Will More Republicans in Congress Alter Taxes?

With the recent election putting the Republican party in power in the House of Representatives, many people are starting to wonder what this means for the average citizen.  Primarily, people want to know what this new change will mean in terms of taxes

 

What major changes are going to be suggested and introduced, and what will this new party leadership mean when April rolls around?

 

One thing that is certainly being noted in the House right now is that many of the new party leaders are in favor of permanently extending the Bush-era tax cuts.  The Democratic White House wants to extend them only for people making less than $250,000 annually, while the Republican party wants a blanket extension to be made permanent. 

 

While this is certainly good news for people with lower incomes who are struggling,  there are many who believe that permanent tax cuts for the wealthiest in society will only create more problems, as this will lower the amount of money coming into the federal government and will continue to increase our deficit.

 

As far as what the economic impact of the Republican tax strategy will be, only time will tell.  There has been real hope for bipartisan communication in Washington, but it seems that yet again this might not be a viable option.  The Republican party will continue to try to make major changes, and the Democratic party will try to stop them at every junction along the way. 

 

Taxes may be changed significantly during this term, but at the current way politics have gone, this will last only until the party in power changes again.

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