The president of the United States gave a speech from the White House Rose Garden on Wednesday, Oct. 14, to the New York Economic Club and promised a tax cut that will benefit the middle class and businesses, Fox News reported.
“We are going to be cutting taxes further, and that includes business taxes, but it includes especially middle-income taxes. We are low taxes. We are going to continue to be low taxes,” the president said.
The president took the opportunity to mark the sharp contrast between his America First policies and those proposed by Democratic presidential candidate Joe Biden.
“The choice facing America is simple: It’s the choice between historic prosperity under my pro-American policies, or crippling poverty and a steep depression under the radical left,” Trump said, referring to the Democratic opposition.
Biden has promised to reverse the Trump Tax Cuts and Jobs Act 2017 and raise the corporate tax rate to 28 percent from 21 percent.
He would restore the maximum individual tax rate to 39.6 percent from 37 percent, tax capital gains as ordinary income, limit deductions for high-income workers, extend the Earned Income Credit to workers over 65, and impose the Social Security payroll tax on wages above $400,000.
According to a December 2019 White House report, the Tax Cut and Jobs Act 2017 increased the middle class’s minimum income by 3 percent a year. Multinational companies have repatriated $1 trillion in profits previously invested abroad and lowered unemployment to a historic 3.5 percent.
But Democrats and the mainstream media have criticized Trump’s tax cuts because they have only benefited the richest. A quick Google search shows several pages of headlines dismissing these policies of the president as being only for the rich and ineffective for others.
However, in any prosperous economy, such as the U.S. before the pandemic, reducing the tax burden on business owners, whose role is to be a source of employment, can, in turn, increase the wages of their employees or improve their working conditions, or even expand.
“Under my continued leadership, we will continue our V-shaped recovery and launch a record-smashing economic boom,” Trump predicted in his speech. “We will end the pandemic with a safe and effective vaccine, create 10 million jobs in the first 10 months of 2021, and quickly return to full employment,” he added.
President Trump’s administration has been characterized precisely as one in which the promises he made during his campaign have been kept.
Keeping promises is markedly different from the maneuvers or moves of politicians who usually change their principles based on whatever will keep them in power.