Trump says second phase of tax cuts will target middle class ‘even more’

The Trump administration is working on a second phase of tax cuts, President Trump told FOX Business, and it could involve a further reduction in the U.S. corporate tax rate and more stimulus for the middle class.

“This will be even more aimed at the middle class,” Trump told FOX Business’ Maria Bartiromo. “One of the things I'm thinking about is bringing the 21% [corporate tax rate] down to 20% and for the most part, the rest of it will go right to the middle class. It's a great stimulus.”

The president said the administration would “be doing” the new tax package in the fall, in October or possibly sooner.

During a roundtable earlier this year, the president said the second phase of tax cuts would be aimed at both the middle class and helping U.S. companies.

National Economic Director Larry Kudlow told FOX Business in March that part of the second round of reforms could involve making individual tax cuts, and other provisions, permanent.

The new package could also include measures aimed at helping Americans save for retirement. House Ways and Means Committee Chair Rep. Kevin Brady, R-Texas, told FOX Business last month that the administration wants to get families “in that savings mode earlier.”

Brady also said the second round of cuts could be completed before the November midterm elections.

The Tax Cuts and Jobs Act was signed into law in December.

Maria Bartiromo’s full interview with President Trump will air on Fox News Sunday at 10 a.m. ET during “Sunday Morning Futures.”