President Trump Sees a 10% Tax Cut for Middle-income Americans
President Donald Trump, speaking to reporters at the White House as he left on a campaign trip to Texas, said Monday his Administration planned to produce a resolution within two weeks calling for a 10% tax cut for middle-income people.
“We are putting in a resolution sometime in the next week or week-and-a-half, 2 weeks,” he said. “We are giving a middle-income tax reduction of about 10%. We’re doing it now for middle-income people.”
President Trump said Saturday his Administration was studying a tax cut to be rolled out some time around the beginning of November just before the 6 November congressional elections, even though lawmakers are out of town campaigning and Congress is not in session.
President Trump’s fellow Republicans are seeking in the elections to hold on to their majorities in the Senate and House of Representatives.
The President clarified on Monday that the proposed tax cuts would be unveiled before the election but would have to go through Congress afterward.
“We will not have time to do the vote” before the election, President Trump told reporters. “We will do the vote after the election.”
The President is traveling to Texas to campaign for US Senator Ted Cruz (R-TX), said the latest tax cut plan was not meant to help businesses but was for middle-income earners and would be “on tTop of the tax decrease that we have already given them.”
Last December, President Trump signed into law the largest tax overhaul since the 1980’s, which slashed the corporate rate to 21% from 35% and temporarily reduced the tax burden for most individuals as well, he now plans to make that temporary tax cut permanent too.
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