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It's November again, only to the Trump administration it is 2018 once more instead of 2019: after all, it was one year ago, just before the midterm elections, that the White House floated "tax cut 2.0" to boost popular support for Republicans with no success.
Fast forward to today when on Tuesday first Larry Kudlow hinted, then the WaPo reported that Trump’s economic advisers are exploring whether the president should campaign for reelection proposing a 15% tax rate for the American middle class, with some seeing the idea as a simple way of selling Republicans’ economic agenda as not merely beneficial to the rich, according to multiple people involved in the White House’s internal deliberations over "tax cut 2.0."
Reminder - Weeks - Midterms - Trump - %
As a reminder, weeks before the 2018 midterms, Trump suddenly floated a 10% tax cut for the middle class, saying he was working on a “very major tax cut for middle-income people.” Talk of that plan fizzled after the election and a concrete proposal never materialized.
So with the presidential election now less than a year away, it's time to re-float this idea once more.
WsPo - Report - Trump - Advisor - Head
According to the WsPo report, Trump's top economic advisor and the head of the National Economic Council, Larry Kudlow, is spearheading the effort behind Trump’s second tax cut package and is widely seen as a leading proponent of the new 15% rate. While it is unclear if Trump has approved the idea, the president has pushed aides to develop a simple tax message for 2020 focused on middle class tax relief.
Unfortunately for Trump, just like in 2018, the popular response has been noticeably muted as the US middle-class no longer believes the president: the White House has faced sharp criticism for its 2017 tax cut law, because its tax cuts ended up helping the wealthiest almost exclusively. The new plan...
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Drove my Ford to the fjord, but the fjord was dry. . .