President Donald Trump said on Thursday his administration would unveil a tax overhaul plan aimed at middle-income households next year, amid the 2020 presidential election.

"We'll be announcing it sometime in the next year. But it'll be very, very substantial tax cut for middle-income folks who work so hard. And we'll look forward to that. We're going to work on it altogether," Trump told Republican lawmakers, without providing any additional details.

Trump has said his administration was considering potential tax cuts, seeking to play down market anxieties over a possible recession. At the end of 2017, Trump passed a tax overhaul passed by the Republican-led Congress.