Congress is back in session and tax reform plans are expected this month. It's been 31 years since the tax system was rewritten, and Donald Trump has promised a 15% corporate tax rate and big, across-the-board cuts to individual income taxes.
The government makes its money from taxes to fund the 430 departments, agencies and subagencies, millions of employees, health care and various other initiatives and programs. Big tax cuts give the government less money to budget with, and could add trillions of dollars to the deficit. Traditionally, Republicans have supported both lower taxes and at least balancing the budget (if not attempting to tackle our national debt), but Trump's original tax plan was estimated to add $7.2 trillion to the national debt, according to Forbes.
