I don’t understand how to do this assignment. Can you explain what is happening

Question

I don’t understand how to do this assignment. Can you explain what is happening regarding congressional debate on taxes? I need help with this assignment. Current Events Paper: The Congressional Debate Over Taxes Paper Assignment Find one or more discussions online or in magazines/newspapers about the current debate over taxes going on in Congress. Below are listed some examples of articles. The paper should include a brief summary of the article(s) 2. 1. The paper should relate the current event as reported by the article to some theoretical aspect as presented by the textbook or lectures. 3. This paper should be 3 -5 pages typed double spaced 4. The paper should include a properly formatted bibliography S. The assignment is due December 8th in your discussion section. Examples: Websites with interesting articles: Institute on Taxation and Economic Policy https://itep.org/ Center on Budget and Policy Priorities https://www.cbpp.org/ Kevin Hassett, Council of Economic Advisors speeches on taxes: https://www.whitehouse.gov/cea/news http://www.taxpolicycenter.org/ Tax Policy Center

Explanation / Answer

Currently, the senate is looking for new approaches to corporate taxes, deductions for state and local taxes and the estate tax on inherited assets. The representaatives have proposed slashing the corporate tax rate to 20 percent from 35 percent, one of the costliest features of the wide-ranging house plan. According to the president, the tax overhaul is a priority which will boost economic growth and create jobs. Hoever the democrats have opposed to the proposal in the republican tax legislation as giveaays to large corporations and the rich. According to a non-partisan tax policy center, the biggest tax cut would go to the high-income households under the current bill, which would raise taxes on more than one in four tax payers by 2027 because of the expiration of certain benefits including a $300 family credit. The congress is suggesting a deduction for state and local property tax paid at $10000. According to the tax policy center, a new pass through rate 'would add greater complexity' and 'provide plenty of opportunity for clever investors and business owners to game the system'. In addition, a proposed 20 percent excise tax is meant to discourage foreign companies from shifting U.S. profits offshore.   

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