WILL THE PRESIDENT'S TAX CUTS BENEFIT THE WORKING CLASS?

There is much speculation, dialogue and controversy, over President Donald Trump's tax cut. I have heard a lot from "both sides of the aisle." Nevertheless, I received a presidential email today, explaining all of the benefits to the working class.

While there is a lot of emotion, regarding who is for or against the president; I have very little faith in media reporting. There is always an agenda. It appears to me, that the agenda is to keep the nation divided and uninformed. "Black vs White," "Two Americas," "The Haves and the Have Nots," make for real good news stories. Bad news sells. News stories about people trying to gain an understanding of each other; (unfortunately) do not make good headline stories. I want to know the truth. Not just what someone "spoon-feeds" me, in order for them to make a dollar.

Below is what the president outlined. Read and comment and tell me what you think. Is this too good to be true? Does this just look good on the surface? Will it harm the poor and vulnerable? If so, is there anything that we can do about it now? (Here are the president's words from his email in italics):

1. The Tax Cuts Act means less money taken out of Americans’ paychecks. It provides $5.5 trillion in tax cuts by doubling the standard deduction, doubling the child tax credit, protecting tax savings for higher education and retirement, and lowering rates across the board. 

• For individuals, the standard deduction will be increased from $6,500 to $12,000.
• For single parents, the standard deduction will be increased from $9,550 to $18,000.
• For married couples, the standard deduction will be increased from $13,000 to $24,000.
• The vast majority of American families will now be able to file their taxes on a single page because they lower taxes by claiming the standard deduction.
• American families will see their Child Tax Credit doubled to $2,000 per child under age 17. 

2. The bill puts American businesses on a level playing field with foreign competitors. America’s corporate tax rate will go from being the highest in the developed world to below the average for Organization of Economic Co-operation and Development (OECD) countries.

3. The act will eliminate dozens of special interest tax breaks and loopholes. It tosses out a loophole used to deduct compensation for executives earning more than $1 million a year. Washington isn’t spared, either: Members of Congress will no longer be able to deduct living expenses.

So what do you think?