The US financial markets will be closed Monday for Washington’s Birthday.
President Trump is pushing to unveil his administration’s “Tax Cuts 2.0” plan, which calls for cuts for the middle class, by September, 2 months before the 2020 Presidential election, National Economic Council Director Larry Kudlow has confirmed.
“We’d love to have a 10% middle class tax cut, and we would love to strengthen and make permanent some of the other tax cuts,” the veteran financial guru said in a TV interview aired Friday night.
“In the meeting in the Oval Office 2 days ago, he looked at me and he said ‘let’s get it out by September,’” said Mr. Kudlow, who served as the Trump campaign’s senior economic adviser.
“It wll come out sometime in September,” Mr Kudlow said.
The Trump Administration’s signature legislative achievement was a tax overhaul in Y 2017. The massive $1.5-T legislation reduced tax rates for corporations and individuals, but the personal income tax cuts were set to expire after Y 2025, Reuters reported.
One proposal The Trump Administration is considering is creating tax incentives intended to encourage US households to invest in the stock market.
Mr. Kudlow added that Russ Vought, acting director of the Office of Management and Budget (OMB), has “put together a $1.4-T plug to make tax cuts permanent, and we will use that to craft our package.”
Several individual tax cuts included in the 2017 Tax Cuts and Jobs Act are set to expire in Y 2025.
Last week, Vice President Mike Pence also confirmed that “Tax Cuts 2.0” is “absolutely coming” before the year is out.
Friday, the major US stock market indexes finished at:
DJIA -25.23 at 29397.99, NAS Comp +19.21 at 9731.20, S&P 500 +6.22 at 3380.16
Volume: Trade on the NYSE came in at 844-M/shares exchanged
- NAS Comp +8.5% YTD
- S&P 500 +4.6% YTD
- DJIA +3.0% YTD
- Russell 2000 +1.2% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes for the week ended 14 February 2020 is Very Bullish.
As a reminder, the US financial markets will be closed Monday for Washington’s Birthday.
Have a terrific holiday weekend.