White House Exploring Tax Cuts 2.0
The White House is exploring a "Tax Cuts 2.0" plan with congressional Republicans, President Trump’s top economic adviser has said.
Tax Cuts 2.0
National Economic Council Director Larry Kudlow said last week that Trump has asked him to pursue "Tax Cuts 2.0," while noting that it is too early to discuss specifics of the plan. Additionally, Kudlow said that he and Republican lawmakers are having "preliminary" discussions about the tax plan.
"We want to see middle-income taxpayers get the lowest possible rates," Kudlow said, adding that the plan "will have a lot of components." The tax plan is not expected to be complete "for many months," Kudlow said. Republicans’ plan is expected to build off of the 2017 GOP tax reform law known as the Tax Cuts and Jobs Act (TCJA).
Trump and House Republicans have been discussing the possibility of a 2.0 tax package for the last two years, however, it has not yet come to fruition. At this time, given Democrats’ control of the House, additional tax cuts bolstering the TCJA are unlikely to successfully make their way through Congress.
Copyright © 2020, CCH INCORPORATED. All Rights Reserved. Contents of this publication may not be reproduced without the express written consent of CCH and CBIZ. This publication is distributed with the understanding that CBIZ is not rendering legal, accounting or other professional advice. The reader is advised to contact a tax professional prior to taking any action based upon this information. CBIZ assumes no liability whatsoever in connection with the use of this information and assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.
CBIZ MHM is the brand name for CBIZ MHM, LLC and other Financial Services subsidiaries of CBIZ, Inc. (NYSE: CBZ) that provide tax, financial advisory and consulting services to individuals, tax-exempt organizations and a wide range of publicly-traded and privately-held companies.