How the tax reform bill would affect people in San Antonio
SAN ANTONIO- President Donald Trump calls it a huge victory, claiming the passing of the tax reform bill is historic tax relief for Americans.
"We are going to bring at least four trillion dollars back into this country,” the President said.
Some may wonder how it will affect everyday people in San Antonio. Kim Ford, President of theKFORDgroup, says every class of people will see a difference.
“The lower income earners it will definitely affect them in the fact that I think their taxes will go down and it will be their tax returns will be easier to prepare. For middle America the same thing and for the higher income earners it's definably a boom,” Ford said.
Local business owners like Bradley Stroud President and CEO of Stroundlink believe the tax cut will create more jobs.
“I have everything from small startup entrepreneur businesses to the large group and they are all already strategizing on how to take advantage of this to expand. How are they going to expand? They are going to hire new people. I have companies that want to go from 500 employees to 1,500 employees,” Stroud said.
Democratic lawmakers disagree. Congressman Lloyd Doggett (TX-35) argues the bill focuses too much on the corporate world and not enough on Texas middle class families.
“I just don’t think that it’s right to focus all of these tax benefits on those at the top who have already been so successful. I'd like to encourage success among a broader part of our population,” Congressman Doggett said.
The bill also gets rid of the individual mandate of the affordable care act.
Below is a state from Congressman Joaquin Castro (TX-20).
“Today, the House has given final approval to an unpopular bill that mostly benefits corporate America and the wealthiest among us, and explodes the deficit by $1.5 trillion. It didn’t have to be this way. Republicans could have worked with Democrats to develop tax reform legislation that actually promotes economic and wage growth, protects working families and is fiscally responsible.
Additionally, in another desperate attempt to dismantle the Affordable Care Act, Republicans have added a repeal of the individual mandate, which will drive up health care costs for millions and result in vulnerable Americans losing health coverage.”