Trump May Cut Taxes Even More for Middle Class in 2020

As America hurtles towards another presidential election and one that will undoubtedly be rather dramatic, candidates continue to make promises to the American people. For extreme leftists like Vermont Senator Bernie Sanders and Elizabeth Warren of Massachusetts, this means giving everyone free everything.

If either one ends up in the White House, they promise to provide you with free healthcare, college education, housing, and even free daycare. They even promise to give all this to immigrants too.

Others, like Kamala Harris, promise to make major criminal justice reforms, reducing sentences for non-violent crimes, making marijuana legal, getting rid of the death penalty, and closing numerous prisons.

And while we may not like some of their policies or promises, they have a right to try and sway you to their way of thinking. Every politician and lawmaker does it. They want you to know what they can or, at least, say they will do for you.

Sometimes those promises are fulfilled, an act that proves a president is trying to make good on their word. Others are not. Usually, in these cases, the promise is found to be little more than a ploy to get your vote.

But occasionally it means that there was significant opposition to such a commitment by forces the president could not overcome. After all, a president is not all-powerful and must answer to both the House and the Senate before significant decisions are signed into law.

And just like every presidential candidate before him, President Donald Trump made promises to the American people. He promised to close off our borders and build a wall to our south. Trump vowed to cut taxes for middle-class families. He pledged to increase our economy and Americans more money.

And for the most part, he has held himself to those. He’s working to build a wall on our southern border and has made changes to cut the number of immigrants allowed in considerably. And he did make tax cuts. In 2017, he signed into law the Trump Tax Cuts and Jobs Act (TCJA).

These fulfilled promises make it very likely if new commitments are made, he will keep those as well.

So as we come towards re-election for Trump, rumors have begun he might once again promise tax cuts. According to a Washington Post article, Trump’s top economic advisor and head of the National Economic Council Larry Kudlow as been asked to bring a second tax cut package to life. As a result, Kudlow has proposed a plan that would cut middle-class taxes down to 15%, WaPo says.

Kudlow has explained the plan is nowhere near finalized, and many components have been considered. It is also unclear if the president has approved of this idea.

Among the ideas being discussed are possible exemptions on savings, reducing the number of tax brackets, a payroll tax cut, and reforming how capital gains are taxed.

However, Kudlow and Trump are already facing some backlash on the proposal. Many Democrats do not like the tax cuts made in 2017, claiming that they cost the federal government far too much, were extremely beneficial to the top 1%, and aren’t even permanent, as individual tax cuts will expire in a few years.

This, in addition, to the fact that Trump floated a similar idea last November that fell through, has made many skeptical of the actuality of this plan. For these liberals, this new “tax cut 2.0” is simply something Trump can tell voters he is working towards for the 2020 election, something to gain support for.

But as we can all see, it’s not like he hasn’t kept his promises in the past. And his last set of tax cuts did actually help most Americans, contrary to what Democrats would like to believe.

According to the Tax Policy Center, 82 percent of middle-class American households received a tax cut of about $1,260 on average. In addition, 90 percent of Americans have had their take-home pay increased and saw wage growth of 3.3 percent.

The child tax credit was also doubled, and its eligibility expanded. Plus, we can’t forget about the TCJA’s reversal of the Obamacare individual mandate, which fined many middle-class Americans. All of this has also helped to reduce the unemployment rate to lows not seen since the 1970s.

So if Trump continues to make promises he keeps that give these kinds of results, we say go ahead and promise all you want.