U.S. President Donald Trump said the administration was studying a tax cut for middle-income earners that could be rolled out some time around the beginning of November, just before pivotal congressional elections.
Trump mentioned the proposed tax cut in the same week the U.S. government ended the 2018 fiscal year with a $779 billion deficit, the Treasury Department said on Monday, as previous Republican-led tax cuts squeezed revenues. The deficit figure was the highest in six years.
“We’re looking at putting in a very major tax cut for middle-income people,” Trump told reporters before boarding Air Force One following a rally in Elko, Nevada.
When asked about timing for the unveiling of the tax cuts, Trump said “sometime around the first of November, maybe a little before.”
Americans will vote Nov. 6 in elections in which Trump’s fellow Republicans will try to hold on to their majorities in the Senate and House of Representatives.
The median household income in the United States was about $55,000 in 2016, according to the U.S. Census Bureau.
In December, Trump signed into law the largest tax overhaul since the 1980s, which slashed the corporate rate from 35 percent to 21 percent and temporarily reduced the tax burden for most individuals as well.
The administration is beginning to pull together plans for the president’s fiscal 2020 budget proposal, which Trump will present to Congress early next year.
Trump praises lawmaker who assaulted reporter
On Wednesday Trump told his Cabinet to come up with proposals to cut spending by their agencies by 5 percent but he suggested the military would be largely spared.
Reporting by Jeff Mason in Elko, Nevada; Editing by Bill Trott
Lindsey Graham backs up Trump’s widely condemned impeachment tirade: ‘A lynching in every sense!’
President Donald Trump's widely condemned comparison of House Democrats' impeachment inquiry to a "lynching" has the support of at least one Republican senator.
As reported by The Hill's Alex Bolton, Sen. Lindsey Graham (R-SC) on Tuesday agreed that with the president's characterization of the House Democrats' efforts to hold him accountable.
"This is a lynching in every sense!" Graham said.
Sen. Ted Cruz (R-TX) similarly agreed with Graham that House Democrats' efforts to impeach the president amount to a "lynching," as reported by Politico's Burgess Everett.
Donald Trump is mirroring the career path of Vladimir Putin: Scientology doc maker Alex Gibney
According to the director of the "Going Clear," the definitive documentary on Scientology, the rise of both Donald Trump and Russian President Vladimir Putin neatly mirror each other in the way that they have propelled themselves into office by using media manipulation as their most potent weapon.
As part of a discussion with the Daily Beast about his latest work, Citizen K, a look at the life of Russian dissident Mikhail Khodorkovsky, Alex Gibney said Putin's career trajectory became a major part of his story -- and he noticed extraordinary parallels with Trump.
Princeton historian delivers the definitive smackdown of Trump’s ‘insulting’ lynching tweet
Princeton University History Professor Kevin Kruse on Tuesday delivered a thorough takedown of President Donald Trump's claim that House Democrats' impeachment inquiry represents a "lynching."
In calling the tweet "twelve different kinds of bullsh*t," Kruse began by discussing the constitutional mechanics of the impeachment process in the House that only require a bare majority of lawmakers to favor in order to advance. Concerns about due process in impeachment only come into play in the Senate, where the president is ensured a fair trial and where two-thirds of lawmakers are needed to convict the president and remove him from office.