President Trump told reporters on Saturday that his the White House and Congressional leaders are “studying very deeply, round the clock” to roll out a phase II tax cut for middle-class Americans before midterms.
“We are looking at putting in a very major tax cut for middle income people. And if we do that it will be sometime just prior to November,” said Trump, speaking from Elko, Nevada.
Trump said the cuts are “not for business at all.”
“We are looking at putting in a very major tax cut for middle income people” –President Trump pic.twitter.com/DKiiVcd5Pp
— FOX & friends (@foxandfriends) October 21, 2018
In December 2017 Trump signed the Tax Cuts and Jobs Act of 2017, which consisted of a major tax cut for individuals and corporations, while overhauling US tax policy at large. While Republicans touted the measures as significant for the middle class, critics say the bulk of the cuts went to wealthy individuals and corporations, who pay the bulk of the taxes (In 2015, those making over $195,000 accounted for roughly 5% of all returns filed, while paying 59.58% of all federal income taxes).
Critics of the 2017 tax cuts also noted that they are set to expire in 2025 on individuals – however Congress permanently extended the individual cuts in late September.
In a July interview with Fox Business‘ Maria Bartiromo, Trump floated the idea of a “phase two” of tax cuts “probably in October” or sooner.
“It will be more of a middle class — we did a lot for the middle class, but this will be more aimed at the middle class.”