Politically, The GOP Tax Cut Has Been A Huge Bomb


According to President Trump's chief economic adviser, the administration is working on additional tax cuts for middle-income Americans.

Trump said on Monday that the new policy would cut middle-income taxes by about 10 percent, stressing that this bill would not also benefit corporations.

Donald Trump is either lying about tax cuts, in search of headlines to fool voters who saw through the first Republican tax bill as a giveaway to corporations and the wealthy, or he's even more delusional than the conspiracy theorists thought. He added that Congress would vote on it after the November elections. However, it should be noted that Congress will not be in session until after the midterm elections.

The tax cut proposal could be included in a continuing resolution to fund the government on a short-term basis. "This is on top of the tax decrease that we've already given them", he told reporters at the White House before leaving for an election rally in Texas. "We're doing it now".

That's probably because no one in Washington seems to know what Trump is talking about.

"Building on the economic success of Republican tax cuts, which the House recently voted to make permanent as one part of Tax Reform 2.0, President Trump is determined to provide further tax relief for middle-class families", Brady said, making clear who is driving this effort.

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The resolution idea has caught Trump's attention in recent days, although White House officials haven't committed to pursuing that specific approach. Congress will not be passing a tax cut before the election ― or any time soon after. Prospects in the Senate for the legislation were weak.

House Ways and Means Chairman Kevin Brady (R-Texas) said his tax-writing committee would "continue" working with the Trump administration on a new tax cut for middle-class families, "to be advanced as Republicans retain the House and Senate".

FOX Business has a request in to the White House for more details.

Trump first raised the tax cut proposal in the same week the USA government ended the 2018 fiscal year with a $779 billion deficit, as previous Republican-led tax cuts squeezed revenues.

The new tax law they passed in 2017 did not contain such offsets, and nonpartisan analyses project it will add more than $1 trillion to the deficit over the next decade. And because Republicans are likely to lose control of the House ― even though they'd have a couple months of time until Democrats take over in January ― Brady has laid the groundwork for Republicans to just claim they can no longer do this 10 percent cut because Democrats will be taking control of the chamber. US income tax rates are graduated and income dollars get taxed in chunks as they move up through the brackets - which means wealthy Americans would also get to apply the reduced rate on their first dollars of income. "We'll do the vote after the election".

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