PHOTO: KEVIN LAMARQUE/Reuter
Article by Bryan Howard
October 23, 2018
President Trump proposed a new tax cut for the middle class. This new tax cut will be exclusively for the middle class and not for business or the extremely wealthy. All of the middle class will receive a 10% tax cut if it is approved by House and Senate, but it will not be able to be voted on until after the midterms are over.
It is not clear what President Trump is considering the middle class but it would be fair to assume it would be the middle three in the tax bracket.
This is the current tax bracket for the middle three in the bracket, and I assume this will be the middle class.
|25%||$37,951 to $91,900||$50,801 to $131,200|
|28%||$91,901 to $191,650||$131,201 to $212,500|
|33%||$191,651 to $416,700||$212,501 to $416,700|
If the tax cut is passed then the new middle class tax bracket would look something like this.
|15%||$37,951 to $91,900||$50,801 to $131,200|
|18%||$91,901 to $191,650||$131,201 to $212,500|
|23%||$191,651 to $416,700||$212,501 to $416,700|
Obviously that would be a substantial difference in the new take home for the middle class.