The White House seems to be signaling that a new push for another round of tax cuts will be coming soon.
According to Town Hall:
In recent months, White House Senior Economic Advisor and Director of the National Economic Council Larry Kudlow has said President Trump is interested in allowing workers to keep more of their hard earned paychecks and has been meeting with Republicans on Capitol Hill about how to get something done.
“We will gather together the best ideas from the Hill, the administration and outside folks to provide a significant new round of middle class tax relief,” Kudlow told reporters in September.
Now, it looks like a new tax cut proposal could be coming soon.
“It is time for Trump, in my opinion, to call for a second tax cut in his second term,” Heritage Foundation Senior Fellow Steve Moore said during an interview with Fox and Friends Monday morning. “One of the central features of that would be a universal savings account. So, people with incomes say up to $150,000 would be able to save up to $10,000 per year…without having to pay tax on that money. What I think is very attractive to that is we know American middle class people aren’t saving enough. Lets give them a little bit incentive to do that and put more money into their retirement accounts and be prepared for economic uncertainty.”
In the new proposal, the tax rate for the middle class will be lowered from 22 percent to just 15 percent.