Trump Mulls Middle Class Tax Cuts if elected

Former President Donald Trump is mulling whether to push for tax cuts for the middle class.

It appears that Former President Trump may be pushing for a middle class tax cut. This would be in addition to an extension of the Tax Cuts and Jobs Act lower rates and other lower taxes.

The likely tax cut would be in the form of a payroll tax cut. No details are currently available on this, but we know that during COVID, President Trump wanted to cut the FICA tax rate and this proposal would likely be similar to that cut.

However, our concern is with higher interest rates and an economy that appears to be in good shape do we really need a payroll tax cut plus an extension of the TCJA tax cuts.

It will be interesting to see what comes out of the election and how it may affect farmer’s tax situation.