Kudlow: Tax cut 2.0 on the way for next year

Screen capture … White House economic adviser Larry Kudlow … Credit: Fox Business

On Friday, White House economic adviser Larry Kudlow told reporters that the administration is aiming to propose another round of tax cuts to provide tax relief to the middle class, with a plan expected to be drawn up by the middle of 2020.

“We’ll gather together the best ideas from the Hill, from the administration, and outside folks to provide a new round of significant middle-class tax relief,” he said.

Kuldow said that the plan is to “put something out the middle of next year.”

“This is not a recession measure at all. The economy is very strong,” he commented.

Although Kudlow offered no details on what new tax cuts might look like, Fox Business Network reported that a senior administration official told them new policies considered for Tax Cut 2.0 would include:  lowering marginal rates, doubling the standard deduction, and extending SALT (state and local tax deductions).

Kudlow’s remarks echoed President Trump’s Thursday comments that he planned to announce a middle-class tax cut in the next year.

“It will be a very substantial tax cut for middle-income folks who work so hard,” Trump said at a House Republican retreat in Baltimore. He added, without providing more info, that the tax cut would be “very, very inspirational.”

A day earlier, the President expressed that he would not reduce capital gains taxes at this time. “President Trump was thoroughly briefed on the complex economic, legal and regulatory issues, and concluded that at this time he does not feel enough of the benefits will go to the middle class,” White House spokesman Judd Deere said.

Rolling out a Trump tax-cut proposal in the middle of the presidential campaign season will provide a stark contrast to Democrats’ promises of raising taxes to accommodate a wide range of “freebie” proposals being pitched by the extreme left such as free college, elimination of student debt, guaranteed income, Medicare for All, universal childcare, affordable housing, and reparations … not to mention the generally angry “tax the rich” up-to-90% movement.

Getting a tax cut enacted will require that Republicans retake the House majority in 2020 elections, as Democrats have zero interest in providing taxpayer relief.

Tax Cuts 1.0, otherwise known as the Tax Cuts and Jobs Act was signed into law by Trump in 2017, and is recognized as one of the most significant overhauls of the U.S. tax code in decades. It was passed while Republicans held majorities in both the House of Representatives and the Senate.

To no one’s surprise, Democrats criticized the 2017 tax cut law as favoring the wealthy.

This time around, for Tax Cuts 2.0, the President clearly wants to avoid feeding the left any ammunition for their false characterizations. As an example of that sentiment, in August he told reporters that he would not consider indexing capital gains to cut taxes, as it would be perceived as “elitist.”

“I’ve studied indexing for a long time,” said Trump. “I think it will be perceived if I do it as somewhat elitist. I don’t want to do that.”

Watch a Fox Business segment on Kudlow’s comments …

Video by Fox Business 


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