America’s Middle-class Tax Cut on the Way
President Donald Trump said he’s considering a “major tax cut” for middle-income earners that he may announce just days away. The cut was approved in the House in July, and just awaits the blessing of the Senate.
The Y 2017 overhaul has been criticized for mainly benefiting the wealthy and corporations only because the middle-class cuts were not permanent, this new action make them permanent.
“We’re looking at a major tax cut for middle income people,” thePresident told reporters on Saturday after a rally in Elko, Nevada — the final leg of a 3-state swing through the West to bolster support for Republican House, Senate and gubernatorial candidates. “Not for business at all; for middle-income people.”
Treasury Secretary Steven Mnuchin also said the intention is for a permanent middle-income tax cut.
“We want to be careful in balancing the financial issues with making sure we get appropriate tax cuts to the middle income,” Mnuchin said Sunday in an interview in Jerusalem, the first stop of a six-country tour of the Middle East this week.
No Democrats supported last year’s tax bill, and they have been critical of plans for the 2nd round of tax cuts since they were 1st proposed Republicans calling them ‘crumbs.’
President Trump said Representative Kevin Brady (R-CA), Chairman of the House Ways and Means Committee, and House Speaker Paul Ryan (R-MI) were working on the pending legislation. Adding that the plan could be announced as soon as 1 November.
Elections that will decide the control of Congress will be held on 6 November. Secretary Mnuchin said, “We hope to have something soon.”
“There is continued interest in building on the success of the Tax Cuts and Jobs Act and constantly improving the tax code for hardworking families and America’s small businesses,” said Rob Damschen, a spokesman for Mr. Brady.
The Republican-led House passed legislation in September that would make permanent the Y 2017 tax cuts for individuals and pass-through businesses which otherwise would expire at the end of Y 2025. That measure is likely to be taken up in the Senate soon, the measure needs 60 to pass with President Trump now putting the pressure on.
Have a terrific weekend