Tax Cuts 2.0: Trump Says Another Tax Cut For The Middle Class Is Coming—And, It’s BIG

During his first year in office, President Trump signed into law historic tax cuts which resulted in 90 percent of taxpayers paying less or the same come filing season. Given the success of the massive cut, Trump is looking to revisit the issue just ahead of the November midterm elections.

During a presser at the White House, Trump said the upcoming cuts would be “major” 10 percent cut for middle-class Americans and could come as early as the first week of November.

“We’re putting in a resolution sometime in the next week or week-and a-half, two weeks … we’re giving a middle-income tax reduction of about 10 percent – we’re doing it now – for middle-income people,” Trump said to reporters, as Fox Business reports. “That’s on top of the tax decrease that we’ve already given.”

Here’s more, from Fox Business:

The president said on Saturday that he was hoping to introduce the tax cuts around the beginning of November, though he noted on Monday that the new tax resolution was unlikely to be voted on before the midterm elections since Congress is out of session through the middle of next month.

Trump said that while the previous tax cuts benefited both the middle class and businesses, the next plan would focus solely on helping middle-income Americans.

According to the report, any tax deal that is agreed to by Congress and the president would have to be passed after the November elections as lawmakers are no longer in session.

Fox Business reports there could be a symbolic vote held ahead of the congressional elections and an actual one will be held at a later time:

One potential strategy being discussed by the administration is holding a symbolic vote in Congress, which would signal its intent to implement the new tax cut in the future. That plan, first reported by The Washington Post, is one of several options being considered, sources told FOX Business on Tuesday.

Watch:

And:

Washington Examiner reports that House Ways and Means Committee Chairman Kevin Brady said his committee, which is responsible for initiating tax cut proposals, is working with Trump and his administration on a 10 percent cut.

“We will continue to work with the White House and Treasury over the coming weeks to develop an additional 10 percent tax cut focused specifically on middle-class families and workers, to be advanced as Republicans retain the House and Senate,” Brady said.

Brady, who authored much of the most recent tax cuts law, said he and the administration are looking to allow more taxpayers to keep more of their own money.

“Building on the economic success of Republican tax cuts, which the House recently voted to make permanent as one part of Tax Reform 2.0, President Trump is determined to provide further tax relief for middle-class families,” Brady said, via Washington Examiner.

While Trump and Republicans are looking to continue their historic tax cuts, Democrats are looking to repeal the existing tax cuts law. Fox Business reports:

Sen. Kamala Harris, D-Calif., introduced legislationOpens a New Window. last week that aimed to repeal parts of the Tax Cuts and Jobs Act in order to pay for refundable tax credits for working-class Americans. Her bill would provide families with a refundable tax credit for as much as $6,000 per year, or $500 per month, to live on.

Harris positioned her proposal in opposition to the Republicans’ tax cuts – which she said are “tax breaks for the top 1 [percent] and corporations.”

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