For a few weeks now, it has been reported that Trump is going to roll out a new tax cut for the middle class.
It’s a great idea that is long overdue.
Now some of the details are coming to light.
Trump weighing 10 percent middle-class tax cut plan
President Donald Trump’s long-promised “Tax Cuts 2.0” plan will be released in September, with a 10 percent cut for middle-income taxpayers under discussion, a top White House official said today.
“In a meeting in the Oval, I guess two days ago, he looked at me and he said, ‘Let’s get it out by September,”National Economic Council Director Larry Kudlow told Fox Business Network. “We’d love to have a 10 percent middle-class tax cut, and we would love to strengthen and make permanent some of other tax cuts.”
“It will come out sometime in September,” he said.
As the timing of the plan’s release indicates, the proposal is mostly designed to set up a contrast with Democrats ahead of the November elections. Democrats’ tax plans are focused on raising taxes on the rich.
The FOX Business Network has more:
Trump’s tax cuts 2.0 could include this retirement savings perk
The Trump administration is aiming to introduce another middle-class tax cut before the November election, and the package could include a measure that would give larger tax breaks to certain retirement savings.
The administration is considering including a proposal known as USA accounts – which would combine and simplify all existing savings accounts that give tax breaks (401(k)s, IRAs), a senior administration official told FOX Business on Friday. There may be limits, however, as to how large the tax break could extend through these vehicles.
The idea is popular among lawmakers on Capitol Hill, according to the same official, who cautions that no final decisions have been made.
This presents a stark contrast to the Democrats, who can’t wait to increase taxes to pay for massive new programs.
America has a clear choice in November.