Klobuchar Releases Taxes, Urges Trump To Do Same

Lloyd Doyle
April 16, 2019

President Donald Trump is spending America's tax filing day in Minnesota. The new tax law, which went into effect on January 1, 2018, cut taxes largely across the board, but heavily favored corporations and wealthy individuals.

Tax payer's can also apply to settle for a smaller amount or request a temporary delay in payment from the IRS.

Ahead of the president's trip, top White House economic adviser Larry Kudlow defended the popularity of the Republican tax cuts and the prosperity of the economy. It's a state he narrowly lost to Hillary Clinton in 2016.

"We promised that these tax cuts would be rocket fuel to the economy and we were right", Trump said during a roundtable discussion.

Most economists - including at the Federal Reserve - anticipate growth will slump this year to just above 2 percent as the stimulus from the tax cuts wanes.

Companies were also winners in the scenario as a result of slashing the corporate tax rate to make the USA more competitive with other countries. But history would appear to be against him: Minnesota has not voted for a Republican for president since Richard Nixon in 1972. "It's incredible what's happening", Trump said. He claimed that 80 percent of Americans received a tax break this year, whether they noticed or not.

"Remember, I got elected last time - the same exact issue, with same intensity, which wasn't very much because, frankly, the people don't care", he asserted.

Federal data also showed a negligible increase in refunds. "That's not happening. New figures from the Treasury show the IRS issues about $6 billion less in refunds this year, with refunds down an average of 20 bucks".

Further muddling the picture was the federal deduction for state and local taxes being capped at $10,000, which has mattered in high-tax states such as Minnesota, California and NY, among others.

"The fire that they're having at the Notre Dame Cathedral is something like few have witnessed", he said, adding that the church was "one of the great treasures of the world".

Other reports by Iphone Fresh

Discuss This Article