Trump Vows 'Major Middle-Income Tax Cut' If Republicans Win Back House
President announces plans on new legislation for tax cut
President Donald Trump on Friday announced he is planning legislation for a major middle-income tax cut if the Republican Party succeeds in winning back the House of Representatives.
Trump said during an event on healthcare:
“We’re going to be doing a very major middle-income tax cut, mostly devoted to middle income, who have really been big beneficiaries of the tax cut we did [the 2017 Tax Cuts and Jobs Act], which was the largest in the history of our country."
"But we’re doing a major tax cut for the middle-income, and that’ll be subject obviously to taking over the House because the Democrats like tax increases, not tax cuts," he said.
Larry Kudlow, Trump's top economic adviser, also suggested that the administration was weighing options for tax cuts.
Laying the groundwork
Last month, Trump signed a presidential proclamation preventing U.S. taxpayers from being forced to subsidize legal immigrant health care costs, who will need to have their own insurance.
According to the new rule, most foreigners will be required to apply for visas and will have to have their own employer-based health insurance or a private health insurance plan that is not subsidized, before they arrive in the country.
Trump Drops Hammer On Adam Schiff’s Star Witness During Live Testimony— Neon Nettle (@NeonNettle) November 15, 2019
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The proclamation read:
Healthcare providers and taxpayers bear substantial costs in paying for medical expenses incurred by people who lack health insurance or the ability to pay for their healthcare.
Hospitals and other providers often administer care to the uninsured without any hope of receiving reimbursement from them.
The costs associated with this care are passed on to the American people in the form of higher taxes, higher premiums, and higher fees for medical services."
In October, Neon Nettle reported that unemployment figures in America dropped to the lowest levels since 1969, according to new US employment data.
Trump's booming economy created 136,000 American jobs in September, with the unemployment rate falling to just 3.5 percent.
According to Econoday, economists were expecting the number of new jobs to be between 120,000 and 179,000, with the consensus number at 145,000.