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President Trump is preparing a second round of tax cuts to strengthen his re-election platform, but efforts are only faltering and are the subject of an investment. uncertain, even among Republicans.
"This will be a very important tax break for middle-income people who are working so hard," Trump said on Thursday about his intention to create a tax break for the middle class, when he added. a retreat for House Republicans in Baltimore. He added that the tax reduction would be "very, very inspiring" but did not give more details.
A senior manager of the administration said to the Washington Examiner that the White House was reviewing the "2.0 tax cuts", these cuts being the 2017 tax and employment tax reduction act that revamped the corporate tax code and put it into effect. implement temporary tax cuts for families. The official said the new tax cuts "would be a key element" of what the administration would like to see from Congress in the coming months.
Trump is facing obstacles to convince congressional Republicans to participate in his next round of tax cuts, not to mention the Democrats who will inevitably form an aggressive opposition.
Kevin Brady, from Texas, high representative of the House Ways and Means Committee and key author of the 2017 recast, said on Wednesday that he was not focusing on tax cuts 2.0, but on the completion of the remaining work of the previous one. effort.
"My first priority is to make permanent tax cuts for families and small businesses through the law on reducing taxes and creating jobs," said Brady.
Brady also said that he planned to send the president a bipartisan legislation aimed at reforming the tax treatment of retirement savings, but he was willing to consider a reduction in the tax of the middle class.
Trump talked a lot about the new tax cuts shortly before the mid-term elections of 2018, but dropped the subject afterwards. Now, he and White House officials, such as Economic Advisor Larry Kudlow and Treasury Secretary Steven Mnuchin, have resumed discussions on middle-class tax cuts in recent weeks, while anxiety grew over a possible recession.
Trump seems to fluctuate in tax cuts depending on the economic situation and its own popularity. Barely a month ago, he told the press, "I do not think of a tax break now."
A senior administration official told FOX Business on Friday that the 2.0 tax cuts could simply take the personal side of the 2017 tax cuts and make them permanent, such as lowering personal income tax rates, deducting double standard deduction and limiting local tax deductions.
Some outside groups are looking for more. Americans for Tax Reform, a nonprofit taxpayer advocacy group, said they were expecting tax cuts 2.0 not just to make permanent tax cuts for taxpayers. 2017, but also to develop tax-efficient savings accounts and allow businesses to recover more start-up costs, measures that Brady sought to advance in the Ways and Means Committee.
No Democrat supported Trump's tax cuts in 2017, which has complicated the legislative path of any 2.0 tax reduction law. Instead, Democrats focused on expanding tax credits for low-income families and sought to cancel some of Trump's tax cuts. Some Democratic presidential candidates have called for the repeal of most tax laws.
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