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"We're putting in a resolution sometime in the next week or
week-and-a-half, two weeks," Trump said. "We're giving a
middle-income tax reduction of about 10 percent. We're doing it
now for middle-income people."
Trump said on Saturday his administration was studying a tax cut
to be rolled out some time around the beginning of November just
before the Nov. 6 congressional elections, even though lawmakers
are out of town campaigning and Congress is not in session.
Trump's fellow Republicans are seeking in the elections to hold
on to their majorities in the Senate and House of
Representatives.
The president clarified on Monday that the proposed tax cuts
would be unveiled before the election but would have to go
through Congress afterward.
"We won't have time to do the vote" before the election, Trump
told reporters. "We'll do the vote after the election."
The president, who was traveling to Texas to campaign for
Republican U.S. Senator Ted Cruz, said the latest tax cut plan
was not meant to help businesses but was for middle-income
earners and would be "on top of the tax decrease that we've
already given them."
Trump first raised the tax cut proposal in the same week the
U.S. government ended the 2018 fiscal year with a $779 billion
deficit, as previous Republican-led tax cuts squeezed revenues.
The deficit figure was the highest in six years.
Last December, Trump signed into law the largest tax overhaul
since the 1980s, which slashed the corporate rate to 21 percent
from 35 percent and temporarily reduced the tax burden for most
individuals as well.
(Reporting by Jeff Mason; Writing by David Alexander; Editing by
Tim Ahmann and Peter Cooney)
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