President Donald Trump’s long-promised “Tax Cuts 2.0” plan will be released in September, with a 10 percent cut for middle-income taxpayers under discussion, a top White House official said today.
“In a meeting in the Oval, I guess two days ago, he looked at me and he said, ‘Let’s get it out by September,”National Economic Council Director Larry Kudlow told Fox Business Network. “We’d love to have a 10 percent middle-class tax cut, and we would love to strengthen and make permanent some of other tax cuts.”
“It will come out sometime in September,” he said.
As the timing of the plan’s release indicates, the proposal is mostly designed to set up a contrast with Democrats ahead of the November elections. Democrats’ tax plans are focused on raising taxes on the rich.
Stung by criticism their 2017 tax overhaul didn’t do enough for average Americans, Republicans have been raising the prospect of another round of tax cuts for almost two years. Among the ideas that have been under consideration is what the administration envisions as a 15 percent tax rate on the middle class, though it’s unclear how that would work.
Trump first raised the possibility of a “Phase Two” tax cut in March 2018.