Today President Donald J. Trump’s Tax Reform Plan passed through the house with 216 to 212 votes. The tax reform plan barely made it through the House of Representative with 20 Republican representatives voting against the tax plan.
The exact details of the tax reform plan have not yet been disclosed, and the tax plan will go through changes before it is finalized. In his speech last month Trump said the tax plan will lower income taxes for all Americans it is still unknown/undecided what incomes will fall into the new tax brackets proposed by President Trump. Trump also said that this plan will lower the corporate tax rate, but also eliminate loopholes that many businesses use to avoid paying taxes.
The biggest concern most Americans have is that the tax reform plan may eliminate tax breaks for homeowners which would hurt many homeowners. This is still unconfirmed and the tax plan in not final, but if this tax reform plan intends to completely eliminate the tax deductions that home owners receive it must in some other way help homeowners. People now more than ever are renting instead of buying property, and if tax deductions for homeowners are completely removed there will be even less incentive for American’s to purchase homes. This is the biggest concern most Americans have about the tax reform plan and it is a serious concern.