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economy fiscal stimulus Markets midterm elections tax reform

Trump Delivers The ‘Details’ Of His ‘Major’ Middle Income Tax Cut

"No, no."

On Saturday, in Nevada, Donald Trump made a bizarre claim.

Actually, he made a number of bizarre claims in Nevada, but the one that really caught everyone’s attention involved what the President is calling “a major tax cut for middle income people” that, according to him, is coming before November.

Well, as it turns out, November is next week (who knew?) and Congress isn’t in session, so hopefully you can understand why folks were skeptical.

Long story short, Trump was lying and when pressed, he actually went so far as to say that Paul Ryan and Kevin Brady are “studying” the issue “very deeply”.

Needless to say, nobody is “studying” this at all, let alone “deeply” or “around the clock” (as Trump went on to contend). Fast forward to Monday and it was abundantly clear that the White House itself had no idea what Trump was talking about either.

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Surprise! GOP Completely Blindsided By Trump’s ‘Major Tax Cut’ Pledge

Of course the media isn’t going to leave this alone, and why should they? The President of the United States said, explicitly, that he’s all set to unveil a sweeping tax cut specifically targeted at middle income families, something a lot of Americans would presumably be pretty excited about.

It thus came as no surprise that Trump was peppered with questions about his non-existent middle income tax cut plan on Monday afternoon. Trump being Trump, he doubled down on it. Here’s what he came up with:

 

Got that? Here it is again:

Trump: No, no. We’re putting in a resolution, sometime in the next week, week and a half, two weeks.

Reporter: A resolution, where?

Trump: We’re gonna put in … we’re giving a middle income tax reduction of about 10%, we’re doing it now.

Reporter: Are you signing an executive order for that?

Trump: No, no.

In case it is in any way unclear, there is no plan. This is completely made up. Congress has not confirmed this to any press outlets that I’m aware of and on top of that, it’s by no means clear what Trump means by “a middle income tax reduction of about 10%”.

What he’s doing here is attempting to deflect from criticism that the initial tax cuts only benefited the wealthy by making a vacuous promise to middle income Americans ahead of the midterms.

Can you guess why he’s so concerned about this? I’ll give you a hint: According to an internal RNC poll that leaked last month, voters overwhelmingly said “large corporations and rich Americans” benefited more from the original tax cuts than middle class families. When I say “overwhelmingly”, I mean it wasn’t even close – the margin was 2-to-1:

whobenefited

(Internal RNC poll)

Nothing further.


 

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6 comments on “Trump Delivers The ‘Details’ Of His ‘Major’ Middle Income Tax Cut

  1. My best guess: he knows that the first thing the Dems will do after taking the House and Senate is adjust the taxes reform act to benefit the middle class. trump is trying to get ahead of it to take credit for it. I don’t think his people (trump only parrots whatever advisor he spoke to last) believe this will affect the election results.

  2. Delusional Don is at it again. Say what is politically expedient regardless of facts and say it with conviction and assume enough people are delusional enough to believe it. Sad!!!

  3. monkfelonious

    Look! There’s a bird.
    No, it’s an airplane!
    No, really, look again.
    They look like little M’s!
    Stukas!

    My god, what an impossibly tangled web….

  4. A two trillion deficit makes Jamie Dimon right, but not because we would have long term growth.

  5. Lol did they bust out the old school typewriter for their poll?

  6. are we sure he didn’t mean a 10% haircut?

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