By Jon Dougherty
(NationalSentinel) President Donald Trump on Thursday pledged to propose a major tax cut for middle class earners ahead of the 2020 election as Democratic presidential rivals all discuss the need to raise taxes to pay for various new programs including socialized medicine.
Speaking to House Republicans in Maryland, the president promised to make further changes to the country in addition to new tax cuts.
“We are working on a tax cut for the middle-income people,” Trump said. “We’ll be announcing it some time in the next year but it’ll be a very, very substantial tax cut for middle-income folks who work so hard.”
He did not provide any details about the planned tax cut.
While Democrats and allied media are sure to pan the cuts as irresponsible in the face of record deficits, Rep. Kevin Brady, a ranking member on the House Committee on Ways and Means, said that federal revenues were growing thanks in large part to having more people working.
Also, he said, corporate tax payments are also up despite the fact that the GOP and Trump lowered them in a tax reform law passed in December 2017.
Brady did say, however, that no tax cut plan the president or his party proposes would make it through the Democrat-controlled House, indicating that it is a priority for the GOP to retake it next year.
“We believe that there’s an opportunity for more middle-class tax cuts, and I’ve worked with the White House on the middle-class tax cut plan,” he said.
“There are a number [of], we think, pretty exciting proposals that when President Trump is reelected, and Republicans take back control of the house, we are prepared and ready.”
Treasury Secretary Steven Mnuchin said this week that the administration was considering tax cuts some time next year.
“I think there’s no question the U.S. economy is in very good shape. As we look around the world, there’s no question that China is slowing, Europe is slowing—the U.S. is the bright spot of the world,” Mnuchin told reporters earlier this week.
“And regards to a middle-class tax cut, you know, we’ll be looking at tax cuts 2.0, something that will be something we’ll consider next year. But right now, the economy is in very, very good shape.”
National Economic Council Director Larry Kudlow sounded a similar theme in August on Fox News, saying the administration was “looking at” doing another round of tax cuts.
Still, the president’s claims that the 2017 tax cuts did indeed help average Americans has been borne out by data. The Epoch Times reported Friday:
In April, data from tax preparation firm H&R Block showed that Americans paid 25 percent less on taxes on average in 2018.
The tax liability for an average American went down $1,200 in 2018 while average refunds went up just $43, meaning that an average of about $1,157 went to paychecks during the course of a year, according to the data. Since the tax cuts kicked in March 2018, Americans on average received $50 more in a biweekly check.
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