Conservatives are realizing that middle-class tax cuts are the real winner

President Trump casually mentioned in an interview with Fox Business anchor Maria Bartiromo this week that he plans to introduce a “middle-class tax cut” within the next 90 days. That would help him a lot politically if recent lessons from other countries are a guide.

Trump’s 2017 tax legislation was pitched as a cut for the “middle class”; in truth, it was typical Republican supply-side economics. Large- and medium-sized businesses got most of the benefit. The major reason many middle-class families got a cut was the bill’s increase in the child tax credit, an idea pushed by Sen. Marco Rubio (R-Fla.) and his allies but strenuously opposed at the time by traditional tax cutters. With the elimination of personal exemptions and the limit of certain deductions, some middle- and upper-middle class empty-nest taxpayers even got a tax hike.

Politically successful conservatives elsewhere have rejected the GOP supply-side orthodoxy in favor of tax cuts that tilt strongly in favor of the bulk of voters. Australia’s governing conservatives, the Liberal Party, won a shocking upset last May in part because of their tax plan. Tossing out his predecessor’s focus on cutting taxes for big business, Prime Minister Scott Morrison instead made cutting taxes for people the primary goal. Through a combination of credits, rate reductions and changes in the thresholds for income tax brackets, every Australian making less than 200,000 Australian dollars ($137,000) a year would get significant income tax cuts. The income tax rate paid by those earning above that wouldn’t be touched at all.

Conservatives are realizing that middle-class tax cuts are the real winner 5HKJH2R54QI6VL7CBEHLG63AWE

Conservatives are realizing that middle-class tax cuts are the real winner 5HKJH2R54QI6VL7CBEHLG63AWE

https://www.washingtonpost.com/opinions/2020/01/23/conservatives-are-realizing-that-middle-class-tax-cuts-are-real-winner/

Conservatives are realizing that middle-class tax cuts are the real winner

Conservatives are realizing that middle-class tax cuts are the real winner

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