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House Republicans Tax Bill- How Does It Affect You?

Photo Credit-Drew Angerer/Getty

U.S House Republicans have revealed their plan for tax reform. Mike Hicks is a professor of economics at Ball State University and joins the show today to help us make some sense of how it will affect every day Americans.

“What you’re likely to see is that the taxes will be simpler. What that will do is push us towards a system that has fewer loopholes. For most of us there is not going to be a direct noticeable change.”

While most Americans may not notice a difference in their taxes, the real change comes from cutting the corporate net tax cuts, according to Dr. Hicks.

“If corporate net tax cuts are reduced there are two effects. It frees more capital which business can invest, it makes it easier for them to hire so you could see the economy grow more. The big unknown is how much of that 2 to 2.5 trillion dollars is going to come back. If you can get half of it back it really bumps up growth over the next two to three years.”

 

To hear more about the proposed tax reform, listen to Dr. Hicks full interview below

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