Trump Promises Major Middle-Class Tax Cut by November: Not Going to Happen

In response to a reporter's question, Trump outlined a "major tax cut" prior to November. It's not going to happen.

When asked, trump repeated the claim and the date.

That video is from October 20. Thus, Trump proposed a tax cut, or at least an outline of one, would happen in 11 days.

Made Up on the Fly

Not Going to Happen

  • For starters, Congress is in recess.
  • Second, top Republicans do not know what he is talking about.
  • Third, Trump claimed the last tax cut was for the middle class. Whether or not you agree with the tax cut, it definitely was not for the middle class.

What's It All About?

Politically speaking, the last tax cuts were a public relations disaster. Trump is smart enough to recognize that.

Inept Democrats failed to take advantage.

Instead, the Democrats wasted time on Kavanaugh and with Elizabeth Warren's ridiculous DNA scam that made her look incredibly foolish.

For every mistake Trump makes, Elizabeth Warren, Nancy Pelosi, or some other totally inept Democrat comes to the rescue.

If you are a Republican, you are laughing out loud.

Mike "Mish" Shedlock

Comments (22)
No. 1-12
JL1
JL1

The previous tax cuts were superb for companies and good for workers but there could have been more tax cuts for lower middle class workers.

Biggest problem with previous tax cuts was that they had a sunset clause for the employee tax cuts.

I hope Republicans make these worker tax cuts permanent.

You are right that democrats have been incompetent in becoming a crazy mob with Kavanaugh and Warren's "Here's proof I am 1/1024th native American" was just an epic fail that shows Warren has NO political eye whatsoever.

JL1
JL1

The tax cuts for companies was a good policy choice by Trump.

However rich individuals had their taxes cut too much in my opinion, they should have had their taxes cut a bit less and more of the tax cut could have been given to middle class and especially lower middle class.

Tengen
Tengen

I'm surprised people still spend energy debating tax cuts. We're so far past the point of no return on debt that we may as well, as some have suggested, abolish taxes altogether. What's the point? The books never need to balance, just have the Fed conjure up whatever is needed. We're already pretty far along this path, we could just drop the pretense of caring about budgets and revenue.

From here on, it's $1T-plus annual deficits as far as the eye can see, and that's only for official public debt. It may be best we can't peek into the Fed's books, just a glimpse would probably stop the average person's heart cold! For heartier people it may not be lethal, but you'd still occasionally stroke out at the podium like Janet.

nic9075
nic9075

Does it matter if it is 1 trillion, 10trillion or 100 trillion. Bond yields have barely moved higher, and the overall inflation rate is under 3%

Sechel
Sechel

a page out of his real estate playbook. make promises to help sell the building but as i learned if its not in the contract or the prospectus the promise aint worth a dime. not that i believed any of them but some of the promise were doosies like a a railroad that was never built and a suggestion a road in front of the building would be burried.

gregggg
gregggg

“...inconvertible currency, a sovereign national government is finally free of money worries and need no longer levy taxes for the purpose of providing itself with revenue... It follows that our Federal Government has final freedom from the money market in meeting its financial requirements... All federal taxes must meet the test of public policy and practical effect. The public purpose which is served should never be obscured in a tax program under the mask of raising revenue.” Beardsley Ruml 1946.

Ron Cataldi
Ron Cataldi

The thing that makes Trump dangerous is that he knows just how dumb his supporters are.

Thalamus
Thalamus

I think all taxes should be eliminated and let the interest paid to the Fed be enough to satisfy their costs. Government should live on a fixed 2% consumption tax (state and fed). Beyond that there's too much government.

Blacklisted
Blacklisted

Any tax cut is good. What's crazy is deficit spending and paying interest on money required to run the govt. A haircut is coming, at a minimum. Do it now and include debt-equity swaps and get on with it.

Since career politicians will NEVER admit a mistake or reform, sadly the needed changes must come after the forced reset. All we can hope for is a new Democracy grows from the ashes instead of a totalitarian hell, which the establishment thinks it can survive.

Carlos_
Carlos_

This is %100 populist promises. Notice that he will not be able to pass this until after the election (if at all). This is no different than banana republic presidents promising free food and beer if you vote for them (Yes they promise and deliver such thing). And yes it is a populist promise unless you make cuts to account for the giveaway. Anyone who think this is MAGA really needs to get out more and see what happens with populist countries

douglascarey
douglascarey

"Whether or not you agree with the tax cut, it definitely was not for the middle class" Please elaborate. Nearly everybody saw their taxes go down.

stillCJ
stillCJ

Editor

He didn't say November of what year.