President Trump Seeks to Make Personal Income Tax Cut Permanent
The Trump Administration and Republicans in Congress are seeking to make temporary personal income tax cuts passed last year permanent, White House spokesman Raj Shah said Thursday, adding they could also lower capital gains tax rates.
Mr. Shah said details were still being worked out on a potential second tax cut bill that would follow the massive $1.5-T legislation that took effect in January.
That tax package, the largest such overhaul since the 1980’s, reduced the tax burden for most individuals starting this year but set them to expire after Y 2025.
“We want to make the personal income tax cuts in the first tax cut bill permanent. They’ve talked about potentially lowering the capital gains rate,” Mr. Shah said.
Republicans, who control both chambers of Congress, passed the sweeping overhaul in late December, handing Trump his 1st major legislative win ahead of the November midterm elections. Democrats decried it as a giveaway to the wealthy that will widen the income gap between rich and poor, while adding to the nation’s $20-T national debt.
With Congress pressed to pass a government budget bill before funding runs out 23 March and lawmakers eager to hit the campaign trail ahead of the 6 November vote, this legislation may take awhile
“We don’t have specifics regarding an actual proposal or a timeline just yet,” Mr. Shah said, adding that the White House would wait for the arrival of Larry Kudlow, incoming director of the White House national economic council.