Here’s How a Trump Presidency Will Affect Your Taxes

No one likes to pay taxes. Unfortunately, we don’t have much of a choice. Taxes help keep the federal and state government working. They pay for firemen to fight fires, teachers to educate our children, and construction workers to fix and add to our infrastructure.

You might begrudgingly send out your checks to the government every April and watch large sums of money get subtracted from each paycheck, but at least you pay your taxes. Many multinational corporations avoid paying their taxes altogether through complicated schemes and loopholes, which deprives the United States government from much-needed sources of tax revenue.

How will president-elect Donald Trump prevent this from happening in the future? Better yet, how will he impact you, the American citizen, and how much you take home at the end of the day? That’s what The Wall Street Journal’s Shelby Holliday sought to find out after the 2016 election. What she discovered could both help and hurt our country’s future.

Trump’s proposal of cutting taxes for citizens and corporations would likely leave us even deeper in debt, despite any budget cuts (whatever those may be). While a little extra money in your bank account now sounds like a good thing, you’ll probably have to give that up and more to cover a growing deficit in the future. Tax cuts might look good in the short term, but when trillions could be added to the massive national debt, our new leader needs to have a forward-thinking strategy.

Share this video with your friends below, and don’t even think of spending your refund check this tax day!