President Donald Trump's economic advisers have reportedly been looking at the possibility of cutting tax rates for middle-income earners to 15 percent, the Washington Post reported Tuesday.
The story — which casts the reported tax discussions as an effort to counter criticism of Republicans' 2017 tax cut as a giveaway to the wealthy — cites "multiple people involved" in the matter and says the effort is being led by White House National Economic Council Director Larry Kudlow.
Other ideas that have reportedly been discussed are a payroll tax cut, a change to capital gains taxes, or making savings tax-exempt, and reducing the overall number of tax brackets.
Kudow reportedly declined to comment to the newspaper about the specifics of what the administration is considering, but was asked about the reported rate cut on CNBC shortly after the story was published.
"The president has asked me to pursue something called 'tax cuts 2.0,'" Kudlow told the outlet.
"I don't want to be specific on anything; it's way too soon for that," he continued. "I'm consulting with the leading tax people in the Senate and the House — I might add the leading tax people on both sides of the aisle — as well as my colleagues in the administration, in the treasury, as well as people on the outside."
Kudlow went on to caution that those talks are in their "very preliminary stages" and that "this thing will not be completed for many months" and "will be released as a strategic, pro-growth document" for the president's 2020 re-election campaign.
"We want to see middle-income taxpayers get the lowest possible rates," Kudlow added.
Back in August, President Trump teased the idea of a further middle class tax cut — that is, if Republicans win 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!" the president said. "Democrats only want to raise your taxes!"
Republicans' last round of tax cuts passed a Republican-controlled Congress in 2017 and lowered rates for individuals, couples, and businesses while increasing the child tax credit and doubling the standard deduction.