| Joe Raedle/Getty Images. Now that Trump is implementing the tax cut, they say that it is “a war on Social Security” and that it is “not (a) real solution.”. Will he force a big middle-class tax hike next year? President Trump’s Tax Cuts and Jobs Act of 2017, middle-class will experience tax increases by 2027. | Robyn Beck/AFP/Getty Images. Under the Clinton administration, the unemployment rate hit an all-time low of 3.9% in December 2000. Early in his presidency, Trump quietly abandoned a rule guaranteeing overtime pay to millions of people making up to around $50,000 a year, which would have boosted working- and middle-class … Cookie Notice. And the idea behind the increased standard deduction is to offset the removal of itemized deductions and personal exemptions. In 2016 (under the Obama administration), an average of 196,000 jobs were added each month. While it’s important to give the Trump administration credit where credit is due, it’s also important to highlight what’s actually been going on over the course of the past few years. Donald Trump did an enormous favor for middle-class America last week. | Justin Sullivan/Getty Images. Unless these three tax breaks are extended, they will expire on December 31, 2025. Subscriber Agreement & Terms of Use, Look no further than Trump’s signature legislation: his tax bill. Under the Trump administration in 2017, an average of 170,000 jobs were added each month. The dollars go straight to workers and will be spent in the towns in cities across the country on Main Street USA. The average unemployment rate is hovering at 4.1%, making it the lowest it has been since December 2000. It’s not paid by China and it’s not a tax on corporations, who pass it along to consumers. The effects of the Great Recession are largely a thing of the past. Early in his presidency, Trump quietly abandoned a rule guaranteeing overtime pay to millions of people making up to around $50,000 a year, which would have boosted working- and middle-class wages. Markets only work if government sets the rules of the road, establishing property rights, providing consumer-safety protections, protecting workers, and much more. But this is not the only area where Trump is driving up costs for the middle-class to increase corporate profits; he’s used a wide range of government powers to take actions that hurt working families. (Photo: Susan Walsh/AP). All quotes are in local exchange time. Tax changes were Trump’s biggest legislative accomplishment, creating a huge windfall for wealthy shareholders and small gains for the middle class — … Historical and current end-of-day data provided by FACTSET. WATCH: Top 5 moments from ‘SNL’s’ most-watched season premiere in 4 years. Pope Francis says coronavirus pandemic has further exposed capitalism’s flaws, Historian who has accurately called every election since 1984 says Biden will beat Trump in 2020 race, McConnell cancels Senate votes for two weeks as Republican lawmakers test positive for coronavirus. The middle class gets some relief — at least for the next few years. Sam Berger is the vice president of Democracy and Government Reform at the Center for American Progress. Trump’s tariff war with China has cost middle-class families $500-1000 each. For middle-class workers with children, the benefit of the expanded child tax credit is impressive. Trump's most lasting impact on the country will … Copyright © 2020 MarketWatch, Inc. All rights reserved. Trump has abandoned a rule that prevented savers and retirees from being cheated by unscrupulous financial advisors. In its place, he’s proposed a watered-down rule, which would result in a cut to workers’ pay of $1.2 billion every year. Privacy Notice and With President Trump’s new Tax Cuts and Jobs Act of 2017, nearly everyone who takes the standard tax deduction for the 2018 tax year will experience a tax cut. Opposing View: Executive actions designed to relieve financial stress, writes Stephen Moore, member of President Trump’s economic recovery task force. All told, these Trump tariffs cost the average family $831 a year, more than offsetting the average tax cut for a household in the bottom 80%. But if middle-class families were getting any benefit from the tax bill, it’s likely been wiped out by the new costs that Trump is imposing on them through tariffs.

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