President Donald Trump said on Saturday that he will approve a "major middle income tax cut" if the Republican Party keeps the Senate and the presidency, and takes back the House of Representatives in 2020.
In a Twitter message, the president wrote the following.
"If Republicans take back the House, and keep the Senate and Presidency, one of our first acts will be to approve a major middle income Tax Cut! Democrats only want to raise your taxes!"The president's promise comes as fears of an economic recession grow and following his flip-flopping on a proposal related to payroll taxes.
As The Hill notes, Trump alternated earlier this week between vowing to cut payroll taxes and arguing that such a tax cut would be unnecessary.
"I'm not looking at a tax cut now. We don't need it. We have a strong economy," Trump said less than 24 hours after suggesting that a payroll tax cut is necessary in order to boost the economy, and help the struggling middle class.
Reports have alleged that the White House is looking into payroll tax cuts in order to counter what is thought to be an inevitable economic slowdown, but officials have sent mixed signals, claiming in public appearances that there is no need to worry about recession.
Trump did not provide any details about the "major middle income tax cut" he is now promising.
The president made a similar promise ahead of the 2018 midterm elections.
As The Inquisitr reported, Trump said in October 2018 -- when the GOP controlled all branches of government -- that the administration is looking to roll out a "major tax cut for middle income people" before the midterm elections.
It has been 10 months since the election, and taxes have not been cut.
Now, the president is promising the same tax cut, but claiming that the Republican Party needs to regain control of all branches of government in 2020 in order for it to be enacted.The president's unpredictability has had an impact on the stock market, as have his policies. As CNN reported, on Friday, the Dow Jones Industrial Average dropped more than 700 points following a major escalation in the U.S.-China trade war.
China imposed new tariffs on American goods, and the Trump administration promptly hit back, slapping new levies on Chinese imports, with the president "ordering" U.S. companies to cease doing business with China and shift production back to America.The trade war escalation followed an inversion of the yield curve, which is a strong and reliable predictor of recession.
Trump has repeatedly blamed the media and Chairman of the Federal Reserve Jerome Powell for the economic slowdown.