The GOP Tax Plan Could Mean a Tax Increase If You Work for 1 of These 10 Consumer-Facing Companies

The GOP Tax Plan Could Mean a Tax Increase If You Work for 1 of These 10 Consumer-Facing Companies

Fall is in the air in Washington -- and so are the winds of change. Following months of promises, the long-awaited Republican tax plans from the House and Senate have been released. And while the respective plans do have differences, they share a central thesis: tax cuts for middle-class families and corporations.

Both the House and Senate GOP tax reforms would simplify the individual tax brackets and narrow them from the current seven tiers to just four. As for corporations, it'd reduce peak marginal corporate income-tax rates from 35% to 20%. The idea in both instances is that if corporations have more money left over after paying tax, they're liable to hire, expand, and boost wages. Similarly, if workers have more disposable cash, they'll be able to spend more. Since the U.S. economy relies on consumption for about 70% of GDP, Republicans believe this plan could yield consistent GDP growth of 3%. 

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Source: Fool.com