President Donald Trump announced Saturday that the administration plans to roll out a “major tax cut for middle income people” as soon as November 1, Bloomberg reports.
President Trump spoke to the press after a rally in Elko, Nevada.
ThinkProgress reporter Aaron Rupar posted a video of Trump discussing his newest tax overhaul to Twitter.
“We are looking at putting in a very major tax cut for middle-income people. And if we do that it’ll be sometime just prior to November. We are studying very deeply right now round the clock a major tax cut for middle income people.”
The Toronto Star‘s Daniel Dale, and the Daily Beast‘s Andrew Desiderio, however, pointed out via Twitter that the president could be “making this up on the spot,” since Congress isn’t even sitting, and will not return to D.C. until after the midterms.
“Trump says there will be a middle-class tax cut coming before November 1, but Congress isn’t even returning to D.C. until after the midterm elections,” Desiderio tweeted.
Nonetheless, President Trump promised new tax cuts for the middle class. U.S. Representative for Texas’s 8th congressional district Kevin Brady and Speaker of the House Paul Ryan are already working on the new tax overhaul, according to President Trump.
The Trump administration’s tax cuts have been criticized by the Democratic Party and by left-leaning media for, they claim, helping large corporations and the top 1 percent, instead of relieving the dying middle class of tax burdens.
According to a recent poll, the vast majority of Americans believe that Trump’s tax cuts benefit the wealthiest. Sixty-one percent of all respondents think that President Trump’s tax cuts favor corporations and the rich, and only 30 percent believe that they help the middle class, according to Newsweek.
In March, Forbes predicted that the middle class could nearly disappear by 2028. Although the Trump administration is being criticized for accelerating the vanishing of the American middle class, a big economic shift that began in the 1980s is, in fact, to blame.
In a gradual move from a supply-constrained economy, to a demand-constrained economy — in combination with automation and the shrinking of the workforce – the American economy will swallow the middle class by 2028, according to Forbes.
While some may be critical of Donald Trump’s fiscal policies, the president often lauds them. Ahead of this fall’s midterms, the hashtag “JobsNotMobs” has become somewhat of a campaign slogan for the Republican Party, and even the president himself often uses it on Twitter.