President Trump said Monday his new tax cut plan would be a 10 percent reduction for middle-class families.
He said he’ll write it over the next couple of weeks, and it will be ready for Congress to act on once lawmakers return to Washington from their election-season vacation.
“We’re giving a middle-income tax reduction of about 10 percent,” he told reporters at the White House.
“This is not for business,” he added.
He said the 10 percent reduction is on top of the cuts the GOP powered through Congress late last year. Those cuts covered both corporate and personal income taxes.
Republicans had hoped the tax cuts would be a major political boon heading into election season, but polling shows they are not a clear-cut winner, as Democrats have argued the benefits went heavily toward the wealthy and corporations.
The president did not say Monday what the cost of any additional tax cut would be to the budget, nor whether he would offset the lost revenue with cuts to spending.
Last year’s tax cuts, along with massive spending increases Mr. Trump signed into law, sent the deficit soaring to $779 billion in the president’s first full fiscal year in office.
• Stephen Dinan can be reached at sdinan@washingtontimes.com.
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