Trump plans to announce a middle-class tax cut next year.
“It will be a very substantial tax cut,” Trump said at a Baltimore retreat with congressional Republicans, according to The Hill.
He also said that the tax cut would be “very, very inspirational” but did not reveal more details.
“President Trump was thoroughly briefed on the complex economic, legal and regulatory issues, and concluded that at this time he does not feel enough of the benefits will go to the middle class,” White House spokesman Judd Deere said Wednesday.
The President also said last month that he was also looking into a temporary payroll tax cut.
He said this in a tweet that he would approve a “major middle-income tax cut” if Republicans keep the Senate and presidency and take back the House in the elections next year.
Any tax proposal from the White House would face an uphill battle in Congress with the Democratically controlled House.
Nancy Pelosi (D-Calif.) also has said that she would be open to middle class tax cuts, but only if they are offset by taxes on the wealthy, according to The Hill.
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