We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. By continuing to use our site, you accept our use of Cookies, revised Privacy Policy and Terms of Use.
  • 2 views
  • Edit

Trump Eyeing a 10 Percent Middle-Income Tax Cut Plan

2018-10-24 20:54
We’re giving a middle-income tax reduction of about 10 percent. We’re doing it now for middle-income people.” U.S. President Donald Trump told reporters at the White House that he is planning a 10 percent tax cut for middle-income earners. He made the announcement on October 22nd, before leaving for a Texas campaign trip. President Trump has brought up the tax cut multiple times in the past few days, in the midst of traveling to multiple rallies and making numerous media appearances before the midterm elections. Trump mentioned the tax cuts again, at the Houston rally. "Republicans passed the biggest tax cut and reform in history with massive tax cuts for the middle class. And now we're adding ten percent to those numbers. We're gonna be putting in a ten percent tax cut for middle income families. It's going to be put in next week. Ten percent tax cut." He said that in two weeks the administration will present a resolution, but that Congress will have to approve it after the November 6 midterm elections. He spoke about Representative Kevin Brady’s work to put the tax cuts together. "If you speak to Kevin Brady and a group of people, we're putting in a tax reduction of 10 percent, which I think will be a net neutral because we're doing other things which I don't have to explain now but it'll be pretty much a net neutral, but it will be great for the middle class. It's going to be a tax reduction of 10 percent for the middle class. Business will not enter into it and this will be on top of the tax reduction that the middle class has already got and we're putting in a resolution probably this week. I think you folks know about it. And Kevin Brady's been working on it very hard really for a couple of months. We'll put that in. We'll start to work sometime after the midterms." President Trump emphasized that the tax cut was for individuals, and not focused on decreasing taxes for businesses. Last December, a huge tax cut brought corporate taxes down from 35 percent to 21 percent, the largest overhaul since the 1980s.