US Economic Plan
The plan of interest In the economy of the United States, the currency is in US Dollars. The economy of the United States is highly developed and is made up of a mixed economy, and it is one of the largest economies in the whole world. Nunn and Jim in their article "An analysis of Donald Trump’s revised tax plan” talks of some of the major policies in Trump's plan which includes cutting taxes, eliminating regulations and ending trade deals that are not beneficial to the country, improving infrastructure, ending illegal immigration and national security2. The results of tax cuts would reduce the number of ranks in tax bracket from seven ranks to three. In Trump's plan, he would eliminate tax charged when a person dies and set the corporate tax charged at a rate of 35% to a rate of 15%.
I can also suggest the improvement of infrastructure such as roads which will create jobs because public works have always created numerous job opportunities. Lowering of taxes will also contribute to the increase in businesses because people will have more finances at their disposal which can be invested in businesses. The plan is also set to remove regulations that make starting up of businesses more difficult. Removing the red tape followed when opening businesses would also encourage business startup, the unnecessary regulations will be eliminated. The planner has asked for a list of some of those unnecessary regulations where a list of thirty regulations was produced by the ministry of commerce3. The plan also sets to invest more on national security and therefore ensuring that the country will be safe; this is beneficial because investors will be attracted to invest more in the country which results to more revenues in the country.
When a country is unstable investors are afraid of risking their funds4. Support for the plan I support the fact that the plan should be upheld by all the citizens including those who did not support the candidate who came up with it during the elections because it will result to maximum benefit to the economy and all citizens regardless of whom you supported. This is because the policies on tax cuts will benefit all the citizens because lower taxes means that the citizens are left with more money at hand for spending on their needs. Having more money at hand will help them raise their living standards because they will have a higher purchasing power for their basic needs. The employers will only seek for employees outside the country if there are no local citizens available to work for them, this will lower the rate of unemployment in the country.
Deporting immigrants will also help to reduce pressure on existing resources such as social amenities. A high level of immigrants usually raises the population size of a country reducing their utility on resources such as hospitals and schools. When fewer people utilize resources, they can derive the highest level of utility. The policy on setting a minimum wage will help to ensure that employers do not exploit the employees, most employers are used to overworking employees who earn them high profits, yet they are not compensating them enough6. Hershey, Marjorie Randon. Party politics in America. Taylor & Francis, 2017; 3:1-22. Nunns, Jim, et al. "An analysis of Donald Trump’s revised tax plan. Int'l Arb. Paulson, John. "Trump and the Economy: How to Jump-Start Growth.
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