REPORT: Trump says he is planning a ‘very substantial’ middle class tax cut in next year

TheHill.com:

President Trump on Thursday reportedly said that he planned to announce a middle class tax cut in the next year.

“It will be a very substantial tax cut,” Trump said at a Baltimore retreat with congressional Republicans, according to Bloomberg News.

The article goes on to state the following:

He added that the tax cut would be “very, very inspirational” but did not provide additional details.

The comments come a day after the White House said that the president 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 Wednesday.

The president has previously sent mixed messages on the issue.

He said last month that he was also looking into a temporary payroll tax cut.

Trump last month said in a tweet that he would approve a “major middle income tax cut” if Republicans keep the Senate and presidency and take back the House in next year’s elections.

He also did not elaborate on this proposal, which came days after adviser  Larry Kudlow said Thursday that the administration was looking at a “tax cuts 2.0” package for long term improvement but not near term cuts.

Any tax proposal from the White House would face an uphill battle in Congress with the Democratically controlled House.

Speaker Nancy Pelosi (D-Calif.) has indicated that she would be open to middle class tax cuts, but only if they are offset by taxes on the rich, according to Bloomberg. 

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