Posted on 10/22/2018 12:45:28 PM PDT by SeekAndFind
Donald Trump told reporters after a rally in Nevada that he was planning to propose a major tax cut targeting middle-income Americans before the end of the month.
"We are looking at putting in a very major tax cut for middle-income people. And if we do that it'll be sometime just prior, I would say, to November,” Trump told reporters. “We are studying very deeply right now round the clock a major tax cut for middle-income people."
Trump has taken criticism from Democrats for his tax cuts, which they claim only help large corporations and the top 1 percent. But Trump said the tax cuts he is looking to implement soon would not be related to businesses whatsoever.
“Kevin Brady is working on it, Paul Ryan is working on it,” said Trump. “I would say sometime around the first of November, maybe a little before then.”
Tax cuts are always popular, especially with Republicans. But how realistic is it for the president to hope that this Congress will be able to pass it before the session ends in December?
With the deficit already climbing toward $1 trillion, it would be extremely difficult to get any kind of tax cut through a lame duck House, much less the Senate, before the end of the year. That makes me believe this is a transparent political ploy to turn out Republican voters for the midterms.
Nothing wrong with that, of course. Politics is politics and Trump can say anything he wants if he thinks it will help GOP candidates. In this case, anything Ryan and Brady come up with will serve as a good last-minute campaign commercial for a lot of Republicans.
Of course, if the Democrats take control of the House, the whole issue is moot. Democrats will be too busy trying to impeach the president to care much for the American people.
Democrats Outraged?
There. Fixed it.
God, I absolutely love this President!
What a bombshell on the Democrats before the election!
POTUS just doesn’t let up!!!
Dems unveil Reeducation Camps ,Gulags and Public Execution for people that do not support them
Then we'll be lucky to see something before Election Day 2024.
The media keeps telling us the the Trump tax cuts were only for the rich, yet they fail to mention the child tax credit was doubled from $1000 to $2000 per child. That alone is an extra $3000 a year for a family with three kids.
Has there been any more information on the age extension of mandatory IRA withdrawals from age 70-1/2?????
And GDP numbers come out Friday. Hoping for 5. But more likely 4.6.
Is this a thinly disguised attempt to buy votes before an election (by not) using my tax dollars?
I love to see DUMBO’s Medical Tax % lowered back to lower what it was. As Seniors it’s our only deduction. We paid off house, car and owe no one anything. Medical is our biggest outlay.
Tinkering with tax rates already in the low 30’s eventually reaches diminishing returns. Genuine reform is needed at this point, but it’s not an urgent campaign issue at the moment with an orc horde charging our border.
Funny looking bald guy on MSNBC told his audience today while talking to Voting Map Boy, Congress is out so Trump is lying on that one.
I hope we can do away with it and take what we need as we need it. I have to start drawing mine out in January.
Everyone needs to pay taxes - even if nominal. It’s the only way for everyone to have skin in the game and to be somewhat on the same footing. When almost half the country pays nothing in income taxes there is no motivation for them to do anything but support more taxes on others to keep the system afloat. It’s a recipe for disaster.
You have to get to the true one party states (California, Illinois) to find those managed even worse than than the federales.
“Middle Class” tax cuts won’t do much unless he’s talking about cutting Social Security and Medicare taxes. That is risky without entitlement reform. Notwithstanding the braying from the Left, the US has one of the most progressive income tax systems in the Western World, with the top 20% paying 90% of all income taxes. What we need are spending cuts, entitlement reform and tax reform that creates a flat tax. Hell will freeze over before we get any of that.
All I’ve been able to find is that the tax plan passed by the House will rejigger the actuarial tables, and increase the withdrawal period for 2 or 3 more years. Not much, but something. I’ve not seen anything in writing that would curtail the 70 1/2 provision, except for IRAs less than 50K.
The three tax bills would lock in the recent cuts, end RMDs for accounts with less than $50,000, expand MEPs and ease rules for startups.
Another incentive to vote in a couple of weeks!
RE: “Middle Class” tax cuts won’t do much unless he’s talking about cutting Social Security and Medicare taxes
Ain’t gonna happen. Those are UNTOUCHABLE, Demographic pressure just won’t allow that to happen.
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