President Trump announced Monday that he will introduce a new tax cut for middle-class Americans in November.
“We’re giving a middle-income tax reduction of about 10 percent – we’re doing it now for middle-income people,” he told reporters. The president described the proposed tax cuts again Monday night while speaking at a Ted Cruz rally in Texas, saying, “We’re going to be putting in a 10 percent tax cut for middle-income families. It’s going to be put in next year. In addition to the big tax cuts you’ve already gotten.” He added that Congress would vote on the proposal after the November elections.
Unlike the Trump administration’s Tax Cuts and Jobs Act of 2017, which benefited both the middle class and American businesses, the president says the new tax break is “not for business at all” and is exclusively aimed at helping the middle class.
Following President Trump’s announcement, Treasury Secretary Steve Mnuchin told press that he had been working with Congressional leaders to create a tax plan focusing on the American middle class, with director of the National Economic Council Larry Kudlow also confirming, saying the president’s proposed tax cuts were “in the planning stage”.
Since Congress passed the Tax Cuts and Jobs Act last year, American families have seen bigger paychecks and more opportunity, and workers have been better off than ever before. This summer, manufacturing activity hit its highest point in 14 years, and wages are increasing faster than they have since 2009 when the United States began climbing up from the lowest point of the recession.
By introducing another tax cut focused solely on benefiting the middle class, President Trump is keeping his promise to revive the economy and improve the lives of hard-working Americans.