pay.  

Also, this will put more money into taxpayers’ hands, thus putting another bump into the economic outlook.  Why?  The old saying, “the more you make the more you spend”.  So, paying less in taxes puts more money into your pocket to either save, or purchase a house, car, clothes, vacation etc. pumping into the economy, increasing business income and increasing hiring and the circle continues.  If you save, the bank will have more money to lend for car and home purchases etc.  

However, you will hear for the next year from the democrats that these tax cuts only favor the rich.  Well, I am not rich and will love having more money to spend for my enjoyment.  But this is the usual lie the democrats always claim towards any tax cut.  The reason is they prefer spending your money the government receives from your taxes rather than have you spend your money on what you want.  The democrats love spending other people’s money rather than their own.  

Now, another thing they will claim is that this tax cut will add to the deficit.  They are correct initially, but the cuts will spur the economy bringing more money into the treasury.  Naturally, for the past eight years, they never complained about President Obama running up a $10 Trillion deficit in his eight years because they just love spending other peoples’ money.  The democrats have never seen a dollar they did not want to spend.