Market Overview

Larry Kudlow Talks Trump's Proposed Middle-Income Tax Cut

Larry Kudlow Talks Trump's Proposed Middle-Income Tax Cut

President Donald Trump said his administration is planning a new tax reduction of 10 percent targeted at the middle class — although Congress is not in session.

With details still scarce, National Economic Council Director Larry Kudlow said Tuesday that the tax cut is in the planning stage.

What Happened

On average, a middle-class family of four is paying $2,000 less in federal taxes now than they were before the first round of tax cuts were signed in late 2017, Kudlow told Fox News Tuesday. But Trump "wants to go for more" as a "tax-cutter" president as opposed to President Barack Obama, who Kudlow said was a "tax hiker."

The timing of the tax cut is aimed for after the midterm election, but Trump and his administration are making the pitch to lawmakers and the public ahead of the election, Kudlow said.

Why It's Important

Trump and the administration have "stopped the war against success" and "stopped the war against energy," Kudlow said. Unlike the prior administration, the current president is "rewarding success," and a new tax cut for the middle class is consistent with his "pro growth economy."

What's Next

Kudlow concluded the interview by saying the one thing he worries the most moving forward is a potential shift in the House in the upcoming election. If Democrats win the House, it could potentially "overturn the tax cuts and regulatory reductions," he said. 

Related Links:

Strong Economy Should Continue For 'Many More Years,' Larry Kudlow Says In Detroit

Kudlow, Others Weigh In On Fed's Independence After Trump's 'Loco' Remark

National Economic Council Director Larry Kudlow speaks to the Detroit Economic Club on Thursday, Oct. 18. Photo by Dustin Blitchok. 

Posted-In: Fox News Larry Kudlow National Economic CouncilPolitics Media General Best of Benzinga


Related Articles

View Comments and Join the Discussion!
Lightning Fast
Market News Service
$199 Free 14 Day Trial
Book A Demo
Learn How You Can Succeed In The Market With Benzinga Pro

Fastest Market News

Real-Time News Alerts

Customizable News Filters

Book A Demo

Q3 Earnings Outlook For General Dynamics

E2open To Acquire Maritime Network Platform INTTRA