As impeachment barrels onward, Democrats have preemptively turned their ire from House Republicans towards Senate Republicans, starting with Mitch McConnell....Keep reading...
Trump promises middle class tax cut if Republicans retake House
While the Democrat-controlled half of Congress focuses all of their attention on impeachment, President Donald Trump continues to work on his agenda to put America first around the world and make the economy even greater.
Trump announced Friday that he would seek to give middle-class taxpayers additional tax cuts if Republicans could retake the House in 2020.
“We’re doing a major tax cut for the middle income, and that’ll be subject obviously to taking over the House because the Democrats like tax increases, not tax cuts,” Trump said at a healthcare event.
An article published by the Washington Post earlier this week suggested that Trump wants to lower rates for the middle-class to no higher than 15%, but economic adviser Larry Kudlow said in a Closing Bell interview that it was too early to get into specifics about the plan.
Tax Cuts 2.0
“The president has asked me to pursue something called Tax Cuts 2.0,” Kudlow told CNBC, while cautioning that the plan was in the early stages.
“This thing will not be completed for many months, as I say, it will be released as a strategic pro-growth document for the campaign. We want to see middle-income taxpayers get the lowest possible rates.”
Trump’s previous tax cut in 2017 was passed when both the House and Senate were Republican-controlled. Since then, an already good economy has seen record-low unemployment and millions of jobs created.
The previous tax cut was criticized for giving bigger breaks to businesses than to individuals. These criticisms ignored the fact that businesses would likely use the additional revenue to create more jobs, and would, therefore, have a greater impact on the economy than larger individual cuts.
Critics also accused Trump of creating bigger deficits with the cuts, but history has shown that economic growth will lead to more tax revenue and offset some of these so-called deficits.
More tax cuts now possible
Trump said in 2017 that it wasn’t possible to give bigger tax rate reductions, but he now credits the impact of his first tax cuts as the reason he can give further cuts.
Stephen Moore of the Heritage Foundation said Trump’s team is also discussing other possibilities for the cut, including a payroll tax cut, revamping taxation on capital gains, exempting savings from taxes, and reducing the number of tax brackets from seven to as little as three or four.
Let’s hope Democrats keep shooting themselves in the foot over impeachment so a Republican House takeover becomes more likely.
JOIN THE MOVEMENT
Add your best email address below to start receiving news alerts.
President Donald Trump’s appointment of William Barr to United States Attorney General, according to The Irish Times’s Suzanne Lynch, “may be...Keep reading...
On Friday, Rep. Karen Bass (D-CA) appeared on MSNBC’s The Last Word to discuss President Donald Trump’s impeachment. Bass is a...Keep reading...
Sen. Bernie Sanders (I-VT), a top-tier 2020 contender for the Democrats, retracted an endorsement just one day after he first...Keep reading...
Republicans on the House Judiciary Committee — the committee that is putting together the articles of impeachment against President Donald...Keep reading...
Hunter Biden, the son of former vice president and current 2020 contender Joe Biden, is back making headlines, and they...Keep reading...