Later in the day, White House spokesperson Lindsay Walters elaborated on the president’s remarks, saying that Trump wants Congress to vote on the 10 percent tax cut as part of the ‘Tax Reform 2.0’ package that recently passed the House of Representatives. Trending: Former Biden Chief of Staff Now Executive VP at Fox!
Unfortunately, the White House has created more questions than it’s given answers, leaving many to wonder what to trust. AOL.isWurflMobile = false; // required by dynamic-lede.js, isAutoRotateDisabled() Still, he cautioned against over-promising and under-delivering, and recommended that the president highlight the tax cuts he's already enacted rather than ones he's promising in the future. !function (e, f, u) { try { WASHINGTON - President Donald Trump, speaking to reporters at the White House as he left on a campaign trip to Texas, said on Monday his administration planned to produce a resolution within two weeks calling for a 10 percent tax cut for middle-income people. Kudlow told CNBC this policy, if pursued, may extend to bonds as well as stocks. document.getElementsByTagName('script')[0], '//c2.taboola.com/nr/aol-aol/newsroom.js'); Suspected bitcoin scammers hack Twitter accounts of Barack Obama, Jo... 'Glee' actress Naya Rivera's body found, according to authorities. "Tax Cuts 2.0" will reportedly include a 10% tax cut for middle-income Americans. “We’re giving a middle-income tax reduction of about 10 percent.
Senator Ted Cruz, said the latest tax cut plan was not meant to help businesses but was for middle-income earners and would be "on top of the tax decrease that we've already given them.". NATIONAL POLL: Do You Still Support President Trump? But that package would need Democrats to support it, barring major procedural maneuvering. } if (sizeArray.indexOf(e) === -1) { Under one hypothetical scenario described by multiple officials, a household earning up to $200,000 could invest $10,000 of that income on a tax-free basis, although officials noted these numbers are fluid.“Nothing’s ruled out,” said one senior administration official. Tax cuts 2.0 'absolutely coming', according to Vice President Mike Pence https://t.co/Wx9yFiLut8 pic.twitter.com/cBWmf2fSqT. We’re doing it now for middle-income people.”. Trump’s call for a new tax cut generally caught allies on Capitol Hill and elsewhere off guard. Our Standards: The Thomson Reuters Trust Principles. // hmpg_ads.push(c); c.mns = sizeMnArray; On August 27, 2020, Hurricane Laura made landfall near Cameron, Louisiana, as a Category 4 storm. } AOL.cobrand = "amp-bon-article"; We're doing it now for middle-income people.".
https://t.co/DWVNHFt1Gv, As the stock market continues its record run, "tax cuts 2.0" could potentially triple the amount that middle class workers can invest tax-free https://t.co/QIRlgGQVai. spaceid: 1197803379, Trump said on Saturday his administration was studying a tax cut to be rolled out some time around the beginning of November just before the Nov. 6 congressional elections, even though lawmakers are out of town campaigning and Congress is not in session. test_id: "", A goat herd is helping Trump pay tens of thousands of dollars less in property taxes on his New Jersey properties perf_navigationtime: 2, Trump first raised the tax cut proposal in the same week the U.S. government ended the 2018 fiscal year with a $779 billion deficit, as previous Republican-led tax cuts squeezed revenues. "But I am glad that people are talking about tax cuts two weeks before the election.”.
AOL = {}; He is supposed to spend the remainder of his recovery at the White House. var myRapidInstance = new YAHOO.i13n.Rapid(rapidConfig); It would also seek to make the Tax Cuts and Jobs Act of 2017 (Tax Cuts 1.0) permanent.
As President Trump battles COVID-19, some said the White House is not doing enough to trace those who might have come in contact with him or been otherwise exposed to the virus at the White House. #NEW White House Economic Advisor Larry Kudlow says President Trump wants Tax Cuts 2.0 to be introduced this fall. “Given the success of these reforms so far, the President and Republicans in Congress support additional tax cuts for hard-working Americans.”. viewability: true, President Trump called for new, major middle-class tax cuts on Monday, adding to comments made over the weekend, but backpedaled on the timing, saying they would come after midterm elections. Don Stewart, a spokesperson for Senate Majority Leader Mitch McConnell R-Kent., said that he had no new vote scheduling announcements. } “Nothing’s been ruled in, either.”Larry Kudlow, director of the National Economic Council, told CNBC the approach looked at most closely centers on creating universal savings accounts, which would combine retirement, education and health care savings into one vehicle.Money put into the account would be done so on an after-tax basis, and taxed when withdrawn as well; but any accumulation of profits during the investment timeframe, known as capital gains, would not be taxed. Series of questions with right and wrong answers that intends to check knowledge, Trump Tax Cuts 2.0 Plan Reported to Include 10% Middle Class Cut, Retirement Savings Perk. Trump’s fellow Republicans are seeking in the elections to hold on to their majorities in the Senate and House of Representatives. President Donald Trump said Congress will vote on a new tax cut for middle-class Americans after the midterm elections, even though Republican lawmakers say they have no such legislation in the works. It’s unclear whether Republican leadership has the appetite for that. “We’re putting in a resolution sometime in the next week or week-and-a-half, two weeks,” Trump said. "We're doing it now for middle-income people. catch (e) {} Trump first raised the tax cut proposal in the same week the U.S. government ended the 2018 fiscal year with a $779 billion deficit, as previous Republican-led tax cuts squeezed revenues. Biden wins over Pennsylvania union leaders worried about his climate plan, Pope Francis being watched by 'everybody' to see if Vatican forms ties with China over Taiwan: US diplomat, White House has sown confusion on Trump's health, and the media love it, Supreme Court restores witness signature requirement for absentee ballots in win for GOP, White House is not contact tracing Rose Garden event and rejected CDC offer to track down those exposed to Trump: Reports, Chris Wallace tests negative for COVID-19 after moderating debate featuring Trump and Biden, 'I did get frustrated': Biden says he should have called debate 'clownish undertaking' instead of calling Trump 'clown', 'Every detail would not be made available': Biden lays out approach to health transparency, 'You’re going to beat it': Trump says not to be afraid of COVID-19 after return from hospital, US attorney investigating 'unmasking' requests by Obama officials announces resignation, US court orders Iran to pay $1.4B in damages to family of former FBI agent Robert Levinson, New Hampshire expands oversight by state's child advocate office, ACLU accuses Omaha police of using excessive force on protesters: Lawsuit, John McAfee arrested in Spain and awaiting extradition to US for tax evasion, Trump looks to move beyond COVID-19 hospitalization and White House outbreak.
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