Trump, top House Republican admit there's no chance of a middle class tax cut this year

[edpc]

(CNN) — President Donald Trump and the top Republican tax-writer in Congress, House and Ways Means Chair Kevin Brady of Texas, conceded on Wednesday there was zero chance that middle-class Americans will see their taxes cut this year.

It was the first time the White House had returned to a last-ditch campaign promise since the President made the pledge at a rally in Nevada almost two weeks ago. The statement effectively closed the door on any chance of pushing through a tax cut this year.

https://www-m.cnn.com/2018/10/31/politics/white-house-brady-middle-class-tax-cut/index.html?r=https%3A%2F%2Fwww.cnn.com%2F

[Applewood]

This year?  How about ever?

Republicans have no intention of giving the middle class any sort of a tax break ever.  We are their cash cows.  Like the Democrats, they are going to milk us for all they can get.  What is really needed is true tax reform, but neither party is interested.

Of course, if the Republicans lose either or both houses of congress next month, they will be off the hook for any promises they made over the last several years.  I firmly believe they are praying for a Democrat sweep next month.

[Frank Cannon]

This year?  How about ever?

Republicans have no intention of giving the middle class any sort of a tax break ever.  We are their cash cows.  Like the Democrats, they are going to milk us for all they can get.  What is really needed is true tax reform, but neither party is interested.

Of course, if the Republicans lose either or both houses of congress next month, they will be off the hook for any promises they made over the last several years.  I firmly believe they are praying for a Democrat sweep next month.

Yeah. The GOP and Trump are against tax cuts....

On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act. It cuts the corporate tax rate from 35 percent to 21 percent beginning in 2018. The top individual tax rate drops to 37 percent. It cuts income tax rates, doubles the standard deduction, and eliminates personal exemptions. The corporate cuts are permanent, while the individual changes expire at the end of 2025.

https://www.thebalance.com/trump-s-tax-plan-how-it-affects-you-4113968

[Applewood]

Screw your stats, Frank.  The so-called tax cut did nothing for me or anyone else I know.  In fact,  that lovely SS COLA increase is going to mean I have to pay taxes on my SS for the first time next year. 

We need reform, Frank -- real reform, not the tweaks congress and your hero gave us.  They promised us reform.  That's not what we got.  Once again, Trump and the Republicans lied to us. 

[libertybele]

The full impact of the tax cuts won't be known until we file our tax returns in 2019; long after the mid terms....

For a large portion of the middle class, the benefit of lower tax rates is wiped out by the loss and limitation of deductions, and, in some states, can actually result in a net tax increase.......

....While the new standard deduction amounts are technically almost double what they were under previous tax law, with the elimination of the personal exemption deduction for a taxpayer and spouse the actual additional deduction is much less....

....The new tax law will actually increase the deduction for investment interest in many cases, as deductible investment expenses are no longer a factor in determining net investment income.....

....In reacting and responding to the changes made by the Tax Cuts and Jobs Act, one must look carefully at what the new law actually says and not rely on the “party” line that is being presented in the press.

https://www.accountingtoday.com/opinion/some-truths-about-the-tax-cuts-and-jobs-act