In case you missed it: GOP tax cuts

Embed from Getty Images

By Shauna Golden

Following the release of the GOP tax plan on Thursday, Nov. 2, many Americans are wondering how the new plan will personally affect them.

The plan, named the Tax Cuts and Jobs Act, is what republicans claim to be a "path to job creation and higher wages for workers," according to CBS. In fact, President Trump said the rich would not be benefiting from this plan.

However, in reality, corporations and the rich are the groups that would receive the most benefit from the plan. If passed, the plan would decrease the tax rate on corporations from 35 percent to 20 percent

According to Fortune, the plan would eliminate tax deductions that would benefit members of the middle class.

The plan remains a proposal at the moment. It has yet to be determined what changes will be made and whether or not the plan will pass into a law. 

Shauna Goldentax plan