The Trump administration plans to unveil a tax cut plan in mid-2020, a top White House adviser said on Friday, saying it would be targeted to giving significant relief to the middle class.
Speaking to reporters at a retreat for Republican lawmakers, White House economic adviser Larry Kudlow offered no details on what he has termed “Tax Cuts 2.0,” a plan the administration intends to put forward as President Donald Trump’s pursues his bid for a second White House term.
“We will gather together the best ideas from the Hill (Congress), the administration and outside folks to provide a significant new round of middle class tax relief,” Kudlow said, adding, “This is not a recession measure at all,” He did not specify how those tax cuts would be fashioned or how deep the cuts might be.
Kudlow said that the initiative would probably be rolled out “sometime in the middle of next year,” which would be just months before the November, 2020 presidential and congressional elections.
Democrats have roundly criticized the 2017 Republican tax cut law as being heavily skewed toward the wealthy. Democrats opposed the measure, and won enough seats in last November’s mid-term elections to take control of the House of Representatives from Republicans.