Trump to announce tax cuts for businesses, wealthy in speech
President Trump will announce his intention to cut tax rates for businesses and the wealthy and raise the lowest individual tax rate in a speech in Indianapolis on Wednesday, Reuters reports. The plan will be promoted as a win for the middle class because it will also double the standard deduction for all taxpayers: "In the end, even the lowest rates get a tax cut," explained Rep. Jim Renacci (R-Ohio).
Still, analysts fret that if "economic growth projected by Republicans fails to materialize," then massive tax cuts could "balloon the federal deficit and debt," Reuters writes. And while the president called for bipartisan reform on Tuesday, "Trump asked for Democrats to jump on the caboose after the tax train has already left the station," said Rep. Lloyd Doggett (D-Texas), who suggested many in his party would not be willing to get on board with the plan.
In fact, a mere 7 percent of Democrats back Trump's plan compared to 60 percent of Republicans and 29 percent of independents, a Washington Post/ABC News poll released Tuesday found. In aggregate, just 28 percent of Americans support the plan. Read more about if cutting the corporate tax rate would help U.S. workers, like Trump claims it would, here at The Week.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
-
The drive behind Germany's pro-Israel political consensus
Under the Radar Belief that Israel's security is a 'raison d'etre for the German republic' is under growing pressure
By The Week UK Published
-
'The House under GOP rule has become a hostile workplace'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
The Shohei Ohtani gambling scandal is about more than bad bets
In The Spotlight The firestorm surrounding one of baseball's biggest stars threatens to upend a generational legacy and professional sports at large
By Rafi Schwartz, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published
-
Immigration helped the US economy outpace peers
speed read The U.S. economy grew at an annualized rate of 3.2% last quarter
By Peter Weber, The Week US Published
-
4-day workweek gets boost from UK study
Speed Read Following a six-month trial, the majority of participating British companies are still using the truncated schedule
By Peter Weber, The Week US Published
-
US sues to block Kroger-Albertsons merger
Speed Read The Federal Trade Commission sued to block the $24.6 billion merger between the grocery giants
By Peter Weber, The Week US Published
-
Nvidia sees historic stock rise on AI chips success
Speed Read U.S. chipmaker Nvidia achieved the biggest one-day increase in value of any company in history
By Peter Weber, The Week US Published
-
New York may seize Trump's assets for $450M penalty
Speed Read The former president likely owes $600 million from two civil judgments in New York
By Peter Weber, The Week US Published