Trump's tax cuts
On Friday, President Donald J. Trump signed his major legislative achievement in his first year in office. The 2017 Tax Cuts and Jobs Act overhauls the US tax code after being in the books for more than 30 years. With no single Democrat lawmaker in either chamber voting affirmatively for it, this Republican-authored tax reform law seeks to lower taxes on businesses, individuals, and families while at the same time promising higher wages, more jobs and the overall revitalization of the US economy.
Majority of Americans do not view this law favorably perceiving it to be serving only the interests of big corporations and the rich. On the other hand, Republicans are touting that this law offers more financial benefits to small and middle income earners as well. Lowering individual tax rates, expanding child tax credits, doubling the standard deduction, expanding college savings accounts, and repealing the individual healthcare mandate are just some of the components of this law that proponents say are pro-poor and pro-family.
As an immigration attorney, I am more curious to know how this tax reform package affects most especially the undocumented and those who work even without work permits. I am not so worried about the lawful permanent residents and those who became US citizens because I know whatever benefits they may obtain from this tax law are amply protected. But what about those who work very hard and pay their own share of taxes yet do not get to enjoy tax credits and deductions just because they are here illegally or simply because they or their children just do not have a Social Security number? If because of this tax law, corporate America starts to hire more workers, increase salaries and benefits, and offer more employment training and support, how can intelligent, young, driven, and talented DACA recipients or dreamers, share into such promise?
On the flip side, if this law fulfills its vision of economic expansion across businesses in America, I predict that more highly educated and skilled foreign workers will be needed more than ever. And this presents a golden opportunity for Filipinos. But I have to temper my optimism with a bit of caution, though. Under Trump's new policy of "Hire American, Buy American" employment visa petitions are now heavily scrutinized which makes it more expensive and difficult for businesses to hire foreign employees.
We have yet to see and feel the results of this legislation when its provisions will be fully implemented in 2018.
By way of closing, let me greet each and every one of you a very Merry Christmas and a Happy New Year. I pray that you and your families will always be blessed with good health, prosperity and peace. As we celebrate this joyous season, let us not forget those who have been suffering from calamities, sickness, and tragedies. Let us keep them in our prayers as well.
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