Highschoolers’ view on the Republican Tax Plan

Highschoolers view on the Republican Tax Plan

Burke Cochran, Editorials Editor

“It’s a great system and it will help the middle class. It’s going to help the American Economy and bring back jobs from overseas,” says Johnathon Giesecke (‘19).

“It’s horrible. It isn’t helping anybody, and it’s a way to cut Obamacare without doing it directly because Republicans are too incompetent to do it,” says Michael Milles (‘20).

Could these two people be talking about the same thing?

Depressingly so, as Republicans are pushing through a new tax plan through Congress. And it will probably pass, assuming the house and senate can come up with a compromise.

This tax plan is rather controversial for a few seemingly irrelevant and unnecessary additions.

First to note, however, is that the tax plan would add 1 trillion dollars to the deficit. Just at this point, the tax plan is bad. A tax plan should help to better fund the country, not gut programs so that rich people can save a couple of bucks. But either way, the tax plan gets worse in the specifics.

The biggest major change to taxes as we know it is the dissolution of the estate tax. The estate tax is a tax on inheritance after someone dies. Rather than all of their wealth being passed on, a percentage of it will be deducted.

The estate tax is an important part of leveling the economic playing field in the United States, especially at a time of increasing economic inequality. Factors like this will disproportionately help people who are richer, they have more money to pass on and more money to gain from wealthy predecessors.

Furthermore, it adds a weird kind-of personhood definition which many believe to be a new legal standard on the start of a new abortion debate. One of the features of the tax plan puts in a clause where, rather than being able to pay for student loans starting at any point, you can only start at the point of conception. Which, honestly, seems like a rather random and arbitrary point to have this type of financial decision.

It also hurts students as you can no longer deduct interest on student loans – putting an overbearing weight on already overbearing student loans.

In any way of looking at it, the Republican tax plan is a disaster, and will not have positive effects on our country.