National Economic Council Director Larry Kudlow, a top economic adviser to President Donald Trump, said Wednesday that the White House plans to unveil a plan for additional tax cuts later in 2020. “I am still running a process of Tax Cuts 2.0. We’re many months away – it’ll come out sometime later during the campaign,” Kudlow told CNBC. “Tax Cuts 2.0 to help middle-class economic growth: That’s still our goal…. We will unveil this perhaps sometimes later in the summer.”
There is nothing like a tax cut to buy votes
It is important for Trump to announce middle-class tax cuts just before the election because everyone in the middle class now knows (or should) that the massive Trump Tax Cuts that were first on his agenda went to the rich. Even major pro-capitalist, Republican-leaning, Republican-owned magazines like Forbes acknowledge this:
For the first time in American history, the 400 wealthiest people paid a lower tax rate than any other group…. It’s never been more clear that our country’s tax code is built to serve only those who have the most money. While hedge fund managers, private equity executives and venture capitalists benefit from the carried interest tax loophole, everyday Americans barely get a deduction for their student loan interest payments…. Income inequality is widening to record levels and there’s no reason to believe the trend will slow down…. The Tax Cuts and Jobs Act of 2017 was the largest tax overhaul in over three decades. It was rushed through congress and it’s working exactly as it was intended to do so: to line the pockets of the wealthy at the expense of the working class. Optically, it was championed as a way to boost the economy, but the fact is that unemployment was already low and the cuts came amidst a long bull market…. The tax cuts are deficit-financed which … means that “resources will be taken away from future generations as well as today’s working class.”
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