The Marxists aren’t going to be happy with Trump for this one.
If you’re looking for even more of an incentive to reelect President Donald Trump then he’s served it up to you in all-caps on Twitter. According to Trump, he’s promising that if re-elected, he’s going to pass yet another tax cut and this one will be even bigger than the last.
“BIGGEST TAX CUT EVER, AND ANOTHER ONE COMING. VOTE!” tweeted the President from Walter Reed.
BIGGEST TAX CUT EVER, AND ANOTHER ONE COMING. VOTE!
— Donald J. Trump (@realDonaldTrump) October 5, 2020
The president also accompanied this with a sunny forecast for stockholders.
“I’m voting for Donald Trump. My father is a Union Worker and his 401K has tripled under President Trump.” USA Voter. Thank you, and remember that the Stock Market is getting ready to break its all time high. NEXT YEAR WILL BE THE BEST EVER. VOTE, VOTE, VOTE!!!!!” he tweeted.
“I’m voting for Donald Trump. My father is a Union Worker and his 401K has tripled under President Trump.” USA Voter. @foxandfriends Thank you, and remember that the Stock Market is getting ready to break its all time high. NEXT YEAR WILL BE THE BEST EVER. VOTE, VOTE, VOTE!!!!!
— Donald J. Trump (@realDonaldTrump) October 5, 2020
This was accompanied by a swipe at his Democratic opponents who have been throwing tantrums since his last tax cut.
“IF YOU WANT A MASSIVE TAX INCREASE, THE BIGGEST IN THE HISTORY OF OUR COUNTRY (AND ONE THAT WILL SHUT OUR ECONOMY AND JOBS DOWN), VOTE DEMOCRAT!!!” Trump tweeted.
IF YOU WANT A MASSIVE TAX INCREASE, THE BIGGEST IN THE HISTORY OF OUR COUNTRY (AND ONE THAT WILL SHUT OUR ECONOMY AND JOBS DOWN), VOTE DEMOCRAT!!!
— Donald J. Trump (@realDonaldTrump) October 5, 2020
After the passage of the Tax Cuts and Jobs Act in 2017, Trump has been promising a follow-up often referred to as “Tax Cuts 2.0.”
According to Fox Business, it’s unclear what the new tax cut legislation will contain, but the President has left clues:
It’s unclear exactly what it would include, but the president has previously said he would cut the top capital gains tax rate to 15% from 20%; forgive temporarily deferred payroll taxes; give tax breaks to U.S. companies that bring their operations back from China; and codify changes made in the previous tax overhaul that are slated to sunset in 2025.
Fox Business contrasts this by highlighting what Biden has promised, which is a monstrous tax increase:
Biden, meanwhile, is running on a multitrillion-dollar agenda that would be funded in large part by higher taxes on wealthy U.S. households – which he describes as anyone earning more than $400,000 annually – and corporations. That includes higher income tax rates, an expansion of the payroll tax for Social Security, new tax credits and fewer deductions.
“I will raise taxes for anybody making over $400,000,” Biden said during a recent interview with ABC’s David Muir. “Let me tell you why I’m going to do it. It’s about time they start paying a fair share of the economic responsibility we have. The very wealthy should pay a fair share – corporations should pay a fair share.”
Biden has promised to roll back Trump’s 2017 Tax Cuts and Jobs Act and raise the corporate tax rate to 28% from 21%, restore the top individual tax rate to 39.6% from 37%, tax capital gains as ordinary income, cap deductions for high earners, expand the Earned Income Tax Credit for workers over the age of 65 and impose the Social Security payroll tax on wages above $400,000.
Increasing taxes has been rather unpopular. Though House Speaker Nancy Pelosi has been promising to eliminate the tax cuts since they were passed (to her detriment), Democrats found that promising to raise taxes hasn’t worked well for their approval numbers and in September decided to be a little more standoffish about the idea of reversing Trump’s tax cuts should they seize the White House, the Senate, and the House.
Democrats admit that raising taxes as the economy attempts to recover from the Coronavirus would put Democrats at risk in October and decided instead to make COVID the number one priority instead.
If this is a fear for Democrats, enough to get many of them to alter their approach, then Repub the political advantage and a promise to cut taxes even further, especially in the age of COVID, is going to sound appetizing to Americans.
