Trump Says Team Working On Tax Cut For Middle-Income Earners

Donald Trump could make major changes to some signature decisions by the Obama administration. Photo: Reuters

By Jeff Mason, International Business Times
ELKO, Nev.

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.

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.

COMMENTS





Name

Business,743,Careers & Education,3,Investing,14,Markets,10,Money,4,Personal Finance,4,Real Estate,4,Small Business,15,
ltr
item
Business - U.S. Daily News: Trump Says Team Working On Tax Cut For Middle-Income Earners
Trump Says Team Working On Tax Cut For Middle-Income Earners
https://4.bp.blogspot.com/-CBIDpfSFc_0/W81pGrTdPfI/AAAAAAABE-4/H890uVNgjkgm9XYoDCcoWFzavhlVUCXjwCLcBGAs/s1600/1.jpg
https://4.bp.blogspot.com/-CBIDpfSFc_0/W81pGrTdPfI/AAAAAAABE-4/H890uVNgjkgm9XYoDCcoWFzavhlVUCXjwCLcBGAs/s72-c/1.jpg
Business - U.S. Daily News
https://business.dailynews.us.com/2018/10/trump-says-team-working-on-tax-cut-for.html
https://business.dailynews.us.com/
https://business.dailynews.us.com/
https://business.dailynews.us.com/2018/10/trump-says-team-working-on-tax-cut-for.html
true
8288295252483019008
UTF-8
Loaded All Posts Not found any posts VIEW ALL Read More Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy