Trump says 'major tax cut for middle-income people' coming in 10 days

Trump to unveil another middle class tax cut

Leaving nothing to chance in the midterm election, President Trump promised to roll out plans for another middle class tax cut on Halloween.

President Trump told reporters after a rally in Nevada, "We are looking at putting in a very major tax cut for middle-income people. And if we do that it'll be some time just prior, I would say, to November. We are studying very deeply right now round the clock a major tax cut for middle income people."

The Washington Examiner reported, "Trump has taken criticism from Democrats for his tax cuts, which they claim only help large corporations and the top 1 percent. But Trump said the tax cuts he is looking to implement soon would not be related to businesses whatsoever."

President Trump and Republicans cut the corporate tax rate down from a usurious 35% to a more reasonable 21%, which is the European average.

Donald Trump and His Trumplicans also cut middle-class income taxes. This would be a second round.

Not one single Democrat voted to cut taxes.

President Trump is giving voters a choice.

They can vote to cut their taxes, or they can vote to impeach.

 

Jesus H. ****ing Kerrr-rist. Even a Texas housewife living in a trailer park knows she can't cut income and raise expenditures. Why the **** would any responsible Republican support tax cuts and raising the budget deficit? This is one of the reasons why the Republican party is no longer the GOP; they spend like Democrats.

 

look at the bright side its good for goldin the long run

 

Someone has been watching too many Fox News commercials.

IMO, a better investment is ammo and toilet paper.

 

trumps new middle income tax breaks mean the dollar will start too tumble on the world markets thus rises gold.
https://www.kitco.com/news/2018-10-...-Prices-For-The-Rest-Of-The-Year-Analyst.html

 

Yawn. Get back to me when your first round of massive tax cuts helps the middle class. As a middle class american, this president is a ****ing liar and anyone who believes him is a ****ing idiot.

 

Donald Trump is the economic anti-christ. The GOP is a leaderless rabble that will follow any demagog.

 

companys need to giving out more raises not a fricken tax break for the middle class ,profits are way up for goldman sachs and other banks
https://www.marketwatch.com/story/goldman-sachs-posts-19-rise-in-profit-2018-10-16
most banks are not rising savings checking interests rates either

 

Time will tell. Unlike those who hoped Obama's policies would fail and harm millions of Americans, I truly hope our Federal leadership does what is best for our nation and that all Americans, regardless of politics, continue to prosper.

 

well he used tax breaks to get companys jump started and making profits, but he cant make them give more raises to the workers or banks to raise interest rates of saving for senior citizens that dont want to play in the stockmarket and looking for a safe place to put their life savings at.so the blame is surly on corporations now and thier bean counters not following through

 

Gee, I wonder if he's lying just to get the mid term votes he wants.

 

The Middle Class has to be rebuilt and manufacturing jobs have to be brought back to the country. If these cuts are for the Middle Class, I am on board with it.

 

The middle class is strong when inequality is low and when social and economic mobility is high. Tax cuts tend to have the opposite effect because it allows wealth to be concentrated and puts pressure on the kinds of services which enable social and economic mobility. In the US inequality was lowest, social and economic mobility was highest and the middle class was strongest back in the 50's and 60's when taxes were high and unions were strong.

I also suspect that if President Trump does announce a tax cut which benefits the (shrinking) middle class, that those who are far wealthier will benefit by orders of magnitude more.

 

What we need to do is require 60 votes for any bill that increases the debt. Period. We can't run out country into the ground like Japan did and have debt 200% of the GDP, we just can't.

 

How far can the deficit go before it ends up hurting America in a very bad way? So far the deficit has not had much effect on America while Obama and Trump have been president unless I missed something?

 

There is no way to implement a tax cut that advantages the middle class without advantaging the 1% class even more.

 

It's already having a big effect as the interest payments on the debt are becoming a growing and dominant part of the budget.

If interest rates rise further the interest on debt could become crippling.

 

On the flip side my Bank acct savings interest goes up.
That has been too low for too long.
I mean regular savings. No gimmick bank account.

Maybe making saving money attractive will have a good effect on the economy
or not?


Moi

Across an immense, unguarded, ethereal border, Canadians, cool and unsympathetic,
regard our America with envious eyes and slowly and surely draw their plans against us.​

 

Probably not, though I suppose you could cut the marginal tax rate in a specific range and then bring down the threshold(s) for higher tax rates so that if you earn over a certain amount, you get no net benefit.

 

We pay about 250 billion every year in interest on past debt. That means that our current deficit would be a lot lower if we had spent responsibly in the past. This expense is only this low because interest rates are historically low but if they rise then the interest we pay on our debt will rise dramatically. Also, our debt is going to go up a lot, so that adds much more of a problem. According to the CBO, interest on our debt will more than triple in the next 10 years and could rise to 1 trillion dollars per year. Thats why the time is now to start adopting a sustainable budget. We can't keep spending beyond our means forever.
http://www.crfb.org/blogs/interest-spending-course-triple

 

Trump has a plan. Mnuchin will buy Megamillions lottery tickets every week using taxpayer money until that runs out.

 

If interest rates go up, the people who benefit most are those who are net savers - i.e. those who are already comfortably off. Net borrowers, typically the young and/or less well off will see their living standards squeezed.

People like Mrs Don and I, older, no borrowing, plenty of money in the bank, were raking it in back before the crash. Several banks were offering 5%-7% interest on fixed-term cash deposits - it was a licence to print money. These days it's difficult to get much more than 1.5% net which means that in real (inflation adjusted) terms our cash deposits are losing money - which is kind of the point, force us to invest it or spend it, not have it just sitting there.

On the other hand, younger friends with large mortgages have benefited substantially and will suffer significantly if their payments double.

Possibly, the trouble is that most Western economies are currently reliant on (debt driven) consumer spending. If everyone were suddenly to become thrifty savers there would be a short-term financial hit and economic contraction. That isn't to say that it wouldn't be for the long term benefit but there certainly would be short to medium term pain.

 

And then again . . . .
Is economics really a science?
Methinks it is a philosophy.

 

If he thought this was such a good idea, why didn't he implement it a year ago?

No - this is an empty promise. He and the Rs made the tax cuts they really wanted to make. Now he is lying about a future tax cut in order to gain votes.

Politicians lie to get votes, but I can't remember any lie that is so transparently a lie-for-votes as this is.

 

If interest rates increase significantly then those people who owe money will see their payments on those loans rise - or at least they will if they have variable loan rates. Here in the UK the vast majority or mortgages are either variable rate, or have a fixed, or capped interest rate for a limited period of time. Sooner or later, most people with a mortgage will feel the impact of an interest rate rise.