President Trump broke big news last night at the Houston Rally.
Recently he’d been teasing that a new round of tax cuts was coming very soon, but he hadn’t provided any details.
Last night, he provided details and the crowd went nuts!
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President Trump announced he just left Kevin Brady (the U.S. Representative for Texas’s 8th congressional district, serving since 1997) and they planned out the new round of tax cuts.
Here’s the best part: it’s entirely for the Middle Class!
No provisions for business – Trump says they’re doing fine now. This one is for you and me – the middle class!
And it’s a 10% cut!
How would you like to keep 10% more of what you make instead of having it swiped by the government in your payroll deductions before you even see it?
Here’s the short clip in case you missed it:
Trump Announces 10% Tax Cuts For The Middle Class:
MarketWatch had a little more on the story:
Speaking to reporters on the White House law, President Donald Trump said the administration will propose what he called a "resolution" to cut taxes by 10% for middle-income earners. He made clear that this would be for Congress to enact and not to be done administratively. He acknowledged that Congress would not take up any legislative proposal until after the election.
Fortune had more:
President Donald Trump announced a new 10% tax cut would come into effect before the midterms, intended only for the middle class, not for businesses—nor the rich.
The only trouble? Congress isn’t in session, congressional leaders haven’t heard about it, nothing has been drafted, and Trump seemed to have invented it from whole cloth on Oct. 20, based on a confirmation provided by a White House spokesperson who spoke to CNBC.
Trump’s talk of a 10% tax cut comes a few weeks after the House took advantage of the attention focused on the Senate confirmation hearings for Supreme Court justice Brett Kavanaugh to pass $3.8 trillion in additional tax cuts on top of the December 2017 changes. Passed on Sept. 28, there was little chance of the Senate taking up this legislation, and the Senate has so far ignored it.
Trump first mentioned the new 10% tax cut while standing on an airplane tarmac in Nevada on Saturday, when he said, “We are going to be putting in and are studying very deeply right now, around the clock a major tax cut for middle-income people.” He said the cuts would be in place by November.
During questions with reporters on Oct. 22 before he left the White House on the Marine One helicopter, Trump was peppered with questions about how a tax cut could go into effect with Congress out of session until after the midterm elections on Nov. 6.
According to the White House transcript, Trump said the administration was “putting in a resolution” in the next one to two weeks.
A reporter asked if Trump were signing an executive order. He said, “No. No. No. I’m going through Congress.”