In Response to John Green’s Video Blog Session – Understanding Tax Plans

With the US election coming up in just a ten days, heated discussion over both Hilary Clinton and Donald Trump’s differing policies towards foreign affairs, economic reform, and social justice are a topic of choice, both within the United States and abroad. One topic that is extensively debated and scrutinized are both Trump and Clinton’s plans for taxation reform in the United States.

In response to the Presidential Debates in early October, John Green, in one of his video blogging sessions on VlogBrothers, discussed the two candidates’ income tax provisions. Under Clinton’s plan, the middle and working class would see a reduction in their taxes, as new tax credits such as the Caregiver deduction, and an increased Child tax deduction would be introduced. These tax provisions would also see a greater increase on taxes on the wealthier of Americans. On the other hand, Trump’s plan would see a massive tax cut on the wealthiest of Americans, while leaving the middle and working class relatively unaffected.

Green presents two possible outcomes of the tax policies. Clinton’s plan, he mentions, could potentially reduce the incentive for the wealthy to invest in businesses and corporations, but would coincidentally increase government revenues, and would increase spending for social programs such as health care, and higher education, necessities whose costs are currently on the rise. Trump’s plan on the other hand, although potentially stimulating economic growth, would cut government revenues, and subsequently lead to a reduction in social programs. Furthermore, Trump’s plan could result to a massive increase in the US debt, some speculating adding up to $7.2 trillion to the national debt.

However, neither candidates’ plans for a future America are unrealistic, and tax cuts similar to Trump’s have been previously implemented by Reagan and Bush administrations, and a similar policy to Clinton’s implemented by Roosevelt. However, under a present day America, with unaffordable healthcare expenses and college tuition, and a lack of social programs such as paid maternity leave, in addition to massive wealth inequality amongst American society, many desperately look towards a plan that will benefit all Americans, and not just the wealthy.

Ultimately, this returns to a topic that was discussed early September—business ethics. There is a call for wealthy Americans to bear a fairer share of taxes in the country, and for those in need to get the financial and social support they need. In a society where many live in poverty, and working and middle class families are struggling with debt and living expenses, while the wealthiest of Americans are getting increasingly wealthier and paying little federal taxes, there must be something done to resolve the issue and help millions of Americans seek a better life.

 

Word Count: 447

 

Works Cited

John Green’s Video Blog Entry: Understanding Donald Trump and Hillary Clinton’s Tax Plans – https://www.youtube.com/watch?v=SgicDQHbV3M

Tax Cuts of Reagan and Bush – http://www.econdataus.com/taxcuts.html

Roosevelt’s Tax Provisions – http://dailysignal.com/2010/10/20/hoover-fdr-and-clinton-tax-increases-a-brief-historical-lesson/

 

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