It appears President Trump spent at least part of the weekend at Walter Reed National Medical Center looking at ways to distance himself from his Democratic challenger, Joe Biden, and on Monday, among his 18 tweets he sent out to followers, the president made it clear that if re-elected, he’s going all in on tax cuts.
“BIGGEST TAX CUT EVER, AND ANOTHER ONE COMING. VOTE!” Trump wrote in a series of tweets. “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!!!”
Back in 2017, Trump signed the Tax Cuts and Jobs Act, which was the largest overhaul of the tax code since the Reagan presidency. Trump has often pledged to follow up that tax cut with a sequel often referred to as “Tax Cuts 2.0.”
In his series of tweets, the president didn’t go into any specifics on what the tax cuts would include, but he has previously talked about trimming capital gains, forgiving temporarily deferred payroll taxes and also giving tax breaks to U.S. companies who commit to bringing operations back from China.
Biden meanwhile, has promised to roll back Trump’s 2017 Tax Cuts and Jobs Act. The rollback would include raising the corporate tax rate from 21% to 28%, restore the top individual tax rate to 39.6% and cap deductions for high earners among many of the changes.
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