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President Trump's time in office has been full of unexpected twists and turns.
But one aspect has been predictable. President Trump ran on tax cuts in 2016. And tax cuts are exactly what Americans got.
Tweeting from Walter Reed National Medical Center yesterday, President Trump promised more of the same should he defeat Democratic challenger Joe Biden on November 3rd.
In one Tweet, President Trump wrote:
In another, he wrote:
The View: Pandemic economic woes aside, Republicans view the 2017 Tax Cuts and Jobs Act as a core reason why middle-class wages rose and poverty dropped in 2018 and 2019.
Trump has repeatedly promised an encore act, often referred to as "Tax Cuts 2.0." While it's not clear what future cuts would entail, President Trump has previously enumerated a few possibilities including:
- Slashing the top capital gains tax rate to 15% from 20%.
- Forgiving temporarily deferred payroll taxes.
- Tax breaks for companies that return operations from China to the U.S.
Former Vice President Joe Biden has promised to roll back the 2017 tax cuts and raise the corporate tax rate to 28% from 21%. Mr. Biden has also proposed increasing taxes on the wealthy, which he defines as anyone earning more than $400,000 annually.
- That threshold would spare all but 1.8% of U.S. households, a cohort expected to earn 24.8% of adjusted gross income in 2021.
- Mr. Biden has proposed restoring the top individual tax rate to 39.6% from 37%.
The Takeaway: 28 days until the election.