Trump wants more money in middle America's wallets: Kudlow
President Trump wants the middle class to have more money, according to White House economic adviser Larry Kudlow.
Kudlow is currently working “informally” inside the administration on a middle-class tax cut plan, he told FOX Business Stuart Varney.
“The president would love to see another round of lower taxes to help middle income for workers and wage earners -- give them as much disposable income as possible,” Kudlow said on Friday.
TAX CUTS 2.0: WHAT YOU NEED TO KNOW
President Donald Trump speaks to the 2019 Second Step Presidential Justice Forum at Benedict College, Friday, Oct. 25, 2019. (AP Photo/Evan Vucci)
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President Trump's tax cuts 2.0 will be announced during the 2020 presidential campaign, he added. Any tax-law changes would have to be enacted by Congress, which would likely prove difficult in an election year.
The last cuts, at the end of 2017, were criticized by Democrats, who said they helped wealthy taxpayers and corporations at the expense of the middle class and the federal budget. A chronic U.S. revenue shortfall, wiped out during the Clinton administration, reappeared during the George W. Bush administration and peaked during the 2008 financial crisis.
The Congressional Budget Office predicts it will widen to $1.2 trillion during the 2020s.