Elko, NV – U.S. President Donald Trump said the administration was studying a tax cut for middle-income earners that could be rolled out some time around the beginning of November, just before pivotal congressional elections.
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Trump mentioned the proposed tax cut in the same week the U.S. government ended the 2018 fiscal year with a $779 billion deficit, the Treasury Department said on Monday, as previous Republican-led tax cuts squeezed revenues. The deficit figure was the highest in six years.
“We’re looking at putting in a very major tax cut for middle-income people,” Trump told reporters before boarding Air Force One following a rally in Elko, Nevada.
When asked about timing for the unveiling of the tax cuts, Trump said “sometime around the first of November, maybe a little before.”
Americans will vote Nov. 6 in elections in which Trump’s fellow Republicans will try to hold on to their majorities in the Senate and House of Representatives.
The median household income in the United States was about $55,000 in 2016, according to the U.S. Census Bureau.
In December, Trump signed into law the largest tax overhaul since the 1980s, which slashed the corporate rate from 35 percent to 21 percent and temporarily reduced the tax burden for most individuals as well.
The administration is beginning to pull together plans for the president’s fiscal 2020 budget proposal, which Trump will present to Congress early next year.
On Wednesday Trump told his Cabinet to come up with proposals to cut spending by their agencies by 5 percent but he suggested the military would be largely spared.
I really doubt that will ever happen .We have to continue to fund the poor !!!
He should cut military too . Wasteful spending . And he should also limit govt benefits to the poor . The poor should have a max limit of total govt programs that they can collect annually . So say it’s 40k for a family of 4 . That would mean you need to chose between Medicaid hud snap earned income credits chs heap wic etc … it’s total value can’t exceed 40k. That’s the Archy proposal .
Re tax cuts , last one was great and helped so many frum families in ny &nj; who have lots of kids and are far from rich yet earn 150k gross . It also helped those who are low income with no homes . That’s most of us Jews . Keep it coming
Trump is proposing to further increase the deficit to pick up votes for GOP candidates. Bot exactly a fiscally responsible position.
Where is the middle income?
fake news liars the government has been bringing in a record amount from taxes the deficit ids larger because spending is up
tax revenue is up not down when taxes go down tax revenue goes up
What happened to the last tax cut, the one the Trump and his Republipuppies in Congress swore was to benefit the middle class???
Election time again. Middle class Tax break, Repeal Obamacare on day one, Build a Great Wall and the Mexicans will pay for it, Ban all Muslims from USA. Many of us fall for it. Full me once, shame on you. Full me again, shame on me. Lets see how many will fall for his lies this time around.
Another huuuge tax cut for the trumpf aristocrats and oligarch chazers, disguised as a ‘middle class’ tax cut. And just before election day. Boy, he really has turned us into a thrid world s….hole ss he would say. FEH ON THE TOXIC KNISH
Since you not even trying to answer why part of my taxes paid to NYS and in return they giving it To Chai Lifeline, HASC, Hamaspik and other qualified charities are not deductable because it goes to jewish charities at the same time the Goyim in N.Dakota can deduct it because they voted for Trump, you are nothing different than your American Friends who failed to do anything when the Nazis jm”s killed 6 million yiden in Europe. Their answer was just like yours; milking the system, they deserved it etc.