The Trump administration is working on "Tax Cuts 2.0," a second round of tax cuts geared toward middle-class Americans, and they are "absolutely coming," Vice President Mike Pence confirmed Friday.
"I expect we'll be talking about that before the election year is out," Pence told Fox Business' Stuart Varney. "It's one of the reasons why we will focus so much attention on making sure not only do we get President Donald Trump four more years in this White House, but we will make sure that we reelect a Republican Senate and elect a Republican House of Representatives."
The legislation will likely include adjustments in the tax brackets that the 2017 Tax Cuts and Jobs Act previously reduced, according to statements made in November by Larry Kudlow, Trump's chief economic adviser, when he said that a 15% tax rate for the middle class sounds "pretty good."
In the 2017 act, Republicans slashed individual taxes while reducing the corporate tax rate to 21% from 35%. The individual cuts were temporary, but administration officials say they want to make the reductions that are to run out in 2025 permanent.
Kudlow also said last month that he's been working on the Tax Cuts 2.0 plan to be released later this summer, in time to be a campaign issue ahead of the 2020 election.
The tax cuts are in contrast to plans being presented by Democrats seeking the presidential nomination who are proposing tax increases to pay for expanded government services.
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