White House: We're no longer promising 10% middle-class tax cut
The Trump administration is no longer working on trying to pass a middle-class tax cut even though President Trump discussed doing so as "middle-class relief' just before the elections.
Instead, Treasury Secretary Steven Mnuchin claims they will be working with Congress in order to fix "some minor technical corrections" in the law.
When Mnuchin was pressed on whether Trump meant his comments at round-table interview Tuesday at Bloomberg’s Washington office, he said:
“I’m not going to comment on whether it is a real thing or not a real thing. I’m saying for the moment we have other things we’re focused on.”
That's a pretty odd statement. Basically - the White House isn't working on it. If the U.S. Treasury Secretary isn't focused on it, then no one is. He said it might not even be a "real" thing anymore. This coming from a guy who stated that he speaks to the president almost every day.
But, the thing is - Trump was just talking about a major tax cut before the midterms. He told reporters in Nevada that he was working on a "very major tax cut for middle-income people," and not only that but congressional leaders were "studying very deeply, around the clock," in order to make it happen.
All that talk must have just been made in order to get people to vote Republican.
To date, Trump has been criticized for pass sweeping tax legislation last year that benefited corporations and the wealthy, while giving very little to middle-class tax families. The new tax law passed the House and the Senate without a single Democratic vote.
There is good news though: Now that Democrats have taken back the House of Representatives, there's talk on Capitol Hill that they are planning on rolling back some of the goodies that certain large corporations are receiving from the bill.
Democrats "are going to shine the light of day on the large amounts of money that these companies receive by the tax cuts," CWA President Chris Shelton told CNBC. "At the very least, I think we'll be able to find out more about where the money went."