President Trump told The Wall Street Journal on the sidelines of the World Economic Forum in Davos, Switzerland, that the White House plans to unveil a new tax-cut proposal for the middle class in approximately 90 days.
“We’re talking a fairly substantial … middle-class tax cut that’ll be subject to taking back the House and obviously keeping the Senate and keeping the White House,” Trump said. He declined to elaborate more on the specifics of the plan.
Trump has been touting the idea of a middle-class tax cut since the 2018 midterm election, and more recently since the 2020 election year has begun.
White House National Economic Council Director Larry Kudlow said last week that tax cut 2.0 could be unveiled in the summer months.
Kudlow said the White House is considering a payroll tax cut and an expansion of the earned income tax credit. He said the new tax cut could spur consumer growth and help the middle class prosper. – read more