President Donald Trump hinted Saturday that additional tax cuts are in the future for tens of millions of Americans.
However, the president said the "major middle income tax cut" would only become reality if Republicans retain control of the Senate and retake control of the House in 2020.
"If Republicans take back the House, and keep the Senate and Presidency, one of our first acts will be to approve a major middle income Tax Cut!" Trump said. "Democrats only want to raise your taxes!"
“Face It, You Probably Got A Tax Cut!” This was a New York Times headline, and it is very true. If Republicans take… https://t.co/6G3RfADYvB— Donald J. Trump (@Donald J. Trump)1566659714.0
Trump did not elaborate on his promise nor did the White House release additional details.
Larry Kudlow, the top White House economic adviser, said this week that Trump could propose new tax cuts before the 2020 presidential election that would additional economic relief for individuals and small businesses.
"The personal tax rates could easily be lowered, and probably the brackets could be shrunk. That's a thought," Kudlow said. "We might even kind of work through a way to help our friends in some of the states who are concerned about the shrinkage of the tax deductions there ... the SALT taxes."
However, Kudlow cautioned that such proposals are not guaranteed. "I'm just — these are for examples, OK? For examples," he said.
Trump made a similar promise in 2018, but the cuts never came to fruition because Republicans lost control of the House — the one stipulation Trump added to his promise.
If Trump follows through this time, it would be the second major tax cut of his presidency. The first came in 2017 and provided tax relief for the majority of Americans.