President Trump has often touted another round of tax cuts, and the White House has said it will roll out a plan in September. But while the president has said additional tax cuts would be focused on the middle class, his acting Chief of Staff, Mick Mulvaney, said Friday that Trump also wants another reduction in the corporate tax rate, to 20% from the 21% introduced as part of the 2017 tax law.
“We need to do the second part of the tax bill. We really do, Tax Cuts 2.0,” Mulvaney said at the annual meeting of the Conservative Political Action Conference when asked about the president’s priorities for a possible second term.
Trump also wants to make permanent the individual tax cuts from the 2017 package, which are scheduled to expire in 2026. Another option being considered is cutting the capital gains tax by indexing it to inflation.
More immediately, with the Dow seeing its worst week since the financial crisis, the Trump administration is reportedly discussing plans to address growing worries about the economic effects of the coronavirus. One option under consideration is a package of targeted tax cuts, The Washington Post’s Jeff Stein and Ashley Parker reported Friday. White officials said that the discussions are still in the early stages, however, and that much depends on how the coronavirus crisis plays out in the coming weeks.