Trump is preparing a plan to reduce taxes for the middle class
US President Donald Trump on Thursday said he was working on a “substantial” tax cut for middle-income Americans, without going into the details of upcoming innovations.
Фото: Depositphotos
Speaking to the Republicans in Baltimore, Maryland, at the annual retreat, he said that the measure would be “very, very inspiring,” adding that it would be what “everyone really expects.”
“This will be a very, very significant tax cut for middle-income people who work so hard,” he said.
The president said that details will be published next year.
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Trump's statement was made at a time when Democratic presidential candidates actively attacked the president’s economic policy as part of the next round of election debates.
Photo: Facebook /The White House
Several economic initiatives are currently under consideration by the president. Trump met with top White House economic advisers on Wednesday to discuss indexing capital gains to inflation, an idea he initially supported but ultimately abandoned.
Indexing capital gains means that investors will be able to adjust their costs based on inflation, so only incomes exceeding the inflation rate will be taxed.
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Proponents of this initiative argue that inflation over time reduces the cost of investment, so part of what is taxed is not a “real profit.”
During his presidency, Trump has already carried out a massive tax reform, reducing basic taxes. The Law on Reducing Taxes and Jobs was signed by the president in 2017, which was one of the most significant changes in the US tax code in recent decades.
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