TRUMP TAX PLAN LOOKS POLITICAL
September 23, 2019 - Douglas Myser
Trump tax plan looks political. The Trump administration plans to unveil a tax cut plan in mid-2020, a top White House adviser stated, saying it would be targeted to giving significant relief to the middle class. Just like prior administrations have done in the past, when an election comes near, offer a tax cut to the masses in an attempt to sway the vote. With the economy in the 10th year of the oldest expansion ever, it is possible to argue that the tax cut is not needed to stimulate a vibrant economy, but is timed for the election. Speaking to reporters at a retreat for Republican lawmakers, White House economic advisor Larry Kudlow offered no details on what he has termed "Tax Cuts 2.0", a plan the administration intends to put forward as President Trump pursues his bid for a second White House term. Trump tax plan looks political.
"We will gather together the best ideas from the Hill (Congress) , the administration and outside folks to provide a significant new round of middle class tax relief," Kudlow said, adding, "This is not a recession measure at all." Kudlow, who is director of the National Economic Council, did not specify how the tax cuts would be fashioned or how deep they might be. Kudlow said the initiative would probably be rolled out "sometime in the middle of next year," which would be just months before the November 2020 presidential and congressional elections. Democrats have roundly criticized the 2017 Republican tax cut law as being heavily skewed toward the wealthy. Democrats opposed the measure and won enough seats in last November's mid-term elections to take control of the House of Representatives from Republicans.
Earlier on friday Republican Representative Kevin Brady, who steered the 2017 tax law through the House Ways and Means Committee when he chaired it, sketched out three main goals that would guide a new tax initiative. They would aim to make the existing IRS tax cuts permanent, instead of the expiration of them in 2025.
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