Trump Plans Tax Cut For Middle Class [OPINION]
With the U.S. economy booming, President Donald Trump is promising another tax cut.
This one, a 10 percent reduction, is exclusively for middle-class working Americans. The first round of tax reductions that helped spawn the economic resurgence also benefited businesses big and small, and is largely responsible for the tremendous job growth that has led to record low unemployment.
Details of the Trump tax plan are expected to be released next week when the legislation is introduced in the House. It is hoped the tax cuts can be enacted before the November midterm elections, but the Congress is not scheduled to meet in formal session until after the midterms.
While many Democrats have denounced the tax cuts as giveaways to the rich, most Americans have or will experience tax relief when they file in April. Certainly, many have benefited from the tax cuts to date through new job opportunities and/or company bonuses, as businesses large and small have reinvested their tax savings in their businesses and their employees.
Many Democrats, including Minority Leader Nancy Pelosi (D-California) and Sen. Elizabeth Warren (D-Mass.), have referred to the tax cuts as "crumbs." I suppose if you are an out-of-touch millionaire, a few thousand dollars can appear to be crumbs, but to hard-working Americans, it is welcome tax relief.
Democrats, including Warren, have already pledged to repeal the Trump tax cuts should they retake control of Congress. That, in essence, is a promise of a tax increase. Do you believe that a tax increase is what is needed to keep the economy booming? I don't.
Basic economics makes it clear that when you allow people to keep more of their hard-earned money, they will reinvest it in the economy. Tax increases stall economic growth in its tracks.
Common sense tells us that the old New England adage "if it ain't broke, don't fix it" applies here. The economy is humming as a result of current policies. To "fix it" by shifting gears now would only upset the apple cart, and would surely reverse the economic progress Americans have made in the last two years.
Don't forget to vote on November 6 and remember, it ain't broke, so don't try to fix it!
Barry Richard is the host of The Barry Richard Show on 1420 WBSM New Bedford. He can be heard weekdays from noon to 3 p.m. Contact him at email@example.com and follow him on Twitter @BarryJRichard58. The opinions expressed in this commentary are solely those of the author.