A cynical person might have thought that President Donald Trump’s surprising late October announcement of a potential ten percent tax cut for the middle class was simply a ploy to win over fleeing voters in the midterm elections. Turns out, that cynical person was probably right.
“We’re giving a middle-income tax reduction of about 10 percent – we’re doing it now for middle-income people,” Trump said just before the elections. “This is not for business.”
“That’s on top of the tax decrease that we’ve already got,” he added.
Watch the video below, via Fox Business Network:
But midterms came and went — and Trump’s lofty promise to the middle class didn’t seem to stem the bleeding to the GOP’s House majority. Now, that promise seems to have disappeared completely.
While the president hasn’t commented much on his apparent broken promise, those close to his economic plans don’t seem too optimistic about the progress on the plan
“We’ve been noodling more on this middle-class tax cut, how to structure it, and even pay for it,” National Economic Council Director Larry Kudlow told Politico earlier this week. “I don’t think the chances of that are very high, because the Democrats are going to go after the corporate tax and all that stuff.”
And in a Tuesday interview with Bloomberg, Treasury Secretary Steve Mnuchin wouldn’t even confirm if the plan existed. “I’m not going to comment on whether it is a real thing or not a real thing,” Mnuchin told Bloomberg on Tuesday. “I’m saying for the moment we have other things we’re focused on.”
Critics have pointed out that the 2017 Tax Cuts and Jobs Act, celebrated by Republicans as a victory for all Americans, did little to benefit the middle class. A December 2017 analysis from the Tax Policy Center found that by 2027, “On average, relative to current law, low- and middle income taxpayers would see little change and taxpayers in the top 1 percent would receive an average tax cut of 0.9 percent of after-tax income.”
In just a matter of months, a Trump campaign promise hasn’t just failed to materialize — his treasury secretary won’t even confirm that a real plan to cut taxes for the middle class even exists.