Trump’s new tax plan and how its effect society and economics... Please :) answer me

Trump’s new tax plan and how its effect society and economics...

Please :) answer me

Expert Solution

Trump's new tax plan (Tax cut and Job Act) has reduced the income tax rates, doubled the standard deductions and eliminated the exemptions. For corporate also, the tax rates have been decreased. For individuals, it will increase the net disposable income that is the result of paying less tax, getting more deductions, but not getting exemptions. This increase in disposable income will increase the purchasing power of the individuals and society and they will spend more. In economy, it will cause aggregate demand to increase and it will catered by the increased level of aggregate supply. As a result, new jobs will be created and the economy will grow. Further, it will also reduce the burden of government to spend all the time. So, government spending may be curtailed. Decrease in corporate tax also, will create positive supply shock and more investments will take place. It will also have a positive impact upon the economy and job market. So, society will also flourish.

Rahul Sunny answered 2 years ago

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