President Trump told The Wall Street Journal on the sidelines of the World Economic Forum in Davos, Switzerland, that the White House plans to unveil a new tax-cut proposal for the middle class in approximately 90 days.
“We’re talking a fairly substantial … middle-class tax cut that’ll be subject to taking back the House and obviously keeping the Senate and keeping the White House,” Trump said. He declined to elaborate more on the specifics of the plan.
Trump has been touting the idea of a middle-class tax cut since the 2018 midterm election, and more recently since the 2020 election year has begun.
White House National Economic Council Director Larry Kudlow said last week that tax cut 2.0 could be unveiled in the summer months.
Kudlow said the White House is considering a payroll tax cut and an expansion of the earned income tax credit. He said the new tax cut could spur consumer growth and help the middle class prosper.
However, Trump told reporters back in 2017 that tax cuts were “going to be one of the great gifts to the middle-income people of this country that they’ve ever gotten for Christmas” – it turned out that tax cuts funded by taxpayer debt allowed mega-corporations to repatriate hundreds of billions of dollars, not for CapEx purposes like what was promised, but rather a massive stock buyback binge.
With the effectiveness of the first tax cut waning, Trump has likely been advised by his economic team that the manufacturing recession has triggered an employment slowdown that could start damaging consumer spending, which is at least 68% of GDP.
The next round of supply-side tax cuts should be viewed as “emergency tax cuts” because the “greatest economy ever” is continuing to decelerate and could be seen as a last-ditch effort by the administration to push off the recession for another couple quarters.
via zerohedge
“Why can only the House of Representatives introduce tax bills?
This is because the amount of revenue raised through taxes largely decides the amount of services that the government can afford to provide. … The Constitution says that “all bills for raising revenue shall originate in the House of Representatives” and that “Congress shall have the power to lay and collect taxes.”
Well what the middle class got for Christmas was a very expensive “3 year theater show” from the House Democrats. Hopefully the realization that the House needs to be flipped, expelling all those swamp creatures that only care for themselves or their Big Globalists handlers, and also keeping the Senate even though Rinos still roam a bit to be able to take advantage of this great economy and hopefully start looking at the national debt.
To keep this Great Nation and it’s Constitution, Bill of Rights, and ALL laws intact, it’s time to expel the swamp creatures, elected AND appointed.
Lots of important issues other than the swamp creatures TDS. Want to keep winning like we are, but by doing this, USA will WIN EVEN BIGGER! Only way to STOP THE MADNESS of TDS!
GOD BLESS PRESIDENT TRUMP! GOD HELP THE USA!
Providing incentives for local governments to increase theirs like they’re doing here.
I guess you live in a Sanctuary State or city too. Former Ambassador turned Governor here plans to tax the rich more, which in turn really is taxing the middle class. But that’s ok, because most of the State Workers, especially LOTS of School Administrators, will probably be exempt. If not, hey just raise the school taxes. Just raise taxes on gas. How dare those Democratic loyalists “elites” be taxed, right? We lowly American taxpayers, MUST keep them comfy in their “Ivory Towers”.
Lots of incentives to raise taxes on American taxpayers. It’s the ILLEGAL ALIENS that get the free ride. But that’s ok, “Open Society” participants like our Governor, don’t care about regular American taxpayers. They have their OWN globalist agenda.
GOD BLESS PRESIDENT TRUMP! GOD HELP THE USA!
Do you ever have moments of lucid thought? “A 3-yr theater show by the Democrats? It was the wealth-loving GOP that passed the disastrous “tax cuts” in 2017 that further enriched the top 1% and is driving up the national debt. Yeah, we do need to “drain the swamp starting with Frump and his big business cronies in his cabinet.
“How dare those Democratic loyalist “elites” be taxed”? You must mean how dare the Repugnent elites be taxed.
GOD SAVE US FROM PRESIDENT TRUMP! GOD HELP THE USA!