Trump’s Tax Cuts 2.0 expected in 2020: Kudlow
Kudlow told reporters in Baltimore that the administration would gather the best ideas from Capitol Hill and outside experts to provide middle-class tax relief.
A senior administration official told FOX Business on Friday that items being considered for “Tax Cuts 2.0” include making permanent some of the items from the Tax Cuts and Jobs Act that are set to expire in 2025, like lowered personal rates, the doubled standard deduction and the $10,000 cap on state and local tax deductions.
On Thursday, President Trump told House Republicans he was working on a “substantial” tax cut for middle-income Americans, which he said would be something “everyone’s really looking for.”
“It will be a very, very substantial tax cut for middle-income folks, who work so hard,” he said.
The president said details would be released in the coming year.
The announcement — which was made as the Democratic presidential candidates were tossing verbal jabs about his economic policies during a nationally televised debate in Texas – comes after the president has recently wavered on a couple of tax reform proposals, including indexing capital gains and a temporary payroll tax cut.
He met with top White House economic advisers on Wednesday to discuss indexing capital gains to inflation, which he initially supported then backed away from.
The Tax Cuts and Jobs Act was signed into law by Trump in 2017, one of the most significant overhauls of the U.S. tax code in decades.
FOX Business’ Blake Burman contributed to this report.