Another tax cut is in the works, President Donald Trump said in an interview released Sunday. Trump spoke with Maria Bartiromo of the Fox Business Network on the show “Sunday Morning Futures.”
“We’re doing a phase two,” Trump said, according to the Orlando Sentinel.
“We’ll be doing it probably in October, maybe a little sooner than that, and it’ll be more of a middle class — we did a lot for the middle class, but this will be even more aimed at the middle class… It’s a great stimulus.”
Late last year, Congress approved sweeping tax cuts that Trump had proposed.
On Friday, administration officials spoke about the impact of those cuts.
“We’ve had 1 million new jobs alone since the tax cut, 3.4 million since President Trump was elected. And it’s not just the new jobs. It’s wages are going up. Everyone is winning with these tax cuts,” said Secretary of Labor Alex Acosta, according to a White House pool report.
White House adviser Kellyanne Conway said that not only did the tax cuts spur the economy, they created confidence among the American people.
“You talk about the metrics surrounding the tax cut, but it’s the buoyancy, it’s the confidence that people are spending their money, they can make plans. If there are more jobs available than job seekers, it gives you freedom. You’re not stuck in your job,” Conway said.
Trump on Friday said that the work of his administration is not done.
“I just want everybody to keep up the great work, because common sense is being restored in Washington again because hardworking Americans are in charge of their government once again. Washington tried to change us, but that’s not going to happen. Instead, we’re changing Washington and we’re changing it quickly and for the better,” he said, according to a White House media pool report.
“Six months ago, we unleashed an economic miracle by signing the biggest tax cuts and reforms — I have to add the word ‘reform.’ Very important word. But the tax cuts is what got us there, and that’s what’s really doing it. The biggest tax cuts in American history,” Trump said, later adding that the result of the tax cuts was, “six months of new jobs, bigger paychecks, and keeping more of your hard-earned money where it belongs, in your pocket or wherever else you want to spend it.”
House Ways and Means Committee Chairman Kevin Brady, a Texas Republican, said that Congress is already planning to consider legislation extending the tax cuts, which in the legislation that was adopted would be phased out in 2025.
“I expect to see the legislative outline released in early August with votes in the fall, depending on when leadership wants to schedule them,” Brady said, according to The Washington Post. “I don’t see it as one bill. I see it as a package of two, three or four approaches, with permanency being one of them.”
Trump also said during his interview with Bartiromo that despite the controversy his trade policies are causing, the results show that the American economy is booming.
“And one of the things I’ve been doing that you’ve been reporting on, though I’m not sure if you’re a believer but think you’re getting there, look what’s happening with the steel companies,” Trump said.
“They are expanding, they are going wild, and we need steel. And we need aluminum, and we need solar panels. You know the same thing with solar panels. It was like a dead business, and we did a 30 percent tariff because they were dumping all over the place. And washing machines. It doesn’t sound very glamorous, but it’s actually a very big business.
“But if you look at what’s happened to steel and aluminum, we’ve practically built a new industry in a period of four, five months. It’s incredible what’s happening.
“But the big thing I’m focused on now is trade. I have to straighten out trade deals… As an example with China. We don’t even have a trade deal with China. Nobody bothered to make a deal. And they’ll charge 25 percent for a car, and we charge 2.5 percent, and you’ve used those numbers on your show, so I don’t want to bore people, but we have a — we have some of the worst trade deals in the world,” Trump said.
Truth and Accuracy
We are committed to truth and accuracy in all of our journalism. Read our editorial standards.