Trump announced at his supposed coronavirus briefing that he is considering a cut on capital gains taxes that would benefit the richest Americans.
Trump said, “But the — we’re looking at also considering a capital gains tax cut, which would create a lot more jobs. So we’re looking very seriously at the capital gains tax cut. And also at an income tax cut for middle-income families. We’re looking at expanding the tax cuts that we’ve already done, but specifically for middle-income families. And you’ll be hearing about that in the upcoming few weeks. And I think it will be very exciting. So capital gains tax is going to be a lot of people put to work, and it will be a cut in the capital gains tax. And also a cut in the income tax.”
Trump pushes a new tax cut for the wealthy to “create jobs” in the middle of the pandemic. A capital gains tax cut will not create jobs. pic.twitter.com/fY56Z3YNdv
— Sarah Reese Jones (@PoliticusSarah) August 10, 2020
Republicans already tried this strategy with their first tax cut for the wealthy, and it had no positive impact on jobs. Capital gains tax cuts only benefit the wealthiest Americans. They do not help people who are unemployed because they don’t create jobs.
It is also close to an election, so Trump is back to promising a mythical middle-class tax cut, which he has no plan for, and no intention of doing. House Democrats have passed bills that would cut taxes for the middle class, but Trump and Senate Majority Leader Mitch McConnell have shown no interest in acting on them.
Trump’s answer to the pandemic is not to pass a relief package, but to cut taxes for the rich.
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Mr. Easley is the founder/managing editor and Senior White House and Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association