Death Tax Debate

Trump’s five point tax plan has some good and bad points. I agree that there shouldn 't be a death tax and it should be repealed. A death tax (also known as estate tax) is a 40% tax on all of a person 's wealth above $5.32 million once they die. The reason why I believe the death tax should be repealed is because death taxes kill small businesses when the owner dies and their heirs often have to sell the business after being forced to pay 40% of what the business is worth to the government (Ligon). I agree that tax rates on capital gains and dividends should be decreased. Having a high capital gains tax earns the government money but have bad effects on the economy. High capital gains taxes make investing more expensive causing fewer overall …show more content…
I disagree with Trump’s views on minimum wage and I don 't think that increasing it would make American workers less competitive. Although I disagree with Trump on keeping minimum wage the same, I agree with his idea of making two separate minimum wages. The idea is that there would be a lower minimum wage for high school aged kids and a higher minimum wage for adults.I do not believe that Obamacare should be repealed and the possibility of it actually being repealed if trump becomes president is unlikely due to the difficulty involved in getting the votes from congress needed to repeal the law. According to a report by the Congressional Budget Office, getting rid of Obamacare would cost $353 billion between the years 2016 and 2025 (Long). . Looking at the costs needed to repeal Obamacare makes the idea of getting rid of it …show more content…
This will cause less U.S exports and increase the price of goods in the United States. Trump will also attempt to repeal Obamacare if he’s president which would cost the U.S a massive amount of money if he is successful. If Trump is going to be the president he will implement his five point tax plan. Doing this will save many jobs and businesses due to the death tax being repealed. His plan will increase the total number of entrepreneurs, investors, and jobs because of the decrease in capital gains and dividends taxes.Due to the abolishment of corporate taxes, there will likely cause an increase in the competitiveness of United States corporations and decrease the number of American jobs being outsourced. It will be easier for people who make a small amount of money to get out of poverty due to only having to pay a 1% income tax because of trump’s income tax plan. His income tax plan will also increase the wealth of all americans because of the lower tax