5 Political Developments in USA That You Need to Know About
Are you looking for the latest Political News in USA? If so, you’ve come to the right place! In this blog post, we’ll cover five of the most important political developments in the United States that you need to be aware of. From the election of new representatives to changes in policy, these are the stories that you won’t want to miss out on. So, keep reading to stay informed and stay up-to-date on the political happenings in the United States.
1) The current government shutdown
The United States government has been in a state of partial shutdown since December 22, 2018. This unprecedented shutdown is the longest in U.S. history and has been triggered by President Donald Trump’s demand for $5.7 billion to fund a wall along the Mexico-U.S. border. The president and Democrats in Congress have yet to reach an agreement on the issue, leaving thousands of federal employees and government services without funding. Political News in USA is gaining attention.
The effects of the government shutdown have been far-reaching, ranging from the closure of national parks to furloughs of federal employees. Nearly 800,000 federal employees are either working without pay or are being forced to stay home without any income, resulting in financial difficulties for many individuals and families. In addition, critical programs such as food stamps, housing assistance, and even tax refunds have been affected by the shutdown.
2) The increasing national debt
The national debt of the United States is an ever-growing issue. As of October 2018, the US national debt was over $21 trillion and growing. This amount has been increasing due to a combination of factors such as spending on the military, tax cuts, and higher government spending. With this increase in national debt, there is an increased concern among taxpayers about how much money the government needs to borrow in order to cover expenses.
Many worry that this increasing national debt will eventually lead to serious economic consequences for the US economy, including higher interest rates and inflation. This can be damaging to both consumers and businesses, who rely on low interest rates for their borrowing needs. Additionally, increasing debt may create a higher burden for taxpayers, as it will take more taxes to pay off the increased debt.
3) The new tax law
The new Tax Cuts and Jobs Act (TCJA) was passed by Congress in December 2017, making sweeping changes to the U.S. tax code. The main focus of the new law is to reduce taxes for corporations and high-income earners while raising them on lower-income individuals. The law also includes a wide range of other provisions that impact both businesses and individuals.
For individuals, the most significant change is the lowered tax brackets, which are now set at 10%, 12%, 22%, 24%, 32%, 35% and 37%. These brackets are slightly lower than before and will generally result in a lower amount of taxes owed for most taxpayers. Additionally, the law has doubled the standard deduction from $6,350 to $12,000 for individuals, and from $12,700 to $24,000 for couples filing jointly. This means that many taxpayers will be able to take this higher deduction without having to itemize their deductions.
4) The Affordable Care Act
The future of the government shutdown is uncertain; however, President Trump has said that he would be willing to declare a national emergency to secure funds for the wall if no agreement can be reached with Congress. This would be a controversial move that is likely to face legal challenges from Democrats. Only time will tell how this prolonged stalemate will end, but for now, the government remains partially shut down with no sign of resolution in sight.
This is an important issue to consider, as it can have a major impact on the overall economy of the US and its citizens. It’s essential that Congress works together to find ways to reduce the debt or come up with solutions to avoid it from becoming even bigger.
5) The upcoming presidential election
Overall, the new tax law has changed the landscape of taxation in the United States. While some taxpayers may find themselves paying less taxes due to the lower tax brackets and higher standard deduction, others may end up paying more depending on their individual situation. It is important to keep up with changes in the tax law to ensure that you are taking advantage of all available deductions and credits.
On the business side, the new law reduces the corporate income tax rate from 35% to 21%, with many other provisions that allow businesses to deduct more expenses. For example, businesses can now deduct the full cost of new equipment in the year of purchase, rather than spreading out deductions over multiple years. Additionally, pass-through entities such as partnerships and S-corporations are now eligible for a 20% deduction on their income.