Posted on 11/25/2019 12:32:48 PM PST by MassMinuteman
After passing the Tax Cuts and Jobs Act of 2017, President Trump has repeatedly hinted he will push for an additional middle class tax cut before 2020.
In recent months, White House Senior Economic Advisor and Director of the National Economic Council Larry Kudlow has said President Trump is interested in allowing workers to keep more of their hard earned paychecks and has been meeting with Republicans on Capitol Hill about how to get something done.
"We will gather together the best ideas from the Hill, the administration and outside folks to provide a significant new round of middle class tax relief,” Kudlow told reporters in September.
Now, it looks like a new tax cut proposal could be coming soon.
"It is time for Trump, in my opinion, to call for a second tax cut in his second term," Heritage Foundation Senior Fellow Steve Moore said during an interview with Fox and Friends Monday morning. "One of the central features of that would be a universal savings account. So, people with incomes say up to $150,000 would be able to save up to $10,000 per year...without having to pay tax on that money. What I think is very attractive to that is we know American middle class people aren't saving enough. Lets give them a little bit incentive to do that and put more money into their retirement accounts and be prepared for economic uncertainty."
Moore also argued the tax rate for the middle class should be lowered from 22 percent to 15 percent.
"The whole idea here is how do we help middle class people keep more of their own money," Moore said. "That has a big chance of being part of the Trump 2.0 tax plan."
(Excerpt) Read more at townhall.com ...
Why not 5 percent? Or 1 percent? Or zero? Since it's merely a political ploy?
Sigh.
Fedzilla giveth back, then state and local governments taketh away.
I’m on the ragged, hairy edge of becoming an anarchist.
The multiplied effect of that kind of money circulating thru the system would be enormous! MAGA!
except for liberals. These pukes keep wanting to raise taxes anyways, why not make these assholes exempt from any tax cut?
Why do we need taxes at all?
MMT says deficits do not matter.
Yep. In my state the Republicans have lowed income and property taxes over the past few years except that in liberal enclaves they have enacted a wheel tax which has been a back door tax hike. People hate the wheel tax, but they are quite happy to vote for the leftists who brought this about. Go figure.
“One of the central features of that would be a universal savings account. So, people with incomes say up to $150,000 would be able to save up to $10,000 per year...without having to pay tax on that money.
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This would be fine as long as it also came with a “Roth version” for the saver to NOT take the deduction for the contributions and, in turn, would not be taxed on the distributions.
What DEFINITELY does need to be done is to make the provisions of the last Tax law PERMANENT!
forget tax cuts... full fund the wall, implement immigration moratorium (the real tax cuts).
But the liberals bitched about the 2017 tax cut bill, saying it gave too many benefits to high income people and business.
So what can they say about a proposal for tax relief for the middle class?
They can say that they were right all along and that the first tax cut was not a middle class tax cut, regardless of what Trump called it. And that having run up a trillion dollar deficit now Trump's out to double or triple it.
We’ll see if Pres. Trump talks about it TOMORROW at the BBT in Sunrise. I WILL BE THERE.
MAGA MAGA MAGA
There needs to be cuts to .gov. Without cuts to spending, this is worthless. The vast spending of .gov has outpaced any form of growth.
I honestly don’t want another tax cut.
What I want is some action on reducing the number of illegal aliens that are costing us our country.
I’d like to see a 50% spending cut with it as well.
Fedzilla giveth back, then state and local governments taketh away.
That's eaxctly what happened with the Bush tax cuts but I think Trump has really preempted a lot of that with the limit on deductibility for State and local taxes. New York is dying but they so far are not raising income taxes, although on the other hand the city is gorging itself on real estate local taxes.
Mr President,
YOU DO NOT NEED CONGRESS to fix this, The Victory Tax was repealed many years ago, just issue a Directive and END MANDATORY WITHHOLDING.
The TAX problems will be fixed in short order by doing this one simple act.
Give us the lowest cut we panhandle and call it The Final Solution.
The tax cut was for many things including the “middle class”. It just wasn't focused solely on the “middle class”, but it sure sounds like this one may be.
I'm middle class and I didn't, because the loss of the deduction for state and local taxes as well as mortgage interest and the individual deduction did not offset the increase in standard deduction for a single person.
It just wasn't focused solely on the “middle class”, but it sure sounds like this one may be.
Then why not go big? Why 15%? Why not, as I said, five percent or one percent or zero percent? Imagine how popular that would be? And since fiscal responsibility if of interest to nobody in Washington then go big or go home.
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