Tax Cuts 2.0 May Be A Factor In 2020 Election | Citizens Against Government Waste

Tax Cuts 2.0 May Be A Factor In 2020 Election

The WasteWatcher

On Thursday August 22, 2019, White House economic advisor Larry Kudlow said during an interview with FOX Business’ “Bulls & Bears” that the administration is looking at a “tax cuts 2.0” package to help improve the economy in the long term.  The Trump Administration is not considering near-term cuts, however.

“There is nothing in the near term,” said Kudlow, citing a healthy economy.  “But longer run, why not?”

“You might even see tax cuts 2.0, which would drive additional tax relief and create additional tax incentives for middle-class folks, for blue-collar workers, for small businesses . . .  and you might see that during the campaign,” he added.

Tax cuts 2.0 could be proposed before the 2020 election and may include lower individual tax rates, tax changes for noncorporate businesses, lower capital gains rates, and relief for residents of high-tax states, Kudlow said.  

Any effort to enact a new round of tax cuts would be dead on arrival in the Democratic controlled House of Representatives.  Last year, House Speaker Nancy Pelosi (D-CA) said the “GOP Tax Scam for the rich 2.0 looks to be just as destructively tilted toward the wealthiest 1 percent as the original.”

President Trump will no doubt argue during the upcoming 2020 election that Americans should vote for Republicans to win back the House of Representatives in order to enact his tax cuts 2.0 agenda.