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President Trump planning massive, double-digit tax cut for middle-class American families

It's coming this year

Olivier Douliery/Pool via Bloomberg

President Donald Trump is reportedly considering a massive tax cut for middle-class families.

In a forthcoming tax relief package this September, which is being billed as "Tax Cuts 2.0," middle-class Americans could see an additional 10 percent tax cut.

"In a meeting in the Oval, I guess two days ago, he looked at me and he said, 'Let's get it out by September,'" National Economic Council Director Larry Kudlow said Friday on Fox Business.

"We'd love to have a 10 percent middle-class tax cut, and we would love to strengthen and make permanent some of other tax cuts," Kudlow explained.

The Trump administration also plans to "strengthen and make permanent" many of the tax cuts passed in the Tax Cuts and Jobs Act of 2017, which were scheduled to expire by 2025.

Kudlow explained that Office of Management and Budget Director Russell Vought would use a $1.4 trillion budget request to "craft" the upcoming tax plan.

"It'll come out sometime in September," Kudlow said.

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