The director of the National Economic Council, Larry Kudlow, one of President Trump’s main economic advisors, said Wednesday that the White House plans to present a plan for additional tax cuts later in 2020.
“I am still running a 2.0 tax cut process. We are many months away, it will come out a little later during the campaign,” Kudlow told CNBC. “Tax Cuts 2.0 to help the economic growth of the middle class: that remains our goal.”
“I had a tremendous meeting with my friend Kevin Brady, who will undoubtedly be the new chairman of the House Media and Arbitration Committee,” he added. “But we will reveal this maybe sometimes later in the summer.”
As one of the Trump administration’s biggest victories of the president’s first term, the 2017 Employment and Tax Reduction Act reduced the U.S. corporate tax rate. UU. To 21% and reduced rates for tightly controlled companies. The legislation effectively allowed companies to maintain more than they deliver in profits, a result that, according to the defenders, will continue to boost employment and investment growth.
But the White House has explored in the last months a second round of tax cuts focused on increasing profits for the middle class, an initiative that Kudlow has led so far. Fox Business News first reported on the White House plan schedule for a second round of tax cuts.
“This will not be completed for many months and will be released as a strategic document in favor of growth for the campaign,” Kudlow said in November. “We want to see that middle-income taxpayers get the lowest possible rates.”
He also said at the time: “If we reach 15% with a middle class tax rate, I don’t know. I think it’s a very good idea.”
That may be partly to match some of the effects of the first round of tax cuts. Households with less than approximately $ 25,000 obtained an average tax cut of approximately $ 40, compared to approximately $ 33,000 in tax savings for those with $ 733,000 or more in income (the top 1%).