Tags: trump | taxes | economy | davos

Trump: 'Very Big' Tax Cut Planned for US Middle Class

Donald Trump speaks during the Global Chief Executive Officers dinner at the World Economic Forum in Davos, Switzerland, on Jan. 21, 2020. (Jim Watson/Getty Images)

By    |   Wednesday, 22 January 2020 11:07 AM

A "very big" tax cut for middle-class Americans will be announced over the next 90 days, President Donald Trump said in an interview Wednesday. 

"We will make that permanent for the middle class," Trump told Fox Business' Maria Bartiromo in an interview from the World Economic Forum in Davos, Switzerland, where he also added that further initiatives are coming on healthcare. 

"We've done well with health care. We got rid of the individual mandate. That was a thing people couldn't do, they couldn't afford it, they didn't want it," said Trump. "They were forced to pay a number and not get health care. We are coming up with a plan that is going to be fantastic."

Last week, Trump's top economic aide Larry Kudlow said he's been working on a "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 with plans being presented by Democrats seeking the presidential nomination who are proposing tax increases to pay for expanded government services.

In a separate interview, Trump told CNBC's Joe Kernen that his administration will "probably lower taxes if you want to know the truth."

"If you take a look at what we’ve done, we’ve cut taxes in half," said Trump. "We’ve taken in more revenue substantially than we did when the taxes were high. Nobody can even believe it. But we take in more revenue with the big tax cuts. I mean you were paying really 41% and we brought it down to 21%, and it’s sort of lower than that."

Trump added that the cuts will "absolutely" be a priority" in the upcoming year. 

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A "very big" tax cut for middle-class Americans will be announced over the next 90 days, President Donald Trump said in an interview Wednesday. 
trump, taxes, economy, davos
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2020-07-22
Wednesday, 22 January 2020 11:07 AM
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