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>> We're giving a middle-income tax reduction.>> A new round of tax cuts, this time aimed at middle income Americans. That's President Trump's latest pitch to voters as Republicans fight to keep their hold on Congress in next month's elections. Trump says his new taxes by about 10% for middle income earners, and would be unveiled shortly before Americans go to the polls next month.
This after a massive tax reduction he signed last year. That one helped corporations and the wealthy, but drew few cheers from average Americans. With Congress out of session, the new tax plan is not going anywhere until after the elections. The White House offered no further details. Trump's earlier tax cuts have worsened America's budget picture.
The government recently posted a $779 billion annual deficit, the biggest in six years.