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US Tax Reform

President announces middle-income tax cuts to precede mid-term elections

Thomson Reuters Tax & Accounting  

Thomson Reuters Tax & Accounting  

As reported by Reuters, President Trump said that his Administration was studying a tax cut for middle-income earners that could be rolled out just before the November 6 mid-term congressional elections. When asked about timing for the unveiling of the tax cuts, Trump said “sometime around the first of November, maybe a little before.”

While the House has recently passed legislation that would make the individual tax cuts in the Tax Cuts and Jobs Act permanent, the Senate, concerned about increasing the deficit, has not taken up the proposed legislation. In addition, Congress will not be in session during the time period mentioned by President Trump.

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