Mnuchin Backs Off Trump's Promise of 10% Middle-Class Tax Cut
Source: Bloomberg
The Trump administration is setting aside a middle-class tax cut and planning to focus its tax efforts next year on fixing mistakes in the 2017 overhaul, according to Treasury Secretary Steven Mnuchin.
Mnuchin said hes hoping to work with Congress on some minor technical corrections to the law, such as a drafting error that denies retailers and restaurants a tax break when they make renovations. He downplayed the prospect of the middle-class tax cut that Trump campaigned on in the days leading up to the midterm elections.
Im not going to comment on whether it is a real thing or not a real thing, Mnuchin said in a roundtable interview Tuesday at Bloombergs Washington office. Im saying for the moment we have other things were focused on.
Trump, to the surprise of his allies in Congress, announced in late October that he was working on an additional 10 percent tax cut for the middle class. Days later, Mnuchin said he has been working with House Republicans on another tax plan that would be released shortly.
Read more: https://www.bloomberg.com/news/articles/2018-12-18/mnuchin-backs-off-trump-s-promise-of-10-middle-class-tax-cut
How do you spell "sucker"?
truthisfreedom
(23,155 posts)Nobody ever believed it was real.
Mr.Bill
(24,319 posts)is that it didn't work.
iluvtennis
(19,872 posts)hibbing
(10,109 posts)Va Lefty
(6,252 posts)pecosbob
(7,543 posts)PeeJ52
(1,588 posts)Mnuchin must have bought some retail stores and restaurants with his big income tax and now want to get some tax breaks for the rennovations. That Mnuchin is one slippery bitch. No soup, er taxcut for you, peasant....
Bengus81
(6,932 posts)CountAllVotes
(20,878 posts)Missed out *again*.
LIAR!
rickyhall
(4,889 posts)jmowreader
(50,562 posts)1. Fifteen (15) days after the enactment of this legislation, Public Law 115-97, the "Tax Cuts and Jobs Act of 2017," is repealed in its entirety.
2. One hundred eighty (180) days after the enactment of this legislation, Public Law 108-27, the "Jobs and Growth Tax Relief Reconcilation Act of 2003," is repealed in its entirety.
3. Three hundred sixty-five (365) days after the enactment of this legislation, Public Law 107-16, the "Economic Growth and Tax Relief Reconciliation Act of 2001," is repealed in its entirety.
Andy823
(11,495 posts)I would say "trumps base"!
BumRushDaShow
(129,465 posts)Sorry bub. They won't be in charge anymore come January. Whatever bullshit you come up with will be DOA and regular order, with actual congressional hearings, will happen instead.
GulfCoast66
(11,949 posts)The Democratic house should bass a bill raising income over a certain amount to 50%. I dont really care about the amount-500K, 750K, 1 million. It wont pass the senate but will catch the attention of the decreasing middle class.
Maxheader
(4,374 posts)talking to himself, kicking a beer can and with his superior demeanor...gone...