President Donald Trump has said that a 10 percent middle-income tax cut resolution could be unveiled as early as this week. Although the House’s top tax writer has confirmed the tax cut is in the works, substantive details on the measure remain scarce.Middle-Income Tax Cut“So this will be a 10 percent — it’s going to be a resolution, probably introduced this week, the end of the week, or early next week,” Trump told reporters at the White House earlier this week. However, House Ways and Means Committee Chairman Kevin Brady, R-Tex., said on October 23 that Republicans would continue to work with the White House on crafting the tax cut “over the coming weeks.”Net NeutralAdditionally, Trump has predicted that the tax cut will be net neutral. A chief complaint of last year’s tax reform among Democrats is the Tax Cuts and Jobs Act’s (TCJA) (P.L. 115-97) estimated $1.4 trillion price tag over a 10-year budget window.“If you speak to Brady and a group of people, we’re putting in a tax reduction of 10 percent, which I think will be a net neutral because we’re doing other things, which I don’t have to explain now,” Trump said. A spokesperson for Brady has reportedly said that cost measures for the tax cut will be addressed once the proposal has been scored.By Jessica Jeane, Senior News EditorLogin to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.Not a subscriber? Sign up for a free trial or contact us for a representative.
- Trump: 10 Percent Middle-Income Tax Cut Could be Unveiled This Week