President Trump is promising to keep lowering taxes when he is re-elected in November. In a series of tweets, Trump ensured Americans that his administration will pass “Tax Cuts 2.0,” the nickname given to the sequel to the Tax Cuts and Jobs Act from 2017. The previous act was the largest tax code overhaul our country has seen since the Reagan administration. Democrat nominee Joe Biden plans to do the exact opposite vowing to raise taxes on Americans if he is elected on November 3rd.
Trump tweeted, “BIGGEST TAX CUT EVER, AND ANOTHER ONE COMING. VOTE!
BIGGEST TAX CUT EVER, AND ANOTHER ONE COMING. VOTE!
— Donald J. Trump (@realDonaldTrump) October 5, 2020
“IF YOU WANT A MASSIVE TAX INCREASE, THE BIGGEST IN THE HISTORY OF OUR COUNTRY (AND ONE THAT WILL SHUT OUR ECONOMY AND JOBS DOWN). VOTE DEMOCRAT,” Trump said in another tweet.
IF YOU WANT A MASSIVE TAX INCREASE, THE BIGGEST IN THE HISTORY OF OUR COUNTRY (AND ONE THAT WILL SHUT OUR ECONOMY AND JOBS DOWN), VOTE DEMOCRAT!!!
— Donald J. Trump (@realDonaldTrump) October 5, 2020
In a report from Fox Business:
It’s unclear exactly what it would include, but the president has previously said he would cut the top capital gains tax rate to 15% from 20%; forgive temporarily deferred payroll taxes; give tax breaks to U.S. companies that bring their operations back from China; and codify changes made in the previous tax overhaul that are slated to sunset in 2025.
Biden, meanwhile, is running on a multitrillion-dollar agenda that would be funded in large part by higher taxes on wealthy U.S. households – which he describes as anyone earning more than $400,000 annually – and corporations. That includes higher income tax rates, an expansion of the payroll tax for Social Security, new tax credits and fewer deductions.
“I will raise taxes for anybody making over $400,000,” Biden said during a recent interview with ABC’s David Muir. “Let me tell you why I’m going to do it. It’s about time they start paying a fair share of the economic responsibility we have. The very wealthy should pay a fair share – corporations should pay a fair share.”
Biden has promised to roll back Trump’s 2017 Tax Cuts and Jobs Act and raise the corporate tax rate to 28% from 21%, restore the top individual tax rate to 39.6% from 37%, tax capital gains as ordinary income, cap deductions for high earners, expand the Earned Income Tax Credit for workers over the age of 65 and impose the Social Security payroll tax on wages above $400,000.
It’s clear that only one candidate truly has American’s best interests at heart. Even from the hospital, President Trump is working hard for the American people and focusing on getting America back on track.
1) Raise the minimum taxable income to reflect the cost of living (to the nearest $100).
2) Lower the 3 bottom tax tiers by 1-2-3%.
3) Raise the tax on off shore income to pay for the above cuts.
Thank you President Trump for all you and your administration does
48 years and joe has not done any of the things he talks about he talks but never does what he says, but he does promise higher taxes, bringing back a failed medical plan, killing more babies, etc.
joe Biden has 47 years experience as a lying politician it’s all he knows and is what has kept him around this long. fact is president trump isn’t in this for the money he doesn’t need any more. but Biden who now has a senators pension, a VP pension plus collects social security wants to bag a presidents pension as well. it’s time to retire this old fossil that has over stayed his welcome in Washington who has done nothing for decades and has even less to offer for the future. vote republican across the board.
All Pres. Trump has to do, is remind the people….ABOUT THEIR IRA’S, & 401’S…. & OTHER RETIREMENT ACCOUNTS….. Have they gone UP? How come?….Which democrat has EVER DONE THAT?….. PEOPLE SHOULD BE TOLD….don’t self destruct.
IF IT AON’T BROKEN?…DON’T FIX IT..
Blessings