Tax Reform: Understanding the Basics of Income and Outflow
One of the major areas of focus for the Trump Administration is the “Middle Class Tax Relief and Simplification Act” and its mission of overhauling the country’s tax code to spur economic growth and achieve a more straightforward process for financing the country. Since the public at-large will be closely watching progress on this front, now is a good time to get an understanding of where the money comes from and where it goes. In fact, “Nearly two-thirds of all government spending goes toward Social Security, Medicare, and national defense, along with related items like other retirement programs and veterans and foreign affairs spending” as pointed out in an article by Dan Caplinger of The Motley Fool. His article discusses this overall issue and illustrates the relativity between various components of the income and outlay picture. Read his article here…