President Donald Trump said there would be a major tax cut if Republicans win back the House in 2020.
The GOP held the House but lost majority in the 2018 midterms.
Speaking at the White House on Nov. 15, Trump said: “Were going to be doing a very major middle-income tax cut, mostly devoted to middle income, who have really been big beneficiaries of the tax cut we did, which was the largest in the history of our country.”
“But were doing a major tax cut for the middle income, and thatll be subject obviously to taking over the House because the Democrats like tax increases, not tax cuts,” he said.
Trumps top economic advisor, Larry Kudlow, said this week that the administration is in the early stages of planning the next tax cut.
“Were in very preliminary stages right now,” said Kudlow, the national economic council director. “This thing will not be completed for many months, as I say, it will be released as a strategic pro-growth document for the campaign. We want to see middle-income taxpayers get the lowest possible rates.”
Trump in September said he was planning a major tax cut, telling a crowd in Baltimore: “We are working on a tax cut for the middle-income people. Well be announcing it some time in the next year, but itll be a very, very substantial tax cut for middle-income folks who work so hard.”
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