On Wednesday morning the Associated Press is reported that the President has drawn a line in the sand over tax reform….
The red lines are the corporate rate must be cut to 20 percent and the savings must go to the middle class.
At 11:21 AM the Associated Press reported that the Trump Administration has hinted that any tax cut will not favor the wealthy, with Cohn saying that an additional tax bracket could be added to levy taxes on the top one percent of earners if needed.
This announcement comes as earlier this morning Democrats blasted Republicans efforts over tax breaks. The Associated Press reports:
The Senate’s top Democrat is blasting a new tax cut plan backed by President Donald Trump as a giveaway to the rich.
Sen. Chuck Schumer says Trump’s plan only gives “crumbs” to the middle class, while top-bracket earners making more than a half-million dollars a year would reap a windfall.
The New York Democrat also blasted the plan for actually increasing the bottom tax rate from 10 percent to 12 percent, calling it a “punch to the gut of working Americans.”
Schumer said the plan is little more than an “across-the-board tax cut for America’s millionaires and billionaires.”
The actual tax reform plan will be released on Wednesday afternoon.
Source: Associated Press