On Tuesday, political leaders from both sides of the aisle reached a historic agreement on tax reform. The agreement, which was reached after months of negotiations, will bring sweeping changes to the nation’s tax code.
The agreement includes a reduction in the corporate tax rate from 35 percent to 21 percent, a doubling of the standard deduction for individuals, and an increase in the child tax credit. It also includes a repeal of the Affordable Care Act’s individual mandate, which requires individuals to purchase health insurance or pay a penalty.
The agreement is expected to provide a much-needed boost to the economy, as it will put more money in the pockets of individuals and businesses. It is also expected to create jobs and spur investment.
The agreement is a major victory for President Donald Trump, who campaigned on a promise to overhaul the nation’s tax code. It is also a victory for congressional Republicans, who have long sought to reduce taxes on businesses and individuals.
The agreement is not without its critics, however. Some Democrats have argued that the agreement will disproportionately benefit the wealthy and corporations, while doing little to help the middle class. Others have argued that the repeal of the individual mandate will lead to higher health care costs for individuals.
Despite these criticisms, the agreement is expected to pass both chambers of Congress and be signed into law by the President. It is a major accomplishment for both parties, and a sign that bipartisanship is still possible in Washington.