Trump Hints at 2nd Round of Tax Cuts Weeks Before Election
More tax relief is on the way, President Donald Trump President Donald Trump said this weekend at a Nevada campaign rally.
“We are going to be putting in and are studying very deeply right now, around the clock, a major tax cut for middle-income people,” Trump said Saturday, just before leaving Nevada for Washington, according to Fox News.
Trump said that unlike the first tax cut plan he signed in December, businesses would not be a target this time around.
“Not for business at all. For middle-income people,” Trump said.
“We are looking at putting in a very major tax cut for middle income people” –President Trump pic.twitter.com/DKiiVcd5Pp
— FOX & friends (@foxandfriends) October 21, 2018
Trump noted that last year’s tax cuts are having their desired effect.
” … (T)he last one was for middle income and business, and our business is now coming back because of it,” Trump said, according to The Hill.
Trump said that he hoped action would be taken soon.
“And if we do that, it will be sometime just prior, I would say, to November,” Trump said.
Although legislation can be proposed at any time, the House and Senate are in recess until Nov. 13.
Trump said the proposal was being developed by outgoing House Speaker Paul Ryan and House Ways and Means Committee Chairman Kevin Brady, CNN reported
Rob Damschen, a spokesman for Brady — a Republican from Texas — said Brady is always ready to make the tax code better.
“There is continued interest in building on the success of the Tax Cuts and Jobs Act and constantly improving the tax code for hard-working families and America’s small businesses,” Damschen said, according to The Washington Post.
In September, the House passed tax cut legislation that would permanently extend lowered rates that were adopted in December. In the initial legislation, the cuts would fade away after 10 years.
“This relief goes to middle-class families and low-income families working their way up,” Brady said when the bill was passed, according to a Washington Post report from the time. “Who do you trust: Washington to spend your money, or you and your family?”
Democrats have voiced other thoughts, according to CNBC.
Democratic Sen. Kamala Harris of California, frequently mentioned as a possible candidate for president in 2020, last week proposed repealing the tax cut and instead giving families $6,000 a year from the government.
Critics say Democrats will have a lot of explaining to do.
“The tax cuts launched our booming economy into the stratosphere and anybody advocating for repeal will have to explain why they want to reverse the jobs and wage growth our country has seen since the law passed,” said John Ashbrook, a Republican strategist, according to CNBC.
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