Trump teases new tax cut legislation

Trump teases new tax cut legislation
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President TrumpDonald John TrumpVeterans groups demand end to shutdown: 'Get your act together' Brown launches tour in four early nominating states amid 2020 consideration Pence on border wall: Trump won't be ‘deterred’ by Dem ‘obstruction’ MORE told reporters Saturday his administration and congressional Republicans were exploring options for a new tax cut plan. 

“We are looking at putting in a very major tax cut for middle income people. And if we do that it will be sometime just prior to November,” the president said in Elko, Nevada.

The House is currently out of session and will reconvene again on Nov. 13.

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Trump signed the Tax Cuts and Jobs Act of 2017 in December, which consisted of a tax cut on individuals and corporations and was a major overhaul of the U.S. tax policy at large.

Republicans claimed the law would significantly reduce taxes and alleviate fiscal pressure on the middle class but critics said the bulk of the legislation’s benefits went to wealthy individuals and corporations, citing that the tax cuts for individuals are set to expire after 2025 while those on corporations never do. 

The legislation has featured prominently in midterm campaigns on both sides of the aisle. Multiple polls have shown that more Americans approve of the law than did immediately after it was signed, more Americans still disapprove of it

Trump differentiated the two plans, saying, “Not for business at all, for middle income people…the last one was for middle income and business, and our business is now coming back because of it.”

Trump did not offer further specifics on the plan.