Trump advisers exploring tax proposal that would lower "middle class" rate to 15 percent

[brooklynite]

Source: Washington Post

President Trump’s economic advisers are exploring whether the president should campaign for reelection proposing a 15 percent tax rate for the American middle class, with some seeing the idea as a simple way of selling Republicans’ economic agenda as not merely beneficial to the rich, according to multiple people involved in the White House’s internal deliberations over “tax cut 2.0.”

Larry Kudlow, director of the White House National Economic Council, is spearheading the effort behind Trump’s second tax cut package and is widely seen as a leading proponent of the new 15 percent rate. It is unclear if Trump has approved the idea, but the president has pushed aides to develop a simple tax message for 2020 focused on middle class tax relief.

The White House has faced sharp criticism for its 2017 tax cut law, because its tax cuts for individuals and families will eventually expire in a few years but the reductions for businesses are permanent. The new plan is unlikely to pass Congress before the 2020 election but would give the White House a specific plan to present to voters during next year’s presidential campaign.

Reducing the tax rate to 15 percent for middle-class taxpayers could lower taxes by trillions of dollars over 10 years, according to budget experts, although precise estimates are impossible given that details remain vague. Doing so would free up much more money for Americans to spend, but it would also dramatically add to the deficit unless the cuts were offset by major spending reductions throughout the federal government. The GOP tax law of 2017 already added more than $1.5 trillion to the national debt.



Read more: https://www.washingtonpost.com/business/2019/11/12/trump-advisers-exploring-tax-proposal-that-would-lower-middle-class-rate-percent/

[Eliot Rosewater]

1. He will say anything ANYTHING to avoid prison

[lagomorph777]

2. That's hilarious; voters are still furious over his previous tax hike.

Why would anybody believe him a 2nd time?

[LiberalLovinLug]

17. Because people are stupid?

He can promise anything he wants. He doesn't have to do any of it. Like making Mexico pay for the Wall, or he'd have his own even better Health insurance plan, or he'd eliminate the deficit. etc etc etc...

A promise of a 15% tax rate? He'd get Republican voters to support that. And Independents. And even some part time Democratic voters.

There is a huge divide in America, I think even among more liberal folks, about the idea of less taxes, means more in your pocket. And you can spend that money better than the gob'mint. The problem is that no, you cannot spend it better, or at least more efficiently than the government on your behalf, for certain institutions. Sure there's a problem of corruption within government. but if that tax money is properly budgeted for, say, medicare for all, everyone's medical insurance costs go way down.

The main problem is education, and deprogramming that government, publicly accountable servants, are some evil Marvel comic thugs who never have citizens best interests at heart. I think Republicans do their best to prove that, but still, as long as there are checks and balances in place, pooling taxes together is way more efficient use of workers money they would have normally paid to private insurers, to distribute the same services.

[dewsgirl]

3. Whatever🙄

[fleur-de-lisa]

4. Sure they will.

[bluestarone]

5. Well now another election year promise?

That's my bet!

[brewens]

6. How do the do that and give the wealthy another even bigger tax cut? That's the only way

it can happen.

[Javaman]

7. ...

[NCjack]

8. Trump is a tax cut stumble bum.

His tax cut of the 2017 tax law was a gift to the rich from the lower classes. If you work for a living or are a retired worker, he screwed you.

When GOP fortunes were looking bad, he promised just before the 2018 midterms a 10% tax cut for the middle class. To be paid for by cuts to social safety net programs. That is, a net zero relief to middle class and working poor. No help -- just one of those "how may I appear to help you" deals.

Now, he wants to give us that tax cut he promised in 2018, but raise it to 15%. No thanks!

[Turbineguy]

9. I remember when Marcos

gave away free rice.

He got re-elected. And ordinary Filipinos got stuck with the bill for $350 million.

The local price for rice collapsed and Marcos' cronies could buy land cheap.

[bucolic_frolic]

10. These Trump BS tax proposals never mention lower income groups

so that could mean 15% is the lowest rate. Period.

[nykym]

11. but it would also dramatically add to the deficit unless the cuts were offset by major spending redu

Like maybe Social Security, Medicaid, Medicare, Welfare need I go on?

[groundloop]

12. He never mentions how it will be paid for

I would pay for a lower/middle class tax cut by increasing the tax on the wealthiest Americans. tRump, however, doesn't really give a shit about lower/middle class Americans, and certainly doesn't give a shit that his previous corporate tax giveaway is bankrupting America. Any additional cuts will most certainly come out of Social Security

[Bengus81]

13. If you make more than 39,475 and single your taxes would go UP by 3%. Recycled Ronald Regan BS.

I got NAILED by one of these middle class "tax cuts" like this one back in the 80's when Ronnie dumped a few brackets.

[beachbumbob]

14. Democrats should insist on 10%, jack the deficit even farther,

perhaps a $5,000 rebate to every SS retiree . GOP/trump only play is bribery and force get democrats to say no because exploding the budget deficit. I say turn it back on them.

[Brainfodder]

15. Because blob saying it means it is as good as WALL?

[Evolve Dammit]

16. Throwing a few crumbs to the masses so they ignore the creeping fascist. 1937 Germany.

[AJT]

18. Gee, I wonder how the tax cut would be paid for.....

why, social security and Medicare cuts of course.

[Bayard]

19. Only if he takes back his tax cuts to the wealthy

He's rapidly bankrupting this nation. Of course, he knows all about how to do that.

Election year promise, just like his wall and a host of other things. Anybody that falls for it again is a fool.