'Tax cuts 2.0' will be rolled out during Trump's 2020 campaign, his top economic advisor says

Reuters

Larry Kudlow.

• National Economic Council Director Larry Kudlow says the White House will release another tax cut plan in the middle of the 2020 election this year, likely in the summer.
• President Trump's top legislative achievement remains the 2017 Tax Cuts and Jobs Act, which slashed tax rates for corporations permanently while providing temporary relief for individuals.
• Since late last year, the Trump administration has weighed another round of tax cuts to help bolster the president's re-election odds and campaign that a second term would provide a boost to the middle class.
• Visit Business Insider's homepage for more stories.

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The Trump administration will roll out another round of tax cuts during the 2020 campaign, the president's top economic advisor Larry Kudlow said in a CNBC interview on Wednesday.

Kudlow, the National Economic Council Director, said he's been spearheading the planning so far.

"I am still running a process of Tax Cuts 2.0," Kudlow said. "We're many months away - it'll come out something later during the campaign."

He added: "Tax Cuts 2.0 to help middle-class economic growth. That's still our goal."

Kudlow also said the cuts would be unveiled "perhaps sometime later this summer."

It would mark an addition to the 2017 Tax Cuts and Jobs Act, which remains Trump's signature legislative achievement. It slashed the corporate tax rate to 21% and enacted temporary individual tax cuts that are set to expire in 2025. Corporate taxes were permanently cut.

Though the president pitched it as "rocket fuel" for the American economy, it fell short of many of the ambitious goals that Republicans put forward - such as locking in annual 3% GDP growth and spiking wages for workers. The law also substantially added to the federal deficit instead of paying for itself.

Democrats argued it represented a windfall for the wealthiest Americans and corporations.

Since late 2019, the White House has mulled unveiling another set of tax cuts to help bolster Trump's re-election odds and and argue that a second term would result in a boost to the middle class.

Republican Rep. Kevin Brady, who steered the last set of tax cuts through Congress, told Reuters last year that another tax plan could be designed to lock in the rate reduction for individuals.

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